Rated #1 In Satisfying Customers

Also rated #1 in losing mind-boggling sums of money.

Today, Wachovia reported a Q3 loss of $23.9 billion, or around $266.5 million per day, each day for the months of July, August and September. That’s over $11 million per hour for three months.

Now, to be fair, $19.1 billion of the loss was goodwill writedowns for the acquisition by Wells Fargo, so the net loss was only $4.8 billion. Still, that’s eight times more than the $600 million that analysts were expecting.

In 2000, when Ken Thompson took the helm as CEO of Wachovia, its shares were trading at around $34. Shares of Wachovia now trade $5.70. In June of this year, Ken Thompson was ousted as CEO. It is estimated that Thompson made over $160 million in his tenure at Wachovia.

Congratulations on that staggering achievement.

Wachovia is now using taxpayer money to stay afloat.

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Having already achieved the coveted worlds-largest-ever-sovereign-default in 2001, Argentina's government is now making a run at most-back-asswards in-the-world. What do you do if your country's balance sheet is imploding and your checks are bouncing like superballs and no sane country in the world will lend you money? You steal the hard earned pensions of your citizens, obviously.

Argentinians were just finally getting over Madonna's portrayal of Eva Peron in Evita. Now this.

Note to self: do NOT move to Argentina..

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The FBI is investigating over 30 letters containing death threats and white powder that have been sent to Chase Bank branches throughout the country.

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The Dow dropped 514 points (5.6%). The NASDAQ closed down 80 or 4.8% and the S&P won the daily race to the bottom, finishing down 58 or 6.1%.

"The market always does what it's supposed to, but never when."