California Bad Credit Mortgage Loan

Wachovia's Net Rises on Acquisitions, Investment Bank (Update5)

July 20 (Bloomberg) -- Wachovia Corp., the fourth-largest U.S. bank, said profit rose 14 percent to a record in the second quarter on acquisitions and higher investment-banking fees.

Net income climbed to $1.89 billion, or $1.17 a share, from $1.65 billion, or $1.04, a year earlier, the Charlotte, North Carolina-based company said today in a statement. Revenue rose 14 percent to $7.26 billion.

Chief Executive Officer Kennedy Thompson, who in May announced a $26 billion deal for California's Golden West Financial Corp., boosted profits through the purchases of Westcorp and AmNet Mortgages Inc., which provide car loans and mortgages to borrowers with poor credit histories. Trading and investment banking picked up from the same period last year, even as stock markets sputtered in May and June.

E-ECONOMIC NEWSLETTER

The policeman was yelling through the megaphone, "What are you so mad about, Mogambo? Come out of the famed Mogambo Bunker (MB), nice and quiet, with your hands up, and let's talk about it!"

So I fire off another burst of machinegun fire over their heads to recapture their attention, and shout through the gun port, "Don't pretend you don't know about how the Federal Reserve reversed course from their previous outsized $11 billion injection of credit into the banking system, you stinking lying cop! So dont insult me by acting like you were completely unaware that Total Fed Credit fell by $6 billion last week!"

As I am jamming home a fresh clip of ammo, I shout "And what about Japan finally raising interest rates from zero to 0.25%? Rates have been zero for six years, you idiot Gestapo pig!" I squeeze of another long burst.

On Verge of Historic Rate Shift, Japan Bank Chief Faces Scandal

TOKYO -- Toshihiko Fukui, the Bank of Japan's genial, unassuming governor, can't seem to stay away from scandal.

In 1998, he was a deputy governor contending for the top job. But an internal investigation revealed that scores of BOJ officials had been entertained by the private-sector bankers they were supposed to regulate -- including at a type of restaurant where panty-less waitresses served beef hot pots. Though not directly implicated, Mr. Fukui was forced to "take responsibility" by resigning from the bank.

For the past month, the 70-year-old Mr. Fukui has been in trouble again. Before returning to the BOJ ...

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