Did you know that the 2007 gross domestic product of Estonia is smaller than the amount of money that Wachovia lost last quarter? U.S. News & World Report offers up 5 things smaller than Wachovia’s loss – including the price of replacing their sign at the Wachovia Center.

And in case you were curious about actual fallout – on October 1, Wachovia froze the accounts of nearly 1,000 colleges and universities, short term investment accounts worth over nine billion dollars that collectively are called the Commonfund Short Term Fund. These investments are normally redeemed quickly in a giant capital churn that we don’t really understand, but when the money comes out, it’s often used by those schools to do useless things like make payroll. Not only did Wachovia freeze the funds, but, by the way, they’re not going to administer it anymore either. Oh Wachovia, can you suck more? Show us the way!

US News and World Report: Wachovia, You’re So Silly
Chronicle of Higher Education: Hey College, Screw You!
NY Times: No, Really, Go Look For Money Elsewhere

This entry was posted on Wednesday, October 22nd, 2008 at 2:23 pm.