by Calculated Risk on 7/22/2008 09:21:00 AM

From the WSJ: Wachovia Posts $8.66 Billion Loss, Slashes Dividend, Will Sell Assets

Wachovia ... posted a net loss of $8.66 billion ... Net charge-offs -- loans the company doesn't think are collectible -- soared to 1.10% of total loans from 0.14% a year earlier and 0.66% in the first quarter. Nonperforming loans -- those near default -- rose to 2.41% from 0.49% and 1.70%, respectively.

The confessional business is booming.