Here’s the latest news on

[PerryChase]

Here’s the latest news on WMC. They are based in Woodland Hills so that will affect California. 20% of workforce laid off.

http://money.cnn.com/2007/03/09/news/companies/general_electric.reut/index.htm?postversion=2007030916
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So HSBC bought Household for $14.2 billion in 2003. And recently HSBC wrote-off nearly $11 billion in bad debt.

How much did GE pay for WMC? What about Wells Fargo acquisition of a subprime lender?

Sure the big banks will survive. But it looks like their forays into the subprime business resulted in big losses. They would’ve been better off growing those divisions internally over time.