Thursday, October 23, 2008

Straight talk if there ever was any

Well's Fargo's Kovacevich
We just didn't make some of the mistakes that others did. We still made some mistakes, and that's very unfortunate. In some cases, we should have known better. In general—and I don't know if I take much pride in this—we're probably the least ugly of the ugly ducks because we did not participate in some of the excesses, particularly related to subprime borrowers and [collateralized debt obligations] and highly leveraged loans.

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