"We're prepared to do the business, and others are not."CAPITAL "VERY STRONG"Wells Fargo was once considered conservative in how it assessed the quality of Wachovia's loans, including the big pool of option ARMs.But investors and analysts had grown more worried about the bank's assumptions as market conditions deteriorated rapidly.Analysts have been concerned about whether Wells Fargo would have enough equity to absorb Wachovia, measured by its ratio of tangible common equity to tangible assets, or TCE ratio.CFO Atkins said the ratio is "just under 3 percent," below the 5 percent or more that some analysts prefer. But, he said, the ratio does not take into account the benefits of the Wachovia merger, or recent moves to reduce risk.He said the bank's capital is "very strong," adding that "TCE is a flawed measure of capital adequacy."Wells Fargo said $35.5 billion of Wachovia's remaining $93.2 billion of option ARMs are "credit impaired" and were marked down by 41 percent. The remaining $57.7 billion "has dramatically better credit performance," Atkins said.(Reporting by Jonathan Stempel; Additional reporting by Leah Schnurr in New York, and John Poirier and Karey Wutkowski in Washington, D.C.; editing by John Wallace and Jeffrey Benkoe) Hot Stocks Crisis in Credit. Leading Management Firm Giving Back and Working for a Greener GlobeTAMPA, Fla. & NEWPORT BEACH, Calif.(Business Wire)Leigh Steinberg, who has represented the first pick of the first round of theNFL draft a record-breaking eight times and 60 overall first round picks, todayannounced that he will be hosting his 23rd Annual Super Bowl Party.
This yearsevent to outdo all others, as Leigh Steinberg Sports & Entertainment takes itsannual soirée to Tampas Lowry Park Zoo The green gala will be held between 2-5p.m on Saturday, January 31, 2009. "We are extremely excited to be holding our event at Tampas Lowry Park Zoo thisyear," says Steinberg, President of Leigh Steinberg Sports & Entertainment. "TheZoo is in perfect alignment with the message we are trying to communicatethrough The Sporting Green Alliance, as we work to green-up sports, promotesustainable technologies and provide a better environment for all species oflife. Steinberg and help spread the importantenvironmental messages we have collectively been developing and supporting overthe years," says Rachel Nelson, public relations director for Tampas Lowry ParkZoo. onthe green carpet at the zoo when Steinberg and special, undisclosed, celebrityguests will make some important environmental and charitable announcements Steinberg has also joined forces with the U.S.
"Words cannot express the gratitude I feel for our young men and women deployedover seas," adds Steinberg. "If this small effort brings one smile to the faceof just one of our soldiers, we will have scored a big, big touchdown." The event will also feature a silent auction benefiting Tampas Lowry Park Zoo.Guests will have the opportunity to bid on exclusive sports and entertainmentmemorabilia. About Leigh Steinberg: For over 35 years, Leigh Steinberg has pioneered the sports management industry,setting the standard for excellence in athlete representation. He hasrepresented the first pick of the first round of the NFL draft a record-breakingeight times and 60 overall first round NFL picks. Leigh's unrivaled history ofnegotiating record-setting contracts and tireless dedication to charitableactivities are the cornerstones of his business. Among many others, Leigh hasrepresented Hall of Famers Steve Young, Troy Aikman and Thurman Thomas,heavyweight champion Lenox Lewis and Major League Baseball stars such as WillClark, Shawn Green and Orlando "El Duque" Hernandez, all of who have worked withLeigh as a part of their contracts to donate a combined amount of more than $250million for various charitable causes. Leigh's commitment and devotion to the industry enthused Hollywood movieexecutives to use him as the real-life inspiration behind the hit movie JerryMaguire and was the technical consultant to director Cameron Crow.