Last Tuesday, we footnoted about an interesting disclosure in Wachovia’s (WB) 8K announcing first quarter earnings. There was new language about a potential restitution involving a former Wachovia customer called Payment Processing Center that had bilked lots of people — many of them elderly — and that at least some Wachovia executives seemed to know [...]

Here at footnoted, we’re all about better disclosure. But as with most of the other good things in life, there are certain times when there is simply too much of a good thing. Take the proxy statement filed by CVB Financial (CVBF) last week. In a footnote to the “all other compensation”, the bank disclosed [...]

Flipping through the 10-K that Bank United (BKUNA) filed late yesterday, I found myself doing a double-take when I got to this sentence on pg. 49:
Forty-two percent of our one-to four family residential loans were underwritten based on borrower stated income and asset verification and an additional 9% were underwritten with no verification of either [...]

Gee, I miss Dennis Kozlowski’s $6000 shower curtain (pictured here). Let’s face it, the former Tyco CEO’s extravagant misbehavior made for entertaining reading.
Although I can’t say the same for the 10-K that Tyco International (TYC) filed yesterday, I was intrigued by the company’s update on some recent litigation. Back in June, Bank of New York [...]

Was just taking a peak at some of this afternoon’s filings when I came across this 8K filed by Morgan Stanley (MS) Loan Trust 2007-13. At just over 1,200 pages and with 19 different exhibits, it’s about as complex as filings get. And yet, it seems to crystallize exactly why we’re in the mess we’re [...]