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by Derek Loosvelt | April 22, 2009

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Thanks to Wachovia and a new accounting rule, Wells Fargo looked like it robbed a bank before reporting record first quarter earnings this morning.

Morgan Stanley wasn’t as lucky, as it reported a significant loss for the first three months of 2009 (though, in Mack Daddy & Co.’s defense, the investment bank turned holding company did boost its capital ratios, so it’s not all bad).

And, as you likely have heard, Freddie Mac’s acting CFO apparently committed suicide, spurring speculation into what, if anything, the death had to do with big bonuses and regulatory inquiries into the ailing firm’s accounting practices.

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Filed Under: Finance

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