Of the five corporates that have posted unaudited December and year-end figures, three reported net losses and two net profits. However, all are anticipating better bottom lines than those recorded in 2008.
That's primarily because despite U.S. Central's March 2009 conservatorship, accounting standards led most retail corporates to record some or all of U.S. Central's losses in 2008, significantly reducing 2009′s red ink.
Western Corporate Federal Credit Union reported $1.19 billion net loss for 2009, compared to 2008′s $7.7 billion net loss. WesCorp reported a $335 million December OTTI, including $106 million on previously unimpaired securities.
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