Journal: Forget ‘Merger Monday’ and Brace for ‘Writedown Wednesday’

The Wall Street Journal is keeping its eyes open for bad news from the big banks over the next few days.

“[Expect] a torrent of bad news releases to pop after the Labor Day holiday. If you thought CNBC droned on about the mortgage news too much, wait til Goldman, Lehman, or Merrill owns up to a big charge,” Dennis Berman writes this morning on the newspaper’s Deal Journal blog.

From a news perspective, we’re paying much more attention to writedown news in the days ahead. A number of banks close their third quarter books on August 31. Soon after, we might finally get a sense of the carnage created by the overzealous lending committees and real estate desks up and down the Street.

Journal: Forget ‘Merger Monday’ and Brace for ‘Writedown Wednesday’