Comments on: Is Wells Fargo (NYSE:WFC) Much Weaker Than it Admits?

By: drroberts

drroberts — Wed, 25 Nov 2009 17:24:49 +0000

Geez! How does one tell the story of Wells Fargo by leaving out some of the most important chapters? One may comb the article, looking for any mention of Tiny Timmy Geitnher's “asinine” stress test. Gary just left it out, apparently in order to write an article entitled “Is Wells Fargo (NYSE:WFC) Much Weaker Than it Admits?”. Anyone that has been following the WFC story knows full well that Chairman of the Board Dick Kovacevich termed the stress test “asinine” since the Government regulators don't understand the banking business as well as the management team at WFC does. Gary also fails to mention how profitable Wells Fargo has been the last two quarters and just how well the merger is proceeding. One will also search in vain for any mention of the warrants the Government holds in return for the TARP injection Mr. Kovacevich never wanted or needed. Perhaps if Gary had given the warrant issue some consideration, he never would have been able to come up with such a sensationalistic headline. Warning, most so called journalists don't have a frickin' clue what the hell they are writing about when it comes to the major banks and TARP. Any investor that would rely on the “information” provided in the above article deserves to lose all of their hard earned dollars.

By: mr_subprime

mr_subprime — Mon, 23 Nov 2009 14:30:17 +0000

Wells Fargo is really a smoking turd. If they brought all the off-balance-sheet QSPE's onto the balance sheet like the FASB wants them to, they would be insolvent. I know, I am a Wells Fargo mortgagor. As I litigate the fraudulent origination and try to extinguish my mortgage, I have come to understand that they are indeed swimming uptstream in the sewer we call the American Banking System. Most of their 01-07 vintage trust structures are running 40% default rates while declaring a 1 or 2% loss. Accounting violations (AB1122, FASB 140-3) and more investor lawsuits, combined with the litigation that shows their foreclosure practices are illegal, will hopefully bring the Stagecoach to a screeching halt.

By: jack

jack — Mon, 23 Nov 2009 04:46:45 +0000

wells is fine u idiots, best bank by far

By: guest_2

guest_2 — Sun, 22 Nov 2009 01:21:42 +0000

Where, indeed, did the money go? Maybe they loaned it out to the American public and to American business, like the government told them to do? Can you imagine how the government would have SCREAMED if they hadn't done that? Keep in mind that the money was given to healthy banks, as well as to sickies such as Citi. We were in an absolute liquidity squeeze 14 months ago. The government thought that the fastest way to get money flowing was to loan it out through the banks.

How quickly we forget.

By: pinklaptop02

pinklaptop02 — Fri, 20 Nov 2009 23:53:53 +0000

Just keep waiting, the true story will come out. One thing about the news media they know how to uncover the truth. It wouldn't surprise me at all that they are in dire straits right now.

wells fargo home page

By: guest

guest — Fri, 20 Nov 2009 15:37:48 +0000

The company is flat out lying about their losses, I have a very reliable source who has told me that the company will be laying off “tens of thousands” of employees across the country. This will cut down billions in operating expenses so they can squeeze out more profit margins and increase their stock prices so they can pay back the TARP money and cover their mortgage and credit losses.

By: Freekerz

Freekerz — Fri, 20 Nov 2009 15:24:52 +0000

why would they just sit on the money and pay it back later? who would do that? of course they're going to invest it in some way, which ends up tying up the funds.. however, you'd still think they could pay back the loan by now if they were sitting pretty.