Wells Fargo did not get enriched by opening unauthorized checking accounts; much will be made during the court action about how much they make off of all of their combined checking accounts, but the plaintiffs will try their best to keep the truth out of the press and court records about how much was actually made from the fraudulent checking accounts. This is all about an attorney trying to make a name for himself, not about compensating deposit holders for any losses they suffered.
africqw1, since you are the one to accuse Well Fargo of enriching themselves, please tell us how much Wells Fargo made off of these fraudulent accounts.
Oh My, if you were to work in a foreclosure dept you would have a different view than you have. A bank did not bennefit from mistakenly foreclosing on a home.
Should they be held responsible for their mistakes? Definately yes..
But I wouldn't get so emotional as to raise this issue to criminal.
The banks cannot possibly bennefit from foreclosing on the wrong home and would not do it on purpose.
TARP was a George Bush idea, when Obama got into office he immediately started to undo it, demanding the money be paid back immediately, he famously claimed "I did not come here to help out fat cats".
If Wells Fargo chose to payoff their long term debt, the bond market would not give them a tripple A rating, I know this sounds counter intuitive, but they need to show a stable long term funding source whose cost of funds is not going to increase next month. If Wells were to lose their AAA bond rating their stock price would go down slightly which is not in the interest of share holders.
Here is some food for thought, if they were to require an additional $250 billion funded by depositors how much would they need to increase their interest rate to depositors? Would their regulators love them to increase the amount of depositors they have by 25%? I think not, nor do I think they would be allowed to dominate the market in such a way.
The Divdend Doctrin of Investors Liberation Movement is hogwash.
Their balance sheet at first glance was strengthened quite considerably apparently do to influx in deposits they purchased.
Here is the stat that caught my eye: they reduced their FHLB advances by $240 million even thought they grew their balance sheet.
The CEO seems to be a real mover and shaker since he got there a couple years ago.
Its interesting to watch this bank grow since he got there, sort of a story that is unfolding before our very eyes.
Lets see if their business model of having financial advisers sending their customers to BOFI will be enough to continue their ramp up, of if they will be purchasing more banks.
the markets won't necessarily crash when the Fed starts to raise the short term rates. Someday we will have a bear market, someday we will have another recession, and someday we will have higher interest rates. There is no sense in worrying about it, there is nothing wrong with it happening.
what it used to sell for has nothing to do with what it can sell for in the future.
If and when it gets released it will need to have a radically different level of capital.
the purpose of insurance is not to provide a longer life nor lower infant mortality rates, you are talking about something else than insurance..
He must have trying to be sarcastic when he said quanity for his bonuses, buy them all. Sounds like he was just joking around, no one could ever say that and mean it could they?
the things they are nailing Bank Of America and Citibank for are a bunch of whooie palooie with the court system throwing out the rule of written law and replacing it with human emotions
neither mislead the investors, the numbers given out in the quarterly earnings report, as far as I know, were not fudged. Investors took on the risk of whether or not FnF would be able to continue to fund themselves with appropriate amount of capital.
Time Howard has been fully exonerated in a court of law, lets call it what it was, fraud by their regulators that played political hardball to oust him from his position with the company.
NEW YORK (MarketWatch) -- Wells Fargo & Co. WFC, +0.38% CEO John Stumpf, speaking Wednesday at the National Press Club in Washington, D.C., said he is "optimistic" on the economy and "bullish" about the future. The CEO said the economy feels a bit stronger than some of the recent numbers have shown and pointed to the booming energy industry and auto industry. Car sales in August were almost the best since 2000, he said. The average age of the cars in America is about 11 years old, said Stumpf, indicating increasing future sales for the industry. Housing, and more specifically, residential real estate usually have led previous recoveries, but not this time, he said. Stumpf said there are several reasons for the struggling housing market. People are getting married later, there is more student debt burdening most borrowers which postpones home buying, home inventory is tight in major urban areas and credit is not available to every borrower that can afford it, he said.
wrong message board, has nothing to do with Fannie Mae.
This company has immense operations and no one speaking publically regarding their willingness to purchase it neglects to mention why it is speculative.
Depending upon whether the regulators force them to release loan loss reserves or not they will earn north of $.50 per share.
It would actually make sense for a company that is described by its regulators as being undercapitalised to be told to not release any reserves. However if Watt is all for winding them down, he might very well suggest they do a large reserve release thus putting more of FnF hard earned capital into the hands of the treasury.