May 6, 2009

Well Fargo Defies Gravity

How can Wells Fargo turn a profit last quarter and get a stress test result saying it still needs to be capitalized?

Don't let anyone argue that it IS possible because of some mumbo jumbo accounting "complexities" that YOU don't understand. If they made a profit they don't need any US tax payer money, period... unless that profit goes directly to paying off its bailout obligations the the US tax payer.

Update: Wells Fargo is one of the top five banks that need a tax payer subsidy ($13.7 Billion). MORE


libhom said...

The financial manipulations keep getting more and more extreme. Keep pushing on this. You are really on to something.

GDAEman said...

If you get a chance... and it took me a while... check out This American Life's take on the Bad Banks... (Feb 27, 2009). Very well done, and that recommendation comes from a cynic.