From the mailbag:
WFC 8K says misstated book value in press release this morning:
On January 28, 2009, the Company issued a press release regarding its results of operations and financial condition for the quarter and year ended December 31, 2008. The press release incorrectly reported book value per common share of $23.43 for the quarter and year ended December 31, 2008. The correct book value per common share for the quarter and year ended December 31, 2008 is $16.14.
clerical error
The situation is fluid
Too Fargo didn’t Wells
the number was only supposed to be *approximate*.
Forgot to include in the denominator all the shares they issued for WB?
these guys are a fraud…how many banks over $10 billion in market cap have pre-recorded conference calls? not to mention, how the hell is the bvps going to jump by 62% in a quarter after they lost $11 billion?
perhaps if they made time for a little Q&A we would find a few other errors in their logic. like why they refuse to mark down their loan portfolio to more realistic levels…seriously, non performing loans went from 1.53% of total loans in Q3 to 1.05% in Q4 (and that’s after picking up wachovia’s crap). something’s rotten in san francisco!
this is fantastic… $7 per share difference… ahahha…
DOH!!!!
UH, hey what’s our book value, does anyone know?
$23.43 oh wait, $16.14 AH who the h%$# cares, we all know as does everyone else that no one knows what book is.
Too Manfran, didn’t Gay Area
Hey!
They both have a four in them. The rest is an innocent typo. God, everybody’s so paranoid these days.
@8: I guess not, WFC up 31% today.
how many day traders jumped in thinking they were getting a steal at $16? tangible book on this bad boy is south of $11 – no bank with that much exposure to ca and fl mortgages should trade at 2.00x tang book (assuming the book is “real”). shorts got squeezed today, let’s see what happens tomorrow.
@8 – I can see it now:
CFO – WTF?!?
Analyst – so 4 minus 3 is 1, then you reverse the 4 and the 3, that gets you 14. then you take the 3 minus 2 and you get 1, now you’re left with two threes, so add them together and you get 6. so you see, it’s a pretty innocent mistake, anyone could have made it…
9,
I didn’t even fully understand, but it’s still a quality comment.
let’s be honest, the book value is $0 just like every other bank in the us.
@14: That’s being optimistic. It is possible (and in the case of US banks, quite probable) to have a negative book value.
Too $23.43, Didn’t $16.14.
Some first year auditor is getting his arse chewed out right now for not T/O the press release properly.
@2 winner, @16 second, thanks all and goodnight.
What is bank equity?
(and who is Equity Private)?
Damn – As meager as it is (down 97% from it’s re-stated down 90%), I hope they did the math right on my bonus that’s supposed to hit the bank account tomorrow – seriously F-ing ridiculous!
- WellsFarChovian Assoc.
@20 — I prefer WellsFargovian over WellsFarChovian. What do you think about Wah-Farll-Go?
@20 — I prefer WellsFargovian over WellsFarChovian. What do you think about Wah-Farll-Go?
@20 — I prefer WellsFargovian over WellsFarChovian. What do you think about Wah-Farll-Go?
21-23 what do you think about hitting post once?
Don’t worry, Warren Buffett has a stake in Wellsfarvia. You’re guaranteed to make money!
hitting “post” only once??? what a concept!
hitting “post” only once??? what a concept!
hitting “post” only once??? what a concept!