Wells Fargo doesn’t much care what the government thinks. It heard about Bank of America paying its TARP money back, all $45 billion. But John Stumpf, Dick Kovacevich & Co. don’t much care about that, either.
They’ll pay their TARP money back whenever they goddamn well please. They didn’t want it in the first place, so they’re going to take their sweet time, being careful to wrap each of the 25 billion dollar bills in canine excrement before stuffing them in a Hallmark card and mailing them to Tim Geithner’s unsold New York home.
But enough about Wells Fargo. Let’s get to the real issue: Ken Lewis.
…unlike Bank of America, which under Ken Lewis has been known to shortchange shareholder interests, Wells seems attentive to its investors–particularly one who doesn’t see the point of selling stock to raise new funds.
Why Wells Fargo hasn’t paid U.S. back [Fortune]
and that one investor is MRS. EVEYLYN DAVIS.
well written shazzer
shaz, you get a golf clap for your much improved prose. but you should have posted the regal looking pic of stumpf from the fortune article.
as a long time critic of alls wells that ends wells, I’m calling BS on the stated rationale of non-TARP repayment. those fk’ers are hog tied by warren b – whose buying has been propping up the stock. it’s clear from bofa’s pre (see page 8 – tier one common ratios):
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjIxMTV8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1
that wells has a long way to go before it will be able to fill its hole. thus, they will be relegated to paying lowest on the street (right next to vik and the boys)…but is wachovia really “the street?” just askin’…