• News

    Dick Bové: Wells Fargo Is Managed Great If You Don’t Take Into Account The Horrible Customer Service I’ve Received On Several Occasions, For Which Heads Should Roll

    Picture this. You’re world-renonwn bank analyst Dick Bové, famous for, among other things, issuing a report in summer 2008 about which banks were “next” to fail, not rolling over and taking it when Citigroup tried to screw you good, and standing by Ken Lewis when literally no one else (including his board) would. When you walk into rooms, people notice. More often than not, they ask you to pose for pictures, kiss their babies, sign their tits. Some have fainted in your presence. You’re the fifth Beatle, Justin Bieber, and George Clooney, all wrapped into one devastating little package.  It should go without saying that an appearance by you at your local branch bank, to cash six-figure checks, as you often do, would be call for a red carpet and the crème de la crème of customer service, right? Apparently wrong.

    The following is an accounting of Dick Bové’s experiences as Wells Fargo customer. (Originally he banked with Wachovia, who he had only good things to say about. Sadly, the same cannot be said for the degenerates he’s encountered at WFC.)

    * “Dick Kovacevich, Wells retired CEO, felt strongly that customers should be greeted when they entered the branch and that the visit should be a positive experience. I can honestly state that no one ever greeted me when I entered my local branch. In fact, on one occassion, when I needed to speak with a platform person, I never got the opportunity. The bank officer made me wait a bit; came out of his office and entered the public bathroom; and left the bank.”

    * “On a second occasion, I entered the branch with a low six figure check. I needed some information concerning more than one issue related to the deposit. After searching out an employee, I was told that he could not handle the transactions…It is interesting to note that no one at the branch suggested any investment to me but simply deposited the check. No one ever called me to indicate that there was over six figures sitting in a no interest checking account.”

    * “What my Wells Fargo experience suggests is that a successful bank is one that keeps seeking new customers and selling them more products and not getting bogged down by offering service…My interaction with Wells has been an enlightening experience.”

    Does Dick Bové “rate banks based on one person’s anecdotal experience”? No, at this time he does not. If he did though, a bank–if you can call it that– named Wells Fargo would be up shit’s creek right about now. Because in the scenario in which DB did assign ratings based on his own interactions with management, WFC would have a giant red “U” across its chest, for “unacceptable” and caution tape around its buildings which would in turn be condemned and schedule for demolition at 9AM.

    / Jul 24, 2012 at 5:31 PM
  • News

    Wachovia Employee Admits To Convincing Clients To Put $14.1 Million In Wealth Management Fund Bank Didn’t Actually Offer

    Like most people who do these sorts of things, Linda Speaks Tribby had a good excuse, which is that she needed the money to buy a helicopter and a motor home, two purchases that seem slightly at odds but the heart wants what it wants.

    / Mar 4, 2011 at 3:31 PM
  • News

    Wachovia VP Had Good Reason To Steal Money From Bank That You’ll Probably Never Understand

    With the money he embezzled from Wachovia ($11.2 million give or take a few clams), Scott Welch bought himself many a sports car. This was a plan, to throw people off the trail. He didn’t buy a new set of wheels “constantly,” as neighbors recall, in an attempt to hide the fact that he was […]

    / Jun 14, 2010 at 2:24 PM
  • News

    UBS Trader Pleads Guilty in Massive Bid Rigging Scandal

    Mark Zaino, a former UBS trader who worked on the firm’s derivatives and municipal securities desk, pleaded guilty to fraud and conspiracy charges today in the wide-ranging investigation into sham auctions and bid rigging in financial products sold to municipalities.

    / May 19, 2010 at 5:23 PM
  • News

    Behind the Massive Conspiracy to Rig the Muni Bond Market

    If you thought the SEC’s charges against Goldman Sachs poured fuel on an already-raging populace fire, Wall Street’s involvement in a massive bid rigging scandal in the $2.8 trillion municipal bond market will fan the flames even more.

    / May 18, 2010 at 11:58 AM
  • News

    High School Math

    I’m still trying to get my head around this: What does it mean when the stock you hold that is sitting at $6.00 per share posts a $11.00 per share loss? That’s is the Wachovia shareholder experience. Punt. Chief Executive Robert K. Steel said, “Although this has been a challenging quarter, Wachovia’s underlying businesses remain […]

    / Oct 22, 2008 at 8:57 AM
  • News

    Checking It Twice

    Bear Stearns IndyMac Lehman Brothers Washington Mutual Wachovia National City National City Drops 52% as Market Wonders Who’s Next [CNBC]

    / Sep 29, 2008 at 11:45 AM
  • News


    Wachovia Begins Early Deal Talks With Citi [Dealbook]

    / Sep 26, 2008 at 4:19 PM
  • News

    The Steve Jobs Of Finance?

    You sort of knew that the Bangkok Bank Flu was going to hit the regionals and super regionals once they saw the haughty WaMu brought low. I suppose it means something that Dimon et. al. have made provisions for expensive refurbishing given that many WaMu branches don’t have vaults in them. That has to be […]

    / Sep 26, 2008 at 1:11 PM
  • News

    Attention Swag Lovers: Put Some Money In Wachovia’s Pocket

    New Wachovia CEO Robert Steel vowed to turn things around at the bank and he was not kidding. He started with morale boosting pep rallies and marshmallow tower building competitions, and now he’s moved on to a not even necessary capital raise that, while probably dilutive to current shareholders, is sure to wow the crowds […]

    / Aug 27, 2008 at 3:22 PM
  • News

    Congratulations, Everyone!

    We did it! Bleeding out the ass Wachovia is now up nearly twenty five percent clearly due in large part to our pep-rally this morning. Fantastic jobs all around.

    / Jul 22, 2008 at 3:27 PM
  • News

    And Marshmallows For Everyone!

    At this time, in light of Wachovia’s not so good second quarter, I want everyone to get up on his/her chair and shout “I love Wachovia,” while dancing, which is not only a team building exercise for WB first years but 95 percent of CEO Robert Steel’s master plan for pumping the stock. Unless of […]

    / Jul 22, 2008 at 11:18 AM
  • News

    Raid On Wachovia!

    Ten state securities regulators just showed up at Wachovia’s St. Louis headquarters, reportedly seeking documents on auction rate securities sales and marketing practices. Today’s “on-site investigation” follows over seventy formal complaints and Wachovia’s failure to comply with requests for information. If you’re readng this in STL and they haven’t gotten to your floor yet, start […]

    / Jul 17, 2008 at 11:20 AM
  • News

    Meredith Whitney Ingratiates Herself To Wachovia Chief

    Dollar Dominatrix Meredith Whitney has probably not made a lot of friends with her sack-rippingly bad reports. Merrill Lynch CEO John Thain, always up for a heel in his ass, is not much of a fan of the Oppenheimer analyst, and Citi CEO Vikram Pandit, who likes everyone, refers her to as “that devil woman” […]

    / Jul 16, 2008 at 4:58 PM
  • News

    New Wachovia CEO Steel Turning Things Around, Starting With Company Morale

    Finally, someone has started to think outside the box re: team building exercises. Didn’t think it’d come from Wachovia but so be it; the rest of you, take notes! As part of a WB “pep rally,” new-hire analysts were forced this morning to stand on their chairs and shout “I Love Wachovia,” while dancing. Following […]

    / Jul 16, 2008 at 9:49 AM
  • News

    Wachovia Demands Retraction From Dollar Dominatrix

    We’re listening to the Meredith Whitney conference call right now, but while we patiently wait for the Q&A during which we’ll ask what everyone else is thinking– have you ever killed person?– here’s something interesting, considering that while DD’s victims usually don’t like it when she violates them in public, typically they roll over and […]

    / Jul 15, 2008 at 11:07 AM
  • News


    Opinion Polls & Market Research

    / Jul 10, 2008 at 10:41 AM
  • News

    Bove Reacts To Wachovia Snub

    Ladenburg Thalmann analyst Dick Bove cut his price target on Wachovia Corp today by $2 to $17, and reversed his 2008 estimate for WB to a loss of 23 cents per share from a prior prediction of a 69 cents per share profit. Could this possibly have anything to do with the bank not taking […]

    / Jul 10, 2008 at 10:29 AM
  • News

    Layoffs Watch ’08: Wachovia

    Wachovia Capital Markets is said to have laid off approximately ten percent of its equity research staff yesterday. I think we all know what that place needs.

    / Jul 2, 2008 at 1:38 PM
  • News

    Purcell/Bove ’08

    Ladenburg analyst Richard Bove has endorsed Phil Purcell for CEO of Wachovia. Bear with me while I gather my thoughts on the matter, and the fact that Bove instructed WB to “make him an offer he cannot refuse.” Stand by. Bove Commentary [Ladenburg Thalmann] Earlier: Citigroup Treading On Thin Ice With Punk Analyst

    / Jul 2, 2008 at 9:25 AM
  • News

    Bonus Watch ’08: Wachovia

    Wachovia bonuses came out today and apparently they are down 50 percent (top first year analysts got 90k in 2007).

    / Jun 27, 2008 at 10:14 AM
  • News

    Wachovia Adds Element Of Surprise To Layoffs

    Wachovia was rumored to have begun laying off employees in its Charlotte investment bank yesterday afternoon, and apparently the cannings have spilled over into today. What’s taking so long? The only explanation we can come up with is that, having heard about Goldman and its ante-upping approach to firings, the higher-ups at WB realize they […]

    / Jun 19, 2008 at 3:37 PM
  • News

    Layoffs Watch ’08: Wachovia

    Apparently Wachovia is laying off “a lot of” its Charlotte industrial group this morning. According to someone familiar with the proceedings, “all conference rooms on that floor have been booked, and boxes of Kleenex are on hand.” Will the presiding MDs pick up the gauntlet thrown down by the pioneers at GS? Probably not but […]

    / Jun 18, 2008 at 11:45 AM
  • News

    In: Equity, Dilution. Out: Wachovia Employees

    Take solace, Wachovia shareholders whose stock is down ten percent! You’re not the only ones having a bad day—500 WB employees, mainly in Lev Fin and structured product groups just got canned. Wall Street cuts for Wachovia [Crain’s New York]

    / Apr 14, 2008 at 2:48 PM
  • Banks, Greg Fleming, legal, Merrill Lynch

    Merrill Lynch’s Greg Fleming: Sources Say No Legal Trouble Ahead

    View image There are gray storm clouds hanging over Wall Street this February but Merrill Lynch’s Greg Fleming appears to be weathering the storm. The Securities and Exchange Commission has initiated a formal investigation into whether the brokerage knew more than it revealed to shareholders about the value of its subprime investments prior to announcing […]

    / Feb 19, 2008 at 12:20 PM

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