Wells Fargo

  • 24 May 2010 at 12:45 PM
  • MBAs

Jamie Dimon, Lloyd Blankfein Moving Up In The (MBA) World

By

You like him! You really like him! Kind of!

The president may not appreciate them but you know what? Screw that guy. JD and LB don’t need him when they’ve got the votes of MBA Candidates. CNN Money’s annual ranking of the top companies business students want to work for is out and apparently these kids want a piece of James D and his li’l buddy more than ever before, clocking in at 7 and 3 respectively, moving up one and two slots each, with the extra love for GS being attributed to the gluttons for punishment at GS just dying to have Matt Taibbi throw scalding hot coffee in their faces (the school even added a class to prepare its graduates for that exact scenario this year). Also making progress with the business leaders of tomorrow was Citi, which jumped from the 59th to the 51st slot, just losing out in popularity to UBS. Still beat HSBC (76) though, so, something to be happy about. Continue reading »

  • 16 Dec 2009 at 10:28 AM

A Good Two Days, 10 Hours For A Sad Little Boy

By

Tim Geithner.jpgIt’s been a profitable week for Little Tim Geithner and the Treasury boys. Hot on the heels of the news that it’s getting its money back from those deadbeats at Citigroup and Wells Fargo comes its successful sale of those zero-cost warrants it got from TCF Financial Corp., a Minnesota bank.
The Treasury turned a tidy $9.45 million profit on the TCF warrants, getting twice the minimum bid price of $1.50 apiece in a Dutch auction. The warrants don’t expire for another nine years, during which time TCF’s share price only has to rise $3.50 to make them worth exercising.
Yea, it’s a drop in the bucket. Yea, there’s still $60 billion in TARP money outstanding. But let’s give this one to the little guy. He’s already been overshadowed–not difficult, we understand–by Big Ben’s big win and fancy Time magazine cover. But for the first time in a long time, it hasn’t been a terrible, horrible, no good, very bad week for the Treasury Secretary. As of Wednesday morning, anyway.

Continue reading »

  • 07 Dec 2009 at 5:13 PM

Citigroup And Government Not Seeing Eye To Eye On TARP Repayment

By

vikrampandit.jpgWhy (serious question) do they have to raise any capital at all? Isn’t the fact that they’re “the world’s most global bank in a world that becomes more global every day” good enough? Would a free coupon to Tickle a Vickle Town do the trick?

The disagreements are related to last week’s announcement by the Treasury Department that Bank of America Corp. won approval to repay its $45 billion in federal aid. The Charlotte, N.C., bank sold about $19 billion in common stock late Thursday as part of its repayment strategy.

Continue reading »

  • 18 Nov 2009 at 10:28 AM

Wells Fargo Settles ARS Debacle

By

Andrew Ross Sorkin.jpgWells Fargo has become the latest firm to offer a belated “my bad” on auction-rate securities.
The bank’s Wells Fargo Investments today agreed to repay clients who bought the unfortunate securities some $1.3 billion. It’s also paying an additional “I’m sorry” penalty of $1.9 million, for allegedly promising clients that ARS were highly liquid and that nothing could possibly go wrong.
Of course, something did go wrong: The ARS market collapsed in February 2008 and all of those billions–Wells Fargo sold some $2.95 billion in ARS–were frozen.

Continue reading »

  • 22 Oct 2009 at 2:55 PM

Dick Bové Will “Do It Live” No Longer

By

Screen shot 2009-10-22 at 2.19.40 PM.pngYou people have really done it now. Yesterday Dick Bové went on CNBC right after Wells Fargo had announced earnings, at which time he described the bank as a “standout” and one that had its loan losses “under control.” Boves followed this up by downgrading WFC from neutral to sell. No big D, she thought, but apparently some people begged to differ! DiBo was taken to task for the sharp sell off in Wells (and the market in gen) and now, because the relentless bitching just will not quit, she’s decided she’s going to pack up her act and leave. According the Rochdale analyst, we will no longer be treated to her analysis of a company she hasn’t yet analyzed. Now, she’s going to start doing her homework before appearing on television to make recommendations and what’s more? She’s no longer going to play the game where Michelle Caruso Cabrera names a company and she blurts out the first word the comes into her head.

Prominent banking analyst Dick Bove, who caused a stir Wednesday with seemingly contradictory remarks on Wells Fargo, has decided he’ll no longer provide immediate earnings commentary on air.
“I’m not going to do it anymore. I’m going to have to see the numbers before I go on air,” Bove told Dow Jones Newswires Thursday. “It creates an untenable situation.”

Continue reading »

  • 07 May 2009 at 4:10 PM

CNBC: Wells Fargo To Offer $6 Billion In Common Stock

By

Meaning we can cross John Stumpf off this list?
Update: Morgan Stanley to offer $2 billion in common stock and sell $3 billion of debt not backed by the FDIC.

  • 04 May 2009 at 11:42 AM

Wells Fargo Relegated To Bank of America, Citi Status

By

Regulators are asking Wells Fargo & Co. to raise more capital after government “stress tests” showed the bank would have trouble surviving if the recession worsens.
San Francisco-based Wells Fargo is trying to dissuade regulators from forcing it to raise capital, these people say. The government will brief banks Tuesday on its final decisions about their appeals.

Oracle of O’s rebuttal forthcoming once he emerges from the Jacuzzi.

Wells Fargo Asked To Raise Money After Stress Test [AP]