It seems that not a day goes by when you don’t hear about some asset sale in Citigroup’s far-flung empire. Of all the major too-big-to-fail institutions, it is easily the most troubled: the poster child for everything that is wrong in finance in America.
But, when President Obama’s Pay Czar Kenneth Feinberg stepped in to [...]
Wells Fargo's tag archives
Is Citi being forced to downsize by Obama?
Oct
How much money is Wells Fargo really making?
Oct
The positive earnings announcement by Wells Fargo on Wednesday was marred by a sell recommendation from Dick Bove and a lot of chatter about credit writedowns and mortgage servicing rights (MSRs). I wanted to add a few words about the report, MSRs, and bank stocks more generally.
First of all, this has been a very good [...]
1,226 views
Wells sells $600 million in distressed assets at 35 cents on dollar
Jul
I got a tip from a friend Andrew about a sale of assets by Wells Fargo (WFC) which raises a number of interesting questions. He sent me the following 14 July article from the Milwaukee Business Journal.
Wells Fargo sold $600 million in mostly non-performing subprime loans to Irvine, Calif.-based Arch Bay Capital, National Mortgage News [...]
665 views
How refinancing helps the likes of Bank of America and Wells Fargo
May
Earlier today I posted an article about how accounting was favourable to banks in that it could help them weather the storm and appear well-capitalized until a recovery is underway. Afterwards, a buoyant economy would increase earnings enough to allow the massive writedowns that need to flow through the income statement to be taken in [...]
919 views
BofA, Citi, Wells and GMAC biggest losers in stress test leaks
May
If you haven’t noticed, the Treasury department seems to be leaking the results of the stress tests to reporters at the Wall Street Journal. Richard Bove, a well-known bank analyst was on Bloomberg Radio this morning talking to Tom Keene and said he knows they have been leaking. Yves Smith was on top of this [...]
259 views
Wells profit forecast is a clear bullish sign
Apr
I am still away on Holiday in Mexico but have been checking the news and was not surprised to learn about the recent Wells Fargo announcement. I am coming off the fence here and looking for a bullish outcome on financial services.
The bank said profit will be $3bn in the first quarter, thanks to [...]
840 views
More Warren Buffett on CNBC
Mar
Warren Buffett answers questions from viewers on CNBC. He talks about his investment philosophy and recent stock picking performance. He bought ConocoPhillips at the top. And he made poor investments in Irish banks. About Wells Fargo, he says “the spreads are enormous.” And he still likes US Bancorp and defends his [...]
256 views
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