Post Tagged with: "Wells Fargo"
CNBC: One-On-One with Buffett
The video is pretty all-encompassing and runs just under 30 minutes. Buffett is down on Kraft-Cadbury, raising rates and the bank tax. He is up on Wells Fargo. That sums it up pretty well. Quotes On Wells: Well, my guess is that the revenue and all of that is more or less like
Short sale fraud
CNBC’s Diana Olick has the breaking story on alleged fraud in the mortgage industry. She has been writing about this for a few days now. See Big Banks Accused of Short Sale Fraud – Realty Check with Diana Olick at CNBC’s website. Basically, second liens on properties like home equity loans have a blocking interest
Wells Fargo becomes last of big banks to repay TARP
Wells Fargo has announced it is to repay $25 billion in funds it received from government under the Troubled Asset Relief Program. This makes Wells the last of the big banks to repay its TARP funds. In announcing the decision, the company CEO was quoted as saying: TARP stabilized our country’s financial system when confidence
Is Citi being forced to downsize by Obama?
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
How much money is Wells Fargo really making?
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
Wells sells $600 million in distressed assets at 35 cents on dollar
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
How refinancing helps the likes of Bank of America and Wells Fargo
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
BofA, Citi, Wells and GMAC biggest losers in stress test leaks
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
Warren Buffett: Wells passes my own stress test
Warren Buffet speaks with CNBC in the lead up to the Berkshire Hathaway Annual Meeting. He talks a bit about stress tests and Citigroup. When asked about Wells Fargo, he says he administers his own stress tests and that Wells passes “with flying colors.” He also uses an analogy of a commodities producer selling copper
Wells profit forecast is a clear bullish sign
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
More Warren Buffett on CNBC
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 S&P 500 derivatives bet.