Wells Fargo Liars

[denem]

A month ago I posted that Wells Fargo was chaffing at the bit against TARP restrictions on salaries and bonuses. The OP was headed
'We didn't want the money"
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=5323914&mesg_id=5323914

I took that from the article.

Reuters: Goldman Sachs' speed to repay TARP may spur others

... Some banks regret participating in TARP, including Wells Fargo & Co, which took $25 billion it did not want because former Treasury Secretary Henry Paulson told it to.

Some of the vitriol results from a rule that lets the government unilaterally impose new restrictions.

It did that last month by capping executive bonuses, and could do so again once the Senate considers the fate of AIG bonuses. Last week's House of Representatives bill setting a 90 percent tax would also hit bonuses for thousands of workers at other banks nationwide, a form of guilt by association that banks say would cause good employees to flee.

"Is this America, when you can do what your government asks you to do and then retroactively you also have additional conditions put on?" Wells Fargo Chairman Richard Kovacevich said on March 13 in comments at Stanford University.

http://www.reuters.com/article/reutersEdge/idUSN2437529...

Now it's clear that they needed the money alright and still need another $13.6 billion to pass a stress test.
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/07/AR2009050703208.html?hpid=topnews

Yep, Paulson may have made them take the money, but they needed it. It's losing their bonuses they didn't like. Instead they talked about repaying the TARP money ASAP. Whose squawking now?

[customerserviceguy]

1. Wells Fargo and the other big banks

are on the eve of destruction. As soon as the stress test results are released, millions of Americans will pull their accounts from those on the troubled list. If Key Bank is there, I'm going to do the same.

True, not everybody will. But there will be enough of a loss of customers, that it will make the news. And that will result in a further exodus.

Vicious circles work that way. Thanks for fucking over the little people, big banks. Karma is a bitch.

[denem]

3. I can't wait to hear how they are paying back the TARP money

next week. Next month? Next year?

[Canuckistanian]

2. Yes, I noticed that too

He was quite indignant that the government "asssumed" that WF needed the funds.

[denem]

4. Easy to be indignant until you get a look at the books.

[denem]

5. ...

[Mike 03]

6. It is true that their situation is curious, because they've traditionally had a stellar

reputation, a strong balance sheet, and have claimed to deny that they have involved themselves extensively in CDOs or other risky instruments.

But by the same token, that doesn't sound like much money compared to an AIG. I will await the analysis of others before deciding whether or not Wells Fargo is "lying" or not.

[Mike 03]

7. Also, kick and rec. Interested to see this discussion progress. NT

[Mike 03]

8. Also, kick and rec. Interested to see this discussion progress. NT

[imdjh]

9. I don't know anything about their books, but I hated being one of their customers...

.... and now I am again because they bought Wachovia.