Wells Fargo | Wall Street Folly

Harry Reid gets an earful from Goldman bankers at fundraiser; Lehman examiner says estate might have a claim against some of the banks; BofA set to report after “Fabulous Month” for Merrill Lynch; First there was Greece, next huge problem is Portugal per economists; SEC proposal will collect data on high frequencer traders; UBS shareholders express unhappiness with executive pay; UBS banker looking for shorter prison sentence; Massachusetts pulling money from BofA, Citigroup, and Wells Fargo in credit card rate protest

Posted by WSF On April - 15 - 2010

Goldman Sachs bankers harangue top Demoocrat at private fundraiser
Lehman may have grounds to sue banks
BofA May Post Profit After ‘Fabulous Month’ for Merrill Lynch
The Next Global Problem: Portugal
SEC votes to tag large equity traders
UBS investors speak out against pay plans
Former Banker for UBS Seeks Shorter Sentence
Massachusetts moving money out of 3 big banks to protest credit card rates Read the rest of this entry »

Tags: Bank bashing; Bank of America, Bonuses, Citigroup, Compensation, credit cards, Goldman Sachs, Greece, Harry Reid, High Frequency Trading, Merrill Lynch, Politics, Portugal, SEC, Sovereign debt, UBS, Wells Fargo

WSF

Social Security payouts will be more than inflows THIS year, not in 2016 as CBO had predicted; Merkel’s terms for Greece aid are out; Dubai offers Dubai World $9.5B new funding; UBS director arrested for insider trading; Another nabbed in UK insider trading ring; B of A’s new mortgage foregiveness plan; Wells Fargo buying GMAC factoring; Bernie Madoff associate Bonventre indicted; USPS closer to eliminating Saturday mail delivery; Tiger Woods will face media questions on April 5

Posted by WSF On March - 25 - 2010

Social Security to See Payout Exceed Pay-In This Year
Merkel Sets Greek Terms, Calls IMF-EU Aid Last Resort
ECB Offers Olive Branch to Greece
Dubai Offers Dubai World $9.5 Billion in New Funds
UBS Director Poteroba Is Arrested for Insider Trading
Seventh Person Arrested in U.K. Insider Trading Probe
Bank of America to Reduce Mortgage Balances
Wells Fargo to Buy GMAC Assets Read the rest of this entry »

Tags: Bank of America, Bernie Madoff, CBO, Dubai, Dubai World, ECB, GMAC, Greece, Insider Trading, mortgages, Social Security, Sovereign wealth funds, Tiger Woods, UBS, US Postal Service, Wells Fargo

WSF

After Kelly’s shunning, B of A may be forced to go with insider CEO; Goldman sued over bonuses; Wells Fargo is also deTARPing; Barclays’ Diamond tells UK employees not to worry ’bout 50% bonus tax; Rajaratnam tries again for bail reduction; Abu Dhabi may exert its leverage; AIG says they’ll repay loans, Senior management got screwed financially; Buffett sells more Moody’s; Microsoft accused of plagiarism

Posted by WSF On December - 15 - 2009

Bank of America Said to Be Likely to Pick Insider CEO
Goldman faces lawsuit over anticipated bonuses
Citigroup, Wells Fargo to repay bailouts
Wells Fargo to Sell $10.4 Billion in Stock, Repay U.S. Funds
Diamond polishes tax flap
Hedge-funder Rajaratnam demands lower bail in insider-trading case
Citigroup’s Exit From Bailout Clouded by Citi Holdings Assets
Senators May Omit Health ‘Public Option,’ Medicare Expansion
Abu Dhabi May Demand More Power for $10 Billion Dubai Lifeline
AIG confident of repaying aid
AIG Chief: Key Staff Suffer Financially Read the rest of this entry »

Tags: AIG, Bank of America, Barclays, Bob Diamond, Bonuses, Citigroup, Compensation, Galleon, Goldman Sachs, Hedge funds, Raj Rajaratnam, Sovereign wealth funds, TARP, Tiger Woods, Warren Buffett, Wells Fargo

AIG, Bank of America, Barclays, Citigroup, Compensation, Goldman Sachs, Hedge funds

Barclays Diamond dumps on bonus tax; Is the pay czar blinking over AIG pay caps?; Morgan Stanley management shuffle; SEC looking for public input on high frequency trading; Citi, Wells Fargo TARP impasse; Cuomo focusing on B of A’s Greg Curl; More Dubai debt problems?; So far debt raters have skated by relatively unscathed (which is bizarre); Galleon case delay, Ex FBI agent dishes on failed earlier Galleon probe

Posted by WSF On December - 8 - 2009

Barclays’ Diamond Criticizes Bonus Tax, Sees Regulator Missteps
Feinberg Said to Lift $500,000 Salary Limit for AIG Executives
Morgan Stanley Shuffles Executive Suite
SEC probing high-frequency strategies, co-location
Banks, U.S. Spar Over TARP Repayment
Bank of America Executive Under Scrutiny
Dubai World Met Six Creditors Yesterday on Debt, Banker Says
Dubai’s Debt Problems May Swell, Morgan Stanley Says
Debt Raters Avoid Overhaul After Crisis
Galleon Insider-Trading Case Delayed for a Month Read the rest of this entry »

Tags: AIG, Barclays, Bob Diamond, Citigroup, Dubai, Galleon, Mark Cuban, Morgan Stanley, Pay czar, Raj Rajaratnam, SEC, Sovereign wealth funds, TARP, Wells Fargo

AIG, Barclays, Citigroup, Hedge funds, Insider Trading, Legal, Morgan Stanley, SEC

Breaking up is hard to do: B of A having more problems rounding up a CEO; Bernanke said to have support by Banking panel majority; SEC getting busy with more insider trading probes; TARP warrant auctions on tap; Henderson ousted; Rothstein charged in $1.2B Ponzi scheme; Merrill sued; FTC studying aid to news organizations; Poll shows November consumer pessimism

Posted by WSF On December - 2 - 2009

BofA Breakup Is New Snag in CEO Hunt
Bernanke to defend his record and the Fed’s
Bernanke Has Support of Majority of Senators on Banking Panel
SEC Steps Up Insider-Trading Probes
U.S. Taxpayers May Reap $3.17 Billion in TARP Warrant Auctions
GM fires CEO Henderson. The board wants an outsider.
Rothstein Charged in Ponzi Scheme
Wells Fargo to shut 122 branches in state
Merrill Sued by Client in Hong Kong Over $13 Million in Losses Read the rest of this entry »

Tags: Autos, Bank of America, Ben Bernanke, Fed, GM, Insider Trading, Merrill Lynch, ponzi schemes, Retailing, Revolving Door, SEC, TARP, Wells Fargo

Autos, Bank of America, Ben Bernanke, Fed, Insider Trading, Revolving Door, SEC

B of A will turn over more documents to congress; Ex Lehman honchos may be launching hedge fund; Ex Bear Stearns’ Cioffi’s bail in jeopardy?; UBS to fire 150ish Wealth Management brokers?; Geithner: ‘Time is the enemy’; SEC looking at insurance securities; Half of Madoff accounts didn’t lose money?; Wells Fargo Kovacevich retiring

Posted by WSF On September - 23 - 2009

BofA to provide more documents in Congress probe
Traders eye fund launch
Bank of America, JPMorgan Trim Overdraft Fees Amid Criticism
Ex-Bear Fund Manager’s Bail Needs Review After Trip, U.S. Says
UBS Is Said to Fire About 150 Brokers in U.S. Wealth Management
Geithner Says ‘Time Is the Enemy’ of Financial Rules Overhaul
SEC Aggressively Reviewing Insurance Securities, Schapiro Say
SEC, CFTC Chairmen Urge Tougher Rules for Derivatives
Government: Half of Madoff accounts show no loss Read the rest of this entry »

Tags: Bank of America, Bear Stearns, Bernie Madoff, Fed, Hedge funds, JP Morgan, Lehman Brothers, Politics, Revolving Door, SEC, Tim Geithner, UBS, Wells Fargo, Yahoo

WSF

Citigroup wants to deTARP (someday), but Parsons give a date, stock sale on tap?; Ya, right: Geithner saying across-the-board tax increases not inevitable?; B of A rebound to beat forecasts?; Another slap down for B of A’s Merrill settlement with SEC; Obama plays to a tough Wall Street crowd; NY State says Lehman owes $1.2B in taxes; Wells Fargo fires exec who partied in foreclosed home

Posted by WSF On September - 15 - 2009

Parsons Says Citigroup Will Be Able to Repay
U.S. Said to Explore Selling Off Its Citigroup Stock
U.S. Treasury Sec says tax increases not likely
Bank of America CEO Says Rebound May Beat Forecasts
SEC suffers further humiliation over BofA
Bank of America Ruling Leaves SEC With Few Options for Pursuit
A Tough Crowd on Wall Street
For Obama, a Chance to Reform the Street Is Fading
New York State Says Bankrupt Lehman Owes $1.2 Billion in Tax Read the rest of this entry »

Tags: Autos, Bank of America, Barack Obama, Citigroup, Foreclosures, GM, Lehman Brothers, New York, Politics, recession, SEC, TARP, Taxes, Tim Geithner, U.S. Treasury, Wells Fargo

WSF

Geithner wants bankers paid mostly in stock with claw-back option; With major egg on their faces, SEC promises big changes post Madoff; Wells Fargo exec said to party hard in foreclosed Malibu beach house formerly owned by defrauded Madoff investor; Post John Mack era: Morgan Stanley’s James Gorman has a big job ahead of him; Harvard, Yale endowments suffer huge losses; Microsoft Yahoo deal gets 2nd request

Posted by WSF On September - 11 - 2009

Geithner Wants Bankers’ Pay in Equity That Can Be ‘Clawed Back
SEC officials promise changes after Madoff failure
SEC Outlines Madoff Lessons
Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say
Mack Steps Down as Morgan Stanley Chief After Shying From Risk
Morgan, Under Mack, Lagged Behind Peers This Year
For Gorman, a Test of His Leadership
Harvard and Yale endowments suffer heavy losses
Yale to Cut $150 Million Annually Through Fiscal 2014 Read the rest of this entry »

Tags: Allen Stanford, Bernie Madoff, Bloomberg, Bonuses, Compensation, Endowments, Harvard, James Gorman, John Mack, Microsoft, Morgan Stanley, SEC, Tim Geithner, U.S. Treasury, UBS, Wells Fargo, Yahoo, Yale

WSF

Bernie Madoff: How do you spell incompetence? S-E-C; New outspoken AIG CEO already in hot water; Ashley Dupre, Spitzer’s hooker, coming out in his defense and takes a swipe at her detracters while plugging her new single; Marijuana farms on the rise in the U.S.; B of A and Wells Fargo accepting California IOUs

Posted by WSF On September - 3 - 2009

The Madoff Files: A Chronicle of SEC Failure
Will AIG Rein In Its Brash CEO?
Spitzer’s Babe Slaps the Snobs
Pot ‘Plantations’ on the Rise
Geithner urges G20 to consider leverage restraints
BofA, Wells Fargo will take California’s IOUs
Turner’s ‘Tobin Tax’ Proposal Criticized by Kaufman, Ferguson Read the rest of this entry »

Tags: AIG, Allen Stanford, Bank of America, Berkshire Hathaway, Bernie Madoff, Eliot Spitzer, Hookers, marijuana, Tim Geithner, U.S. Treasury, Wells Fargo

WSF

Wells Fargo close to de-TARPing, without an equity offering; New AIG CEO wants half off IPO fees; New 450 page Madoff tome from Inspector General coming out; Troubled Philadelphia gets $275M short term loan from JPM to pay vendors; CIT to defer 9/15 interest payment; Kerviel gets 2 month trial reprieve; Hospitalized Stanford back in jail; Kozlowski looking for prison out; Tea parties face record cost

Posted by WSF On September - 2 - 2009

Wells to Return $25 Billion To U.S. Without Stock Sale
AIG CEO Benmosche Says He Wants to Halve Wall Street’s IPO Fees
Madoff Details, and Property, on Tap
BofA TARP payment splits analysts
Cash-poor Philly borrows $275 million to pay vendors
CIT Will Defer an Interest Payment
Morgan Stanley’s Partnership Plan
Kerviel Wins Two-Month Reprieve in SocGen Case as Probe Halted Read the rest of this entry »

Tags: AIG, Allen Stanford, Bank of America, Banks, Bernie Madoff, CIT, Dennis Kozlowski, Jerome Kerviel, Morgan Stanley, TARP, Wells Fargo

WSF

Strange but apparently true: Wells Fargo has sued itself; Even their own staff is said to be laughing over how absurd it sounds — $WFC #banks

Posted by WSF On July - 15 - 2009

And if their own staff is laughing, everyone else is bound to do so as well. So they’ve assigned a PR person to deal with the press over the lawsuit, which revolves around a conflict of interest in the ownership of a condo. Per the NY Post: Read the rest of this entry »

Tags: absurd, Companies suing themselves, lawsuits, Lawyers, mortgages, Real Estate, Wells Fargo

Real Estate, WSF, Wells Fargo

SNL opener: Tim Geithner talks about the stress tests ($BAC, $C, $GS, $JPM, $WFC, $MS)

Posted by WSF On May - 11 - 2009

Saturday Night Live’s opening skit: Tim Geithner on the stress tests. It’s pretty amusing..

Tags: Bank of America, Citigroup, Goldman Sachs, JP Morgan, Politics, Saturday Night Live, Stress Tests, Tim Geithner, Wells Fargo

Bank of America, Banks, Citigroup, Goldman Sachs, JPM Chase, Politics, TV, Tim Geithner, U.S. Treasury, Videos, Wells Fargo

Banks needing more capital must review their managements & boards within a month; FDIC wants a Monitor for ‘Too Big to Fail” companies

Posted by WSF On May - 6 - 2009

Read the rest of this entry »

Tags: Banks, Barack Obama, FDIC, GMAC, Politics, Sheila Bair, Stress Tests, Tim Geithner, U.S. Treasury, Wells Fargo

WSF

Wells Fargo told to raise money? ($WFC)

Posted by WSF On May - 4 - 2009

Per Briefing.com:

WFC Wells Fargo asked to raise money after stress test – AP

Read the rest of this entry »

Tags: Banks, Stress test, Wells Fargo

WSF

DeTARPing will require the banks to jump through even more hoops sayeth “a senior administration official” ($GS,$JPM,$BAC,$C,

Posted by WSF On April - 20 - 2009

The TARP gets more toxic by the day: Merely paying back all of the taxpayers funds to the Treasury isn’t going to be sufficient for Uncle Sam. According to “a senior administration official” banks will have to pass three subjective tests to determine if they can pay back the funds. According to The Financial Times:

Read the rest of this entry »

Tags: Bank of America, Barack Obama, Citigroup, Goldman Sachs, JP Morgan, Politics, TARP, Wells Fargo