DISQUS

AMERICAblog: Wells Fargo reports profit for first quarter earnings

  • LuciusQuintius · 7 months ago
    Tillyosu, you might want to get checked for rabies.

    That aside, Wells Fargo has indeed said they don't want TARP funds. But I wonder what they would say if told to give back the $25 billion they got from taxpayers, laundered through AIG, as well.
  • daddy · 7 months ago
    they are te worst of the worst, if you did a loan with them, there is a lawsuite you need to be awair of ...
  • ezpz · 7 months ago
    Can you elaborate please?
    I had a loan through them.
  • caphillprof · 7 months ago
    So, if Wells Fargo took billions of dollars in government loans, did it really make a profit in the 1st quarter or is that government money masquerading as profit?
  • Tillyosu · 7 months ago
    Clearly you don't know much about accounting.
  • JackDallasQueer · 7 months ago
    Exactly...how the hell do we know what is going on with any of this? Which money is profit? The money I sent Washington in February? Oh I get it...fuck you middle class.
  • RandomSF · 7 months ago
    They did it because the gubmint wanted them to bail out Wachovia - not as bad a situation as some of the BofA boondoggles but definitely a detraction...
  • ron,w · 7 months ago
    Why was Bernie arrested and charged with fraud when Wells Fargo is given a pass to " profitability"? This " profitability " report is as fraudulent as the company putting it out. Will the public swallow this latest rendition from their friends on Wall Street who suckered them in the very recent past?
  • Forty2 · 7 months ago
    So we can expect all that sweet gubmint/taxpayer money to be repaid any day now?

    Oh wait.
  • Tillyosu · 7 months ago
    Hopefully. Wells Fargo didn't want the TARP funds in the first place, but they were forced.

    Of course now, Obama isn't accepting repayments. And why would he...with all that power?
  • Mike · 7 months ago
    Wells Fargo sent me a gray mackinaw in March.
  • Fireblazes(CheetohsandCatfood) · 7 months ago
    Isn't it amazing what you can do when you raise your credit card interest rate 4 to 10%, and quadruple your fees.
  • AdmNaismith · 7 months ago
    Must have been that $20 their ATM undercounted for me (they then had to credit) that put them over the top.

    I've dealt with worse corporations, I guess...
  • lucky hussein · 7 months ago
    as I recall, it was wells that announced and slowed some of the crash last time. I don't trust them, but I have no doubts the markets will probably rally as the major banks report relatively good quarters starting with citi? next thurs. even though we all know then are insolvent, unless real estate comes back to near-bubble levels..
  • editormom · 7 months ago
    This very company holds my mortgage in its greedy hands. The spouse and I are trying to negotiate getting our mortgage restructured so that we can afford to keep our home. The spouse's cabinetmaking business took a nosedive when the economy did, so we're trying to survive mostly on my income as a freelance editor. Think that WF is rushing to help us? Nope. They've been dragging their feet through the whole process, which I initiated at the beginning of March.
  • Tillyosu · 7 months ago
    Maybe you should just walk away from your mortgage. That way, the rest of us can pick up the tab!

    Or...you can just get a real job.
  • monitor · 7 months ago
    Tillyosu,

    Really uncalled for. Editormom makes clear that she works so that her mortgage can be paid.

    If you are here just to insult, go away...or I can help you go away.

    fair warning...

    sitemonitor
  • Dream On · 7 months ago
    There's snark, and then there's cruel malice. In other words, stop being an asshole.
  • editormom · 7 months ago
    What part of "freelance editor" means "not a real job" to you?! I've been working 7 days a week for quite a few months now. And the only jobs available to my husband around here are part-time ones with Walmart and a grocery-delivery service, both of which he's worked at. You try being a craftsman who's approaching 50, and see how many companies don't jump to hire you!

    Are you really an ass, or do you just play one in blog comments?
  • pat · 7 months ago
    I'm sure WF announced this, as being very profitable,
    as long as they don't have to M2M any of their Assets.

    If you look at WF Balance sheet, you should be terrified.
    WF has a 7.6% Equity, when it should be 10%.
    of that 2.5% is TARP, so WF is really 5% equity.
    Their balance sheet is loaded with MBS, junior mortgages,
    credit card debt and mortgages of poor quality.

    i figure they are negative 25 Billion in real terms.

    this is just a play to sucker people
  • Gregory Lyons · 7 months ago
    One small part of the sucker rally.
  • Philip · 7 months ago
    The San Francisco-based bank, which has received billions of dollars in government funds, said it expects to earn 55 cents a share for the quarter ended March 31. Analysts polled by Thomson Reuters, on average, forecast earnings of 23 cents per share.

    Shareholders shouldn't get one dime and employees should be denied wage increases and no bonuses until the bank repays the taxpayer money back.
  • Phyllis · 7 months ago
    I do small time bookkeeping for a couple of businesses and non-profits. I have had two clients with accounts at Wells Fargo, one business and one non-profit. The checking fees were way out of line compared to our local banks or credit unions. The business finally left them to go back to the local bank. The non-profit is still hanging on. Not sure why. I just started doing their books and I’m going to break the bank fees out so the board can see how much they are being charged. It is no wonder Wells Fargo has such huge profits.
  • oldtree · 7 months ago
    We will find that it is fiction. This is the first bank to take the recent statements from the white house to heart about denying insolvency. They have opted for lies about the foundation having evaporated. Econ specialists are saying we are not in the worst of it, the white house is saying the end is in sight?
    That means reality as seen by professionals is no longer valid. Is that magic?
  • bob_h · 7 months ago
    Probably a lot of the earnings surprise has to do with borrowing funds from the Fed at 0% and then loaning it out at much higher rates. The other banking bigs will show similar subsidized earning trends.

    I think we ought to be much more focussed on the reforms that will be put in place to avoid this in the future. They are going to stick with their plan to let the banks work off their losses, and it might well work. A bank or two may be euthanized, but there is going to be no systemic nationalization program.