The market is up due to Wells-Fargo (lying as usual)

Voltron says: Wells Fargo has reported a $3 Billion profit which happens to be exactly how much they reduced their loan loss reserve. They got $25 Billion in TARP money, is it a shock they were able to conjure up a $3 Billion profit? I'm short again, baby!

http://finance.yahoo.com/news/Wells-Fargo-projects-record-3-apf-14890409.html

They have a huge second mortgage exposure that is the most toxic of the toxic assets: http://cfcsux.blogspot.com/2009/04/homeowner-aid-plan-caught-in-second.html

They huge potential losses according to CreditSights. Worse than B of A and Citi!
http://cfcsux.blogspot.com/2009/02/bank-stress-tests.html

Many of Wells Fargo's losses are held off balance-sheet (a la Enron) http://www.minyanville.com/articles/print.php?a=20901

I've covered Wells Fargo extensively on this blog - type "Wells Fargo" in the search box at the top of the page to see all my previous articles