Thursday, April 9, 2009

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!

They have a huge second mortgage exposure that is the most toxic of the toxic assets:

They huge potential losses according to CreditSights. Worse than B of A and Citi!

Many of Wells Fargo's losses are held off balance-sheet (a la Enron)

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

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