Saturday, April 18, 2009

Wells Fargo is full of it

Voltron says: according to bloomberg, Wells Fargo took Wachovia's reserve for loan losses and applied it to their own losses. They simply assumed that Wachovia would not have any losses. If Wachovia had no impending loan losses, why did they collapse into the arms of Wells Fargo? They also reported $44.2 billion in "other assets". Other accounting shennanegans abound

No comments: