Wednesday 15th January
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FDIC Chair Sheila Bair Warns Senate Committee about “Millions of Infected Foreclosures”
Written on 14 May, 2011 at 1:17
Well, perhaps it's because Sheila is now a short-timer and will be retiring from her post at the FDIC this July, that she is now feeling a little more comfortable telling the truth, even if that means disagreeing with Walsh... (Continue reading)
Is Bank of America Worth $200 Billion?
Written on 12 May, 2011 at 1:30
Bank of America bought Countrywide for $4 billion and change. That sounds funny to me now. You've got to admit it. The idea that someone would PAY money for Countywide has to make you giggle at least... (Continue reading)
A case of major lending institutions with no respect for the law… Part of the system that destroyed the American economy
Written on 7 May, 2011 at 8:20
Thigpen says that a large number of national banks, including Bank of America, Wells Fargo, HSBC and others repeatedly filed documents with forged signatures illegally notarized and other false information, and not only in his Register of Deeds office, but... (Continue reading)
Hawaii’s Legislature Poised to Pass Nation’s Strongest Foreclosure Protection Bill
Written on 2 May, 2011 at 7:33
The dialog about the foreclosure crisis began when FACE member ministers began talking openly about there being no dignity for the families trying to save their homes from foreclosure by the mainland banks. That's what motivated FACE to get... (Continue reading)
GOT ONE! Jury Convicts Taylor Bean’s CEO Farkas of Bank, Wire, Securities Fraud and Conspiracy
Written on 20 Apr, 2011 at 9:59
Soon, the hole grew to over $100 million, so Taylor Bean and a handful of Colonial executives figured that the easiest thing to do would be for Taylor Bean to simply sell hundreds of millions in mortgages THAT HAD ALREADY... (Continue reading)
FEDS Announce Enforcement Actions Against 14 Servicers, LPS and MERS… Hot Towels in Washrooms Threatened Once Again
Written on 19 Apr, 2011 at 14:41
Still, I'm committed to covering this subject even when doing so means that I have to start drinking at 9:30 in the morning... kidding, I'm just kidding... so, here's the news on the FEDS and their "enforcement actions," and I... (Continue reading)
Bank of America’s “Tasmanian Devil” says we shouldn’t be thinking of our homes as “assets”.
Written on 18 Apr, 2011 at 22:41
Now, if all of that weren't enough to make the case for Bryan Moynihan being this month's REAR, here's what really got me started on him in the first place. Last month, at the 2011 National Association of Attorneys... (Continue reading)
BoA’s Bad Bank – Pay No Attention to the 6.7 Million Loans Behind the Curtain
Written on 13 Mar, 2011 at 23:57
See, these are the kinds of things that make me afraid of the world around me... like, now I don't want to even leave my house. Does stuff like this work on "investors?" What... are the "investors" he... (Continue reading)
I’m So Happy that I Ignored the whole AGs-Investigate-the-Servicers Thing
Written on 9 Mar, 2011 at 11:28
Well, what they're calling the Attorneys General "Term Sheet" is out and to kick it all off, I went with an analysis of the AG's work product written by Joshua Rosner, who is Managing Director at independent research consultancy Graham... (Continue reading)
Fannie Mae’s Latest Housing Survey Shows Many Have No Idea What’s Happening
Written on 1 Mar, 2011 at 6:33
When that is understood by the majority of Americans, I believe we will finally be ready to throw away the meaningless distinctions, "responsible homeowners and irresponsible homeowners," and we'll return to just being American homeowners. ... (Continue reading)
Man Drives Car Through Bank of America’s Lobby – Police Investigate, Unsure of Motive
Written on 28 Feb, 2011 at 23:26
So, wait a minute here... he drove into the bank... into it... he was inside a Bank of America at 4:00 AM... and police are still trying to determine if any property was taken... but he's only being charged with... (Continue reading)
If at first you don’t succeed, CRIME, CRIME again.
Written on 27 Feb, 2011 at 10:32
I'm not going to attempt to write some scathing or potentially insightful commentary about Mr. Mozilo, I'm sure that's been done many times before, and frankly... he bores me to no end. But, at the same time I felt... (Continue reading)
Federal Regulators to Bring Enforcement Actions Against Banks… May Get Rid of Hot Towels in Washroom
Written on 17 Feb, 2011 at 11:27
You know what... go to hell. How about the servicers offer "enhanced, streamlined modifications to troubled borrowers" just because it's the right thing to do? How about the servicers do it because although they can never come close... (Continue reading)
New Fed Governor Sarah Bloom Raskin Gives Me Reason to Hope
Written on 15 Feb, 2011 at 15:53
I read her speech yesterday evening; parts actually gave me chills, and parts left me with a hopeful tear in my eye. She says almost exactly what I've written in my articles on at least dozens and at this... (Continue reading)
David Stern – The Foreclosure King
Written on 14 Feb, 2011 at 13:06
Stern is emblematic of everything that's ugly and wrong with the mortgage banking and finance industries in this country. Whether all the allegations about him are true is irrelevant. In my view, he's an unethical, arrogant, abusive and... (Continue reading)
KA-BOOM! INVESTORS FILE SUIT: Bank of America, Countrywide and named executives committed “MASSIVE” SECURITIES FRAUD related to Mortgage-backed Securities
Written on 25 Jan, 2011 at 10:24
So, if the investors that are supposed to own the loans that are supposed to be assigned to the trusts say the notes were never assigned to them, and therefore they say they don't have the right to foreclose... how... (Continue reading)
GMAC… Payments or Not, The Foreclosure Machine that Just Won’t Stop
Written on 15 Jan, 2011 at 1:55
The first time GMAC foreclosed on the couple's home was back in 2001. Totally current on their mortgage payments, it must have come as quite a shock. Once in foreclosure, GMAC wouldn't accept their monthly payments, so... (Continue reading)
Florida AG Pam Bondi Presentation on Foreclosure Fraud
Written on 6 Jan, 2011 at 0:33
And forgetting the homeowners for a moment, if these financial institutions are capable of this type of fraud, how can we or others around the world ever trust them. ... (Continue reading)
You Better Watch Out, I’m Telling You Why… BofA is Coming to Town… And, they might just break your door down!
Written on 22 Dec, 2010 at 10:49
Well, I'd have to say nicely done there, Bank of America, all around. I mean, you managed to take a woman from sending you $15,000 to take over the home out of probate after her husband died... her "haven"... (Continue reading)
The Kings and Queens Loan Mod Scammers: Arizona & Nevada Sue Bank of America Over Loan Modification Program
Written on 21 Dec, 2010 at 16:54
So, when the opportunity came up to investigate the banks as a result of things like robo-signers fraudulently signing affidavits in order to foreclose on people's homes, came to light, Terry Goddard was one of the state attorneys general to... (Continue reading)
Foreclosures Poised to Take Down the U.S. Banking System… and even entire economy, says Whalen. (Ya’ think?)
Written on 21 Dec, 2010 at 7:32
"Laurie Goodman of Amherst Securities predicts that 1 in 5 mortgages could go into foreclosure without radical action." Now just a minute here... you're not saying that one out of five people with mortgages are "irresponsible sub-prime borrowers who never... (Continue reading)
Voting on Principal Reductions: Treasury: YES… FHFA: NO… Obama Administration: YES… Congressional Republicans: NO. Good Lord.
Written on 20 Dec, 2010 at 1:30
Obama has been pressuring FHFA to let Fannie Mae grant principal reduction... the President of the United States is pressuring them... Ohhh, is it like Guantanamo... or more like Canyon Ranch... pressure me some more, Barack... I like it when... (Continue reading)
Zillow: U.S. Homeowners to Lose $1.7 Trillion in 2010, Already $9 Trillion Lost Since 2006
Written on 9 Dec, 2010 at 22:24
So... I have a question for my fellow Americans... and for elected representatives in Washington D.C. and state legislatures... and for that offensive, mindless twit Diana Olick on CNBC... Are we done irrationally punishing the so-called "irresponsible" people yet? ... (Continue reading)
Mandelman U. Presents: There’s Credit Default Swaps & then there’s Credit Default Swaps
Written on 23 Nov, 2010 at 12:24
Seventy percent of the U.S. economy is driven by consumer spending, which has been driven by borrowing over the last ten years. Even if we wanted to do so, we can't borrow our way back to prosperity this time... (Continue reading)
OUTRAGEOUS! Morgan Stanley Money Manager Won’t Be Prosecuted for Felony
Written on 8 Nov, 2010 at 14:09
Excuse me, DA Hurlbert? You're not going to prosecute Martin Joel Erzinger for running down someone riding a bicycle and then fleeing the scene because it wouldn't look good on the guy's resume? Seriously, Mr. Hurlbert? Where... (Continue reading)
Alright Banker-People… That’s Enough. You’re Not Making Sense and You’re Making Me Dizzy
Written on 12 Oct, 2010 at 8:36
You don't think so? Then tell me what you think would happen if I walked into a courtroom and handed the judge a fraudulent set of documents requesting that he ignore procedures designed to protect property rights in this... (Continue reading)
GMAC Halts Evictions Related to Foreclosures in 23 States When News of Forged and Robo-Signed Documents Comes Out
Written on 24 Sep, 2010 at 16:50
Okay, so here's the story... some attorneys representing homeowners in foreclosure noticed that GAMC was saying things that weren't true, which is sometimes referred to as "lying," and then in a deposition it came out that a middle manager at... (Continue reading)
PROFILES IN BANKING: If Your Mortgage is With Wells Fargo, Watch Out … No Delays Ahead!
Written on 19 Sep, 2010 at 21:26
I don't know Wells Fargo... you do whatever you want, but it looks to me like you're losing friends in Congress and even in the White House. As are your pals, by the way. You can just go... (Continue reading)
INSIDE CHASE and the Perfect Foreclosure
Written on 11 Sep, 2010 at 7:44
"And we documented what went on with each file so that if the investor came in to audit the files, everything would be accurate in terms of what had transpired and in what time frame. It was all about... (Continue reading)
Ratings Agencies Panic: New Financial Reform Bill Means Expert Liability
Written on 21 Jul, 2010 at 19:16
Perhaps most notably, but least mentioned, the bill requires the credit rating agencies, Moody's, Fitch, and Standard & Poors, to not only be more transparent, but also potentially liable for issuing "bad ratings" on bonds. The role of the... (Continue reading)
JPMorgan Chase Blows Away Analysts’ Estimates, Lies Beyond Expectations
Written on 21 Jul, 2010 at 7:34
But, I suppose as long as Geithner doesn't make the mega-bank write down any losses in the future, everything will work out just fine and dandy. What, me worry? No chance of that. Besides, I don't know... (Continue reading)
Obama’s Speech Avoids Using the “N” Word…
Written on 18 Jul, 2010 at 17:24
I realize that his speech the other night was intended to be more State-of-the-Union-like than a presentation of specific solutions, but I still came away feeling a bit like a Christian Scientist with appendicitis. America's banks are, in large part, insolvent.... (Continue reading)
BANKERS: Count on them to be petty and offensive, every single time.
Written on 16 Jul, 2010 at 5:21
The bill is important at a time like this, because it would clearly encourage more lawyers to represent homeowners in foreclosure actions "because attorneys can be confident, if successful, that they will be paid for their work." And, as... (Continue reading)
JPMorgan Chase: We Had So Many Buy-Backs That We Had to Put This Policy in Place
Written on 15 Jul, 2010 at 2:06
CHASE now says that their new policy prohibits the postponing of sales, regardless of the reason, if the request to postpone is made within 7 days... or maybe 5 days... or it could be 2 days (depending on who you... (Continue reading)
For Bankers of Failed Financial Institutions… the Pain Is Not Over Yet
Written on 13 Jul, 2010 at 22:11
Shiela! There you are! Where the heck have you been girl? Last I heard, Hank Paulson sent you for coffee, and you've been standing in Geithner's shadow ever since. It's about damn time, girl! ... (Continue reading)
FHFA Subpoenas Data from 64 Issuers of Mortgage Backed Securities
Written on 13 Jul, 2010 at 5:25
Uh oh. Someone's gonna' be in big trouble... as in... Lucy, you got some "˜splainin' to do. Is it warm in here all of a sudden?... (Continue reading)
Banks Obviously in Trouble, 91 Banks Missed May Payments to Treasury
Written on 17 Jun, 2010 at 23:00
In some cases, banks are attempting to renegotiate or modify their loans. For example, Midwest Banc Holdings offered to swap $84.8 million in preferred shares issued under the TARP program for $15.5 million in common shares, but that would... (Continue reading)
The Banksters: Lloyd Blankfein, John Mack, Vikram Pandit, Jamie Dimon, Brian Moynihan, Et Al. Have we forgotten what lying is?
Written on 9 Jun, 2010 at 14:50
Apparently, data released by the Federal Reserve Bank of New York shows that 18 banks, including those listed above of course, have been lying about their levels of debt that are used to fund their trading of securities at the... (Continue reading)
At the Bank of America Signpost Up Ahead, Your Next Stop – The Loan Modification Zone
Written on 9 Jun, 2010 at 10:10
A homeowner wrote to me the other day, and I could tell from her emails that she had been through the ringer trying to get a loan modification. I've heard from so many thousands of homeowners that I've gotten... (Continue reading)
Bank of America Employees Say Bank Stole $100 Million from Paychecks
Written on 7 Jun, 2010 at 16:17
Well, today Bank of America employees in Kansas City, Loa Angeles, Charlotte and other cities around the country have filed a lawsuit alleging that our nation's largest bank cheated its employees out of $100 million in overtime pay. The... (Continue reading)
HEY, CHASE! YEAH, YOU… JPMORGAN CHASE! One of Your Customers Asked Me to Give You a Message…
Written on 3 Jun, 2010 at 13:25
Just to make it interesting... and fun... I'm going to do my best to really paint a picture of the situation, so the reader can feel like he or she is there... in the picture at the time of the... (Continue reading)
Bringing Up the Rear: Lloyd Blankfein, CEO, Goldman Sachs
Written on 2 Jun, 2010 at 6:22
Just think how it would have looked... Blankcheck would have said: "Gee, I couldn't tell you about the ins and outs of those billions we made," and someone would have walked over and whacked him with a good size stick.... (Continue reading)
Wall Street to Securitize Delinquent Loans. Because it went so well last time, I suppose.
Written on 25 May, 2010 at 8:31
So, based on that... the only logical thing to do is securitize some non-performing loans. Of course, it's brilliant! I'm calling AIG-FP later today to see if they'll sell me a credit default swap against this crap. ... (Continue reading)
Judge Sentences Wall Street’s Greed and Hedge Fund Founder to Prison
Written on 23 May, 2010 at 16:23
"He had a choice as a leader of the financial industry. He could have led by example. Instead, he chose to follow. He became a joiner, surrendering to the spree of the financial market's virtual mob mentality that nearly brought... (Continue reading)
Arizona Loan Modification – Couple Says Wells Fargo is the Scammer
Written on 23 May, 2010 at 14:26
Given thirty days homeowners might have a shot at bringing everything current and we'll avoid a foreclosure or two. I don't care which side of this foreclosure crisis you're on, whether you blame the borrowers or the banks, you... (Continue reading)
Books That Matter: 13 Bankers, by Simon Johnson & James Kwak
Written on 20 May, 2010 at 7:15
On Friday, March 27, 2009, the CEOs of thirteen of the country's largest financial institutions gathered at The White House to meet with President Barack Obama. ... (Continue reading)
Banks Lobbying, Financial Reforms & Who’s Recovering?
Written on 16 May, 2010 at 18:07
Like the flying monkeys from the Wizard of Oz, they've been summoned by the bankers to our nation's capital; flying in from around the country until they hit the steps of the U.S. Capital building... when they're transformed into lobbyists... (Continue reading)
Senate Investigation Says Banks Caused Crisis, Not Borrowers
Written on 22 Apr, 2010 at 13:45
As I've said what feels like a million times in a million different ways... it wasn't the borrowers, it was the banks, and what caused the crisis was that the banks broke the bond market... and it remains broken to... (Continue reading)
WaMu’s Top Gun Loan Officers Targeted Low-Income Minorities to Rob the Bank and the Nation
Written on 16 Apr, 2010 at 7:19
It would be one thing if the story of Tom Ramirez and Mario Loria at Washington Mutual's Loan Processing Center was nothing more than the story of two rogue mortgage bankers who gamed the system and got away with millions... (Continue reading)
WaMu and We Don’t Lose Deals to Income!
Written on 14 Apr, 2010 at 5:55
Those are the words that were printed on a large banner that hung above the cubicles at Ameriquest Mortgage in Sacramento, California, according to an ex-employee of the now defunct sub-prime mortgage banking lender that was shut down by Citigroup... (Continue reading)
TARP Chief Elizabeth Warren: “It’s the Bank Lobbyists vs. American Families”
Written on 24 Feb, 2010 at 9:27
Warren then went on to say: "Six months ago, I really thought that we were on the brink of financial reform." In response, Maher asked her what she was smoking back then. The audience laughed. I did... (Continue reading)
Bank of America Forecloses on Florida Home. Big Deal. (Oops, Wrong House.)
Written on 27 Jan, 2010 at 8:24
They tried and tried to make the bank understand that they should not be foreclosing on their dream retirement home, but the arrogant pricks at Bank of America, or as it "˜s more appropriately called, "The House that Lewis Broke,"... (Continue reading)
Returning Home From Speaking at the ABA’s Consumer Financial Services Conference on Loan Modifications
Written on 23 Jan, 2010 at 23:20
If any private sector attorney thinks that he or she can practice autonomously, hidden away in a little box, pretending to exist under some sort of imaginary radar... and that somehow federal or state regulators are supposed to know that... (Continue reading)
Martha Coakley, My Dear… You Are An Inspiration
Written on 18 Jan, 2010 at 1:35
Massachusetts Attorney General Martha Coakley is hunting for bank. She just bagged Goldman Sachs, among others, and they're writing down mortgages faster than you can say "fraudulent securitization". She's my God damn hero. I think I'm voting for her for... (Continue reading)
First Premier Bank Credit Cards… Now at 79.9% Interest!
Written on 18 Dec, 2009 at 3:56
Yes folks, it's true... the banking lobby strikes yet again. No limit on interest rates charged by credit cards. It's funny too, because I could have sworn there was a cap of 390% voted in, but maybe I... (Continue reading)
Testimony Before Congress: The Private Sector and Government Response to Mortgage Foreclosure Crisis
Written on 17 Dec, 2009 at 6:56
Don't you get it yet? No one is buying your "trial modification" crap anymore. Trial modifications are scary as hell. The term "trial modification" is nothing more than a euphemism for "your house sold at auction yesterday".... (Continue reading)
Obama and Bankers Meet at White House
Written on 15 Dec, 2009 at 14:02
Oh, you know what... stop treating me like I'm a stupid child... the banks are NOT back on their feet in any way, shape, or form... period. In fact, the banks have the same problems they did a year... (Continue reading)
The People of the United States v. Wall Street’s Bankers
Written on 6 Dec, 2009 at 21:48
As I've watched the economy deteriorate over the last two years, I have been amazed and bewildered at our government's response, or lack thereof. And the more I've learned, the worse I've felt about our ability to fix what... (Continue reading)
Obama Administration Gets Tough, Sec. Barr Says Banks Won’t Get a Nickel Until Permanent Modifications Are Done – LMAO
Written on 2 Dec, 2009 at 17:51
So, how many chances are we going to give these ineffectual fools before we storm the castle? G.W. Bush and Hank Paulson totally blew it. Now Obama and Geithner have somehow managed to under-perform their abysmal track record.... (Continue reading)
Federal Prosecutors Bungle Case Against Bear Stearns Fund Managers
Written on 11 Nov, 2009 at 14:07
Regardless, it's hard to imagine that you can cost investors $1.6 billion, get caught with a paper and email trail that shows that you knew what you were doing as you lied your ass off along the way, and then... (Continue reading)
Cuomo v. Clearing House: The Most Important Supreme Court Decision for Homeowners and Our Economy In Decades
Written on 7 Nov, 2009 at 18:40
So far this year, while most Americans have seemingly been preoccupied with other things, the banking lobby has managed to have its way with every single piece of legislation our legislature has considered or ultimately passed. ... (Continue reading)
See, That’s What I’m Talking About – Banks are Broke & Broken
Written on 20 Oct, 2009 at 21:10
According to FDIC, the program was established a year ago at the height of the financial crisis, and was intended to "help thaw the freeze in bank-to-bank lending," and it's obviously been very effective in that regard. Mark that... (Continue reading)
Get Over It America???
Written on 16 Oct, 2009 at 20:59
2. Goldman must either start lending like a bank, or it's not allowed to keep its status as a "Financial Holding Company," which is what allows it to put more than $125 BILLION at risk without having to worry about... (Continue reading)
Cioffi & Tannin, Bankers That Broke The World, Part 2
Written on 13 Oct, 2009 at 2:49
From the beginning, the banking lobby has tried to blame this crisis on everyone but the banks. It was the banking lobby that started the P.R. campaign that blamed borrowers... then they blamed mortgage brokers... then sub-prime lenders... everyone... (Continue reading)
Cioffi & Tannin: Future Household Names, if Anyone Still Owns a House in the Future
Written on 11 Oct, 2009 at 18:54
It would seem that they told themselves that the Funds' bleak prospects would change, come around, and that their incomes and reputations would remain intact. Just a couple of months later, on June 9, 2007, when the Funds' collapse... (Continue reading)
My Grandmother, Standard Oil & the Banks
Written on 11 Sep, 2009 at 7:30
With the foreclosure crisis still being allowed to ravage the country unchallenged, the risk to banks going forward is both significant and real. The line between being accepted by the public and being a pariah, is as thin as... (Continue reading)
Bernanke’s Fed: The Only Decent Thing to Do Is to Deceive Us
Written on 29 Aug, 2009 at 18:10
So, the Federal Reserve said: "Okay, we're sorry," and released the information. What? It could happen. It didn't, of course, but it could... maybe... someday. In real life, the Fed is preparing an appeal. ... (Continue reading)
Bringing Up the Rear: ABA President Edward Yingling
Written on 24 Aug, 2009 at 19:07
"It is now widely understood that the current economic situation originated primarily in the largely unregulated non-bank sector. Banks watched as mortgage brokers and others made loans to consumers that a good banker just would not make and they... (Continue reading)
So, It Wasn’t the Subprimers After All… Go Figure.
Written on 20 Jul, 2009 at 8:06
"The evidence from a huge national database containing millions of individual loans strongly suggests that the single most important factor is whether the homeowner has negative equity in a house -- that is, the balance of the mortgage is greater... (Continue reading)
Wells Fargo Closes Accounts if Firms Offer Loan Mod Services
Written on 30 Jun, 2009 at 7:22
Today, I was informed that Wells Fargo Bank is unilaterally closing the business checking accounts of companies simply because they are offering loan modification services. Yes, you read that right. Business checking accounts. Because you offer to help people obtain... (Continue reading)
Wells Fargo’s “Ghetto Loans” and the “Mud People”
Written on 28 Jun, 2009 at 22:40
Beth Jacobson says that she and fellow loan officers at Wells Fargo Bank systematically singled out blacks in and around Baltimore in order to sell them high-interest sub-prime mortgages, whether they would have qualified for prime loans or not. ... (Continue reading)
The Bank’s Latest Tactic to Shut Down Loan Modification Firms
Written on 13 Jun, 2009 at 0:29
I got a call today from someone who is in the loan modification business In Arizona. He told me that if you're a loan modification company, you will not be allowed to have a merchant account with Wells... (Continue reading)
Former sub-prime lenders are back to profit off the mess they made. Seriously?
Written on 9 Jun, 2009 at 15:22
Apparently, they were not quite satisfied with the hundreds of millions they stole... I mean made, so they've launched a company that will buy distressed mortgages from banks and the government at a discount, modify the loans so that the... (Continue reading)
Bank of America Says They Modified 50,000 Mortgages… Whatever That Means…
Written on 24 May, 2009 at 16:23
Look, if loan modifications aren't taken more seriously and soon, we're all in serious trouble. Foreclosures breed foreclosures. They lower housing prices, which leads to lower consumer spending... which leads to reduced corporate profits... which leads to more layoffs... which... (Continue reading)
Goldman Sachs… You’re a Liar!
Written on 16 Apr, 2009 at 9:01
But, Goldman Sachs... you're a liar. A phony. A manipulator of the rules. A company willing to mislead, misinform and malign. You cannot be trusted. And during times like these, to act in such a... (Continue reading)
Obama Administration is Drawing Up Plans to Disclose Conditions of Biggest Banks
Written on 15 Apr, 2009 at 22:44
Here we have a senior official who declined to speak on the record because: "the extent of the disclosures were still being debated?" Were they now? By the Obama administration? Now that's transparency. Change I can Goddamn... (Continue reading)
Wells Fargo May Need $50 Billion? Wow… That Was Even Faster Than I Thought.
Written on 14 Apr, 2009 at 10:01
Well, it seems like just yesterday when Wells Fargo Bank was announcing its shockingly high profits for Q1 of 2009… and I was writing an article saying that based on the Wells Fargo press release, it was time to go... (Continue reading)
Wells Fargo’s Surprising Profits? Time to Go Short…
Written on 14 Apr, 2009 at 4:11
Oh, hell... the fact is, tying the amount of "credit extended" to TARP funds is ridiculous. The TARP funds were invested by the government to recapitalize banks, not to provide funds that would be lent to borrowers, and making statements... (Continue reading)