Thanks for posting the link FLU. Unfornatually I just didnt have the energy or time to look into these “profits” for any form of reality.
Talk about a manufactured bottom/boom. All it took for Wells Fargo to only loose $300 million was for the government to step in an manipulate the markets to get a refi/housing boom, a few billion in TARP, aqusition of a failed competator, and the congressionally forced abandonment of the “mark to market” rules which were forcing reality. Oh, dont forget PIPP coming into existance to help out those troubled asset values as there will soon be an overeager buyer looking to loose money.
And I like Wells. I bank with them. I think they got forced into the TARP money, and they bailed us the taxpayer out of the BS they were gonna do with citi and wachovia. But still, all this market intervention and accounting schenanagans, to only loose $300 million!
