Close your accoutns at banks that took TARP

[davelj]

[quote=flu]Meanwhile Wells Fargo to book a $3 Billion Q1 profit, exlcuding a one time charge items. Stock + 33% pretrading

http://finance.yahoo.com/news/Wells-Fargo-projects-record-3-apf-14890814.html

The fine print: the 1 time charge item will be 3.3 billion loss… Lol…
[/quote]

Wells will have a good idea of their 1Q09 earnings in about three years. No one in the universe – including the Spirit itself – knows what Wells Fargo “earned” during 1Q. Until we’re out of the woods in this credit crisis, it’s all a bunch of noise. Such is the nature of Big Banking.

[Arraya]

Illusion up 30% this quarter for Wells Fargo. Stock market cheers smoke and mirrors as a corporate mandate.

[Arraya]

Illusion up 30% this quarter for Wells Fargo. Stock market cheers smoke and mirrors as a corporate mandate.

[Arraya]

Illusion up 30% this quarter for Wells Fargo. Stock market cheers smoke and mirrors as a corporate mandate.

[Arraya]

Illusion up 30% this quarter for Wells Fargo. Stock market cheers smoke and mirrors as a corporate mandate.

[Arraya]

Illusion up 30% this quarter for Wells Fargo. Stock market cheers smoke and mirrors as a corporate mandate.

[Arraya]

http://market-ticker.denninger.net/
So Wells comes out this morning and says they’re going to make a “record” profit, claiming an expected 55 cents (.vs. mid 30s expectation)

It must be nice to be able to keep loans on the books at whatever price you feel like, receive billions of taxpayer money including “assistance” in rolling up Wachovia, and then turn out to not need it, right?

That is, if these numbers are accurate.

Wells premarket is ramping from $14.89 at the close yesterday and now trading premarket at $18.10, up over $3 or some 30%.

This leads one inescapably to the following:

Either Wells is lying (obfuscating losses through unrealistic marks, etc) OR
These “bailouts” were no such thing – they were a simple and transparent looting operation by the banks that is now showing up directly in “earnings” (and will shortly show up in the bonuses of executives too!)
So which is it folks?

“Is this $3 billion profit before or after you account for the $25 billion in bailout money. Revenue is $20 billion, we gave them $25 billion, that’s a net of -$5 billion. Where’s the $3 billion in profit coming from?”

[Arraya]

http://market-ticker.denninger.net/
So Wells comes out this morning and says they’re going to make a “record” profit, claiming an expected 55 cents (.vs. mid 30s expectation)

It must be nice to be able to keep loans on the books at whatever price you feel like, receive billions of taxpayer money including “assistance” in rolling up Wachovia, and then turn out to not need it, right?

That is, if these numbers are accurate.

Wells premarket is ramping from $14.89 at the close yesterday and now trading premarket at $18.10, up over $3 or some 30%.

This leads one inescapably to the following:

Either Wells is lying (obfuscating losses through unrealistic marks, etc) OR
These “bailouts” were no such thing – they were a simple and transparent looting operation by the banks that is now showing up directly in “earnings” (and will shortly show up in the bonuses of executives too!)
So which is it folks?

“Is this $3 billion profit before or after you account for the $25 billion in bailout money. Revenue is $20 billion, we gave them $25 billion, that’s a net of -$5 billion. Where’s the $3 billion in profit coming from?”

[Arraya]

http://market-ticker.denninger.net/
So Wells comes out this morning and says they’re going to make a “record” profit, claiming an expected 55 cents (.vs. mid 30s expectation)

It must be nice to be able to keep loans on the books at whatever price you feel like, receive billions of taxpayer money including “assistance” in rolling up Wachovia, and then turn out to not need it, right?

That is, if these numbers are accurate.

Wells premarket is ramping from $14.89 at the close yesterday and now trading premarket at $18.10, up over $3 or some 30%.

This leads one inescapably to the following:

Either Wells is lying (obfuscating losses through unrealistic marks, etc) OR
These “bailouts” were no such thing – they were a simple and transparent looting operation by the banks that is now showing up directly in “earnings” (and will shortly show up in the bonuses of executives too!)
So which is it folks?

“Is this $3 billion profit before or after you account for the $25 billion in bailout money. Revenue is $20 billion, we gave them $25 billion, that’s a net of -$5 billion. Where’s the $3 billion in profit coming from?”

[Arraya]

http://market-ticker.denninger.net/
So Wells comes out this morning and says they’re going to make a “record” profit, claiming an expected 55 cents (.vs. mid 30s expectation)

It must be nice to be able to keep loans on the books at whatever price you feel like, receive billions of taxpayer money including “assistance” in rolling up Wachovia, and then turn out to not need it, right?

That is, if these numbers are accurate.

Wells premarket is ramping from $14.89 at the close yesterday and now trading premarket at $18.10, up over $3 or some 30%.

This leads one inescapably to the following:

Either Wells is lying (obfuscating losses through unrealistic marks, etc) OR
These “bailouts” were no such thing – they were a simple and transparent looting operation by the banks that is now showing up directly in “earnings” (and will shortly show up in the bonuses of executives too!)
So which is it folks?

“Is this $3 billion profit before or after you account for the $25 billion in bailout money. Revenue is $20 billion, we gave them $25 billion, that’s a net of -$5 billion. Where’s the $3 billion in profit coming from?”

[Arraya]

http://market-ticker.denninger.net/
So Wells comes out this morning and says they’re going to make a “record” profit, claiming an expected 55 cents (.vs. mid 30s expectation)

It must be nice to be able to keep loans on the books at whatever price you feel like, receive billions of taxpayer money including “assistance” in rolling up Wachovia, and then turn out to not need it, right?

That is, if these numbers are accurate.

Wells premarket is ramping from $14.89 at the close yesterday and now trading premarket at $18.10, up over $3 or some 30%.

This leads one inescapably to the following:

Either Wells is lying (obfuscating losses through unrealistic marks, etc) OR
These “bailouts” were no such thing – they were a simple and transparent looting operation by the banks that is now showing up directly in “earnings” (and will shortly show up in the bonuses of executives too!)
So which is it folks?

“Is this $3 billion profit before or after you account for the $25 billion in bailout money. Revenue is $20 billion, we gave them $25 billion, that’s a net of -$5 billion. Where’s the $3 billion in profit coming from?”

[DWCAP]

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!

[DWCAP]

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!

[DWCAP]

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!

[DWCAP]

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!

[Author]

Posts