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3:57 PM Stick Save By Wells Fargo: Bank Promises To Repay TARP.... Soon
When the market is about to close down big, on the highest volume day since June, and you really need a stick save, WFC comes out with the following garbage:
Wells Fargo (NYSE: WFC) CEO John Stumpf says bank will pay back TARP soon and that it will not need to raise equity to do this.
With 2 more minutes of trading, it is unclear if this totally irrelevant disclosure will manage to turn the market's overall ugly mood.
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Smells Fargo.
The Cabal continues to pull stops to try to save this mirage.
It is also probably related to the big bank fail rumor I readed on
pragcap...
http://pragcap.com/unfounded-rumor-of-the-day-large-bank-failure
... they seem to be trying to shake that off. Even though the bank of the rumor seems to be an European bank.
where did all this volume come from.. specially because Flash orders were banned
Remember back in march how wells cfo started this rally by saying they had their best qtr ever due to all the refi business? Is this the best they can do? Day late and a dollar (or two) short.
I will never forget that day. Wells Fargo pre-releases its "record earnings" and the entire bank index went up about 7%. I lost a shit load of money that day. Wells Fargo along with the other "clearing house" banks are going down hard when this ponzi scheme blows up in their faces.
it is suspicious
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
I got pantsed that day.
Exact words that went through my head on that $.50 pop. Then I thought that it was TOO SOON. Learn how to run out the clock!
I guess almost $6B in POMO isn't enough anymore for stick-saves, so they have to resort to such acts of desperation. It was even very poorly coordinated as a 1-2 punch with BAC making their announcement in the morning... Maybe they're just saving the actual cash for after-hours, we'll see, doesn't seem to be flowing in yet...
They both got $.50 pops out of it; BAC just got hers from the pre-market lows.
Ahh, now I see it, really puny compared to the standards set this summer. Maybe we'll hear a lot more of these from the other banks overnight.
Oh well, hope they still sold into it so that they could pay us back (I know, I guess I'm just naive and still believe)
Stupid Wells Fargo dont they know we are reflating the hinderberg like there no tomorrow. Holding debt is good in this environment, because like magic, in a year it will be much easier to pay it off. Thats how inflation works. Borrow, buy stuff... inflation... sell stuff for higher price, pay off debt and have some left over. Theyre doing it all wrong!
you've almost got it. the answer is:
issue debt (guaranteed by the fed gov), repay TARP obligation, wait for inflation to pay back debt in cheaper dollars.
Wouldn't the sale of that much debt (bonds) be obvious to those looking at the balance sheet? Have they actually issued an amount that could plausibly pay back the tarp amount?
The only shot they have at paying off is if the govt changes the rules for them on the capital ratios
In fact, I think that he probably threatened something in case the fed went further in its debt monitizing.
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Too close to call, not enough to move the market, darn.
Sell off, sell off, sell off.
Investors that made good on their losses from last year's crap shoot are not going to see this happen to them again.
If anyone recovered from their losses even at 80%.. PULL THE TRIGGER NOW.
Attaboy!!!! That's my man!!!
Any screen pics from the ladies on the financial channels today? Are they wearing black yet?
I second that request, would like to see Cabrera's mid-section today as an indicator of what to expect next. I know it's fighting gravity as hard as this market right now.
nope.
if they don't have a sense of humor than this place (and tyler's writing) ain't for them.
mind you i may not be typical as no one makes me laugh harder than the o/s work of Bess Levin.
she looks like a bridesmaid
perhaps u could explain further.....(hahaha)
i just think of it as a CFM expression. and boys have it as well (and it usually makes me laugh cuz it is usually a highly practiced skill set, hours spent perfecting the glance in a mirror).
blame it on sex and the city.
http://www.urbandictionary.com/define.php?term=CFM
#1 NOT #2
My wife laughs her ass off at men posing in magazines. Men look so gay when they try to pose (not anything wrong with it).
Women are sexy and men just look silly when they try to pose sexy.
Very pretty. I like the naughty expression, very boneable like the girls here in the city. Life is good! But I need to get back to work, so let me conjur an image of Dennis "I'm a hopeful fella" Kneale to lose my excitement.. .. .. .. and thank you, back to normal.
You're good at stocks, but I find your taste in women akin to your vodka tastes. Packaging over substance.
Just saying.
Then WTF are you doing recommending shitty vodka's?
by Andy Dufresne
on Tue, 09/01/2009 - 12:21
#55171
try Svedka, very nice (obviously from Sweden). Also, Finlandia
I'm a snob. I drink PBR Tall Boys and shots of well whiskey. Right.
But you are right about the Findlandia, it's a pretty nice vodka. But not that crap from Sweden. A Fin told me reindeer piss tastes better.
Are we finished?
+1
Dude. Just look at her. Seriously. How can you criticize a woman like that. FOR SHAME! She is perfect and if I ever meet you in real life I will kick your ass. Just you wait, Mr. Anonymous. Just you wait.
Well, she may be perfect on the outside, but to my eye, she's just another Nordic princess with nothing on the inside. Now Robo's girl, she's got salsa in her eyes.
Of course, it's just my opinion and if you want to 'kick my ass' for that opinion, well, I supposed you're entitled to your opinion.
-Mr. Anonymous
I had a feeling that the guy was not happy. And if things gets more ugly inside,he might blow a wistle,did anybody else hear that interview and had the same feeling?
I think he believed Beiderman more than what he was selling. I was waiting for him to say, " You're absolutely right, Charles. I don,t really believe this bulldung,I just say what they pay me for."
Read? You mean like words? I thought they came for the pretty pictures.
Is that a puck in your pants?
If we look at WFC's books, it does not matter
wether the bank blows up tomorrow or next
year. Sooner or later Warren B. has to buy
more of those stocks.
Ummmm..... weren't they issuing new equity this entire time?
you're too good. The Bernanke comparison to Biddle is probably right too. I was listening to some old Murray Rothbard tapes a while ago and everything he says is even more meaningful today. The only people that sound like Rothbard these days are a few money mangers. All the economists seem to not have a clue.
And they only realized they were able to do it today at 3:55, wow good news does travel fast.
http://tinyurl.com/5ccf3h
Alan Schwartz from Bears Stearn also said something like 'everything is A-OK' two days before implosion.
watch the actual footage.
A hopelessly insolvent bank promises to produce a massive quantity of cash, without raising capital.
It's magic!
The server encountered a temporary error and could not complete your request.
Please try again in 30 seconds."
Has been a long 30 seconds.
yep same.
Where's the server located.. in the valley?
Cyber attack? TEOTWAWKI?
I was getting that, too
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
Yes actually. The gubbermint is trying a ddos on gmail to see if they can pull it off.
GOOG should take a beating tomorrow.
It's been going on for 12 hours.
http://www.washingtonpost.com/wp-dyn/content/article/2009/09/01/AR200909...
I did it....it was all my fault...I opened the link sent to my gmail by the pretty girl site run by the Russian Mob over in Israel...
It's all my fault...I did it....why oh why does it always happen to me??
Has anyone heard Pisani's explanation for today, because he NEVER mentioned the low vol days when the mkt went up like helium. Just now watching Lebow go on a what a success "taxpayer funny money for clunkers" is. These guys should get an academy award for this.
I'd actually watch the Oscars again if they included this category.
Best performing Liar measured in billions of investment sucker's dollars.
I beleive Stumpf means they won't be bringing a shelf offering...
Shares are still hitting hit the market from stress test secondaries.
There are also rumours that Cerberus is in trouble and MS.
Totally worthless. Did Mr. Stumpf tell us when his next bowl movement is going to occur also?
Adding WFC to the "short to zero" list in 3, 2,...
Going to need a new over/under poll here, but this one could be daily. How many Loan Modifications by JPM will be announced after the bell?
Glimcher Realty Trust, so far (malls):
http://biz.yahoo.com/e/090901/grt8-k.html
SPY never went below 100 today. They held the line. SPX closed below 1000, but SPY never got below 100.
I show a 99.99 print!
What the hell is this bullshit?
http://stocks.investopedia.com/stock-analysis/2009/Four-ETFs-On-Fire-Rig...
Seems to be the latest length of rope handed to the starbucks day traders.
Here's what they have to say about VNQ:
"There is still some weakness in the commercial real estate market, and many companies in this space will soon be facing debt payments resetting at higher rates, but it appears that most of the damage has already been taken into account by the market."
Riiiight...
Lies.
One more tired play on the old standby; "Don't believe what you see, believe what they tell you".
Dumb lies come from someone who has nothing else to say. Stupid dumb lies come from someone whose career depends on a confidence game.
Soon to become a common enough story--smaller regional banks are gulping for air.
http://www.sectorspdr.com/news/?do=newsStory&stype=db&newsID=6690846
thank you for covering this! i see the same games and I think manipulation
so evident, so obvious. so ridiculous!
not this or bac's mention last nite of same tarp bs will stop a correction. why do they bother??????
The Lord of the Banks
http://www.youtube.com/watch?v=wRZTBI0012o
stick save fails
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
So TALF money can be used to repay TARP now?
What's next, the government lending money to itself? Oh, right...
this is probably the OTC deritaives winning money used to payback tarp
from the bloomberg article re: Wells
"Assets no longer collecting interest in the quarter climbed 45 percent to $18.3 billion from the first quarter, the bank said July 22."
Exactly what is an asset that is no longer collecting interest?
The natural extension of an asset that is so encumbered it cannot be monetized with debt.
non-accruals.
and you usually need to reserve for those.
unless you're wells fargo.
Thanks, I forgot (momentarily) that nothing applies to Wells...I hope I live long enough to personally watch their implosion.
All of this over the repayment of a little allowance money. The real question is when will WFC and the others clear all of their backstops that total far in excess of whatever they got under TARP.
The 1-2 punch from BAC and WFC shows that the market is rigged - the powers that be obviously saw the sell-off coming this week, hence the coordinated TARP repayment announcements. I don't think its a coincincidence that WFC is leading us off this time, because it orked so well the last. But fool me once shame on you, fool me twice....
In fact I won't be surprised the vampire squids know this time it won't work, and the charts are showing - each time they ramp it up buying $1, they are probably selling $3, the violence of the downward move is too obvious for market participants not to see.
Fargo was a great movie. "All this for a little bit of money"
Hey..... Didn't Dick Bove even say sell the financials??? He was the perennial bull too.
Hey Buffett just worked a GS preferred/option deal with WFC
How else could they pull this off?
What's the chatter on Suntrust like? Things seem to be too quiet for them considering just about every bank around them has shit the bed.
using any kind of means - whether otc, listed debt or otherwise would be better than paying tarp dividends...