Warren Buffett's Wells Fargo Busted For Lying To People, Wristslapped With $85 Million Fine By The Emperor Of Moral Hazard Himself

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 07/20/2011 - 15:22 | 1474765 Careless Whisper
Careless Whisper's picture

Are you saying that WellsFargo/Wachovia laundered $380 Billion in drug money? Oh wait, they took a plea of one year probation and a $100 mill fine. I get it.


Wed, 07/20/2011 - 16:50 | 1475139 cara leaf
cara leaf's picture

Hey, wait a minute...isn't this the same guy who owned 13% of Moody's while Moody's was graded Financial Weapons of Mass Destruction Triple AAA?

Wed, 07/20/2011 - 22:41 | 1475986 Problem Is
Problem Is's picture

Look girlie... are you sure you're old enough to be posting on here???

Lemme see some ID....

Wed, 07/20/2011 - 16:50 | 1475142 cara leaf
cara leaf's picture

Hey, wait a minute...isn't this the same guy who owned 13% of Moody's while Moody's was grading Financial Weapons of Mass Destruction Triple AAA?

Wed, 07/20/2011 - 22:44 | 1475993 Problem Is
Problem Is's picture

And either ease up on the <SAVE> button...

Or your internet connection is hanging up because the NSA is monitoring your usage...

Comes with the ZH posting territory...

Wed, 07/20/2011 - 15:50 | 1474893 NotApplicable
NotApplicable's picture

Interesting how that article talks only about "Mexican drug gangs," but fails to mention the involvement of who they were doing business with, or how they owned a DC-9 painted to look like a Homeland Security plane.

Daniel Hopsicker has been all over this story for years.


Wed, 07/20/2011 - 18:08 | 1475375 Careless Whisper
Careless Whisper's picture

thanks for the link. that's an interesting web site.

Wed, 07/20/2011 - 19:04 | 1475526 Sheba Poe
Sheba Poe's picture

Guy also wrote "welcome to terrorland". Worthwhile as well

Wed, 07/20/2011 - 15:10 | 1474697 bigdumbnugly
bigdumbnugly's picture

can't be.  he's such a grandfatherly, nice man.

Wed, 07/20/2011 - 15:13 | 1474711 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Tell me it isn't so.  Next your gonna tell me that Wells Fargo laundered billions in drug money along with Wachovia.  Fine was about .001% for their misdeeds showing their is honor amongst thieves.


Tuco Benedicto Pacifico Juan Maria Ramirez

Wed, 07/20/2011 - 15:12 | 1474701 slaughterer
slaughterer's picture

Buffet = shark with an adolescent face and a folksie voice.  

Wed, 07/20/2011 - 15:12 | 1474706 Gubbmint Cheese
Gubbmint Cheese's picture

Uncle Warren? What?


Wed, 07/20/2011 - 15:13 | 1474709 Gringo Viejo
Gringo Viejo's picture

"Munger only pawn in game of life."

Wed, 07/20/2011 - 15:13 | 1474713 Boston
Boston's picture

This must be a mistake.  Chris Whalen just gave the "all clear" for WFC:


Wed, 07/20/2011 - 16:05 | 1474954 fuu
fuu's picture

Just talking his book.

Wed, 07/20/2011 - 16:09 | 1474969 ghostfaceinvestah
ghostfaceinvestah's picture

Yup. He seems to be a WFC fan, for sure.

Wed, 07/20/2011 - 15:17 | 1474731 carbonmutant
carbonmutant's picture

In other Bloomberg news.:

Bank of America Corp. (BAC) gained the most in four months of New York trading as analysts from Wells Fargo & Co., Citigroup Inc. (C) and Nomura Holdings Inc. wrote that the biggest U.S. lender probably won’t need to raise capital.

Wed, 07/20/2011 - 15:18 | 1474734 Missiondweller
Missiondweller's picture

That's not even a slap on the wrist. Pathetic.

Wed, 07/20/2011 - 15:19 | 1474747 Dr. Engali
Dr. Engali's picture

You expected real action?

Wed, 07/20/2011 - 15:18 | 1474737 Archimedes
Archimedes's picture

Off topic but I just love the headline:

Gas Prices Rise Despite Obama-IEA Oil Release
Wed, 07/20/2011 - 15:18 | 1474740 Stuart
Stuart's picture

SSDD.   When the avg person is forced to take pension cuts, that is when the Buffets and all captured regulators need to head offshore. 

Wed, 07/20/2011 - 15:19 | 1474746 jo6pac
jo6pac's picture

85 chup change and is a fine tax deductable?

Wed, 07/20/2011 - 15:20 | 1474751 Cdad
Cdad's picture

And now we know why the Wells CEO resigned suddenly, grabbing up his options and heading out the door.

Again, the REAL issue behind the corruption of Wall Street and the TBTF banks is that REAL capital will not form until such time as these banks are simply broken up or, in the case of Blight on America Bank, closed down.

The failure of the SEC and the FDIC to finally do this work is beyond confounding, and continued failure will simply continue to lead America down the path of the Greater Depression.  Then again, I suspect that there are huge contingencies on Wall Street and in DC that want just that.

This has been the case for almost three years.  It will continue to be the case, as one company after another simply continues to hoard cash while simultaneously trimming the ranks of its employees to facilitate earnings beats.

It is all pretty simple.

Wed, 07/20/2011 - 17:29 | 1474895 Bay of Pigs
Bay of Pigs's picture

+$1600 and $40

Hey KidD and Libertarians for Prosperity,

Instead of bashing Eric Sprott all day long, why don't you read this fellows postings and actually learn something? Until then, you guys get nothing but scorn and derision from me for being pro establishment shills.


Wed, 07/20/2011 - 17:05 | 1475203 FinalCollapse
FinalCollapse's picture

You may not see it from the outside, but internally WFC is broken into many legal entities. They did the break up by themselves, long time ago. 

Wed, 07/20/2011 - 15:23 | 1474774 slaughterer
slaughterer's picture

Warren and Charlie: they are secretly lovers.  That is why Berkshire has such low prostitution ring bills. 

Wed, 07/20/2011 - 15:28 | 1474785 I Am The Unknow...
I Am The Unknown Comic's picture

I stll just find it unconscionable that a cartel of private companies can levy a fine against a private company.  Yes I know the chairsatan is nominated by da Prez, and yes I know WFC is a member bank.  It just seems wrong to me.  Seems like the Attorney General (Holder) should be doing this, but now I'm starting to laugh uncontrollably at that thought. 

Maybe that's why AG Holder has to be so damned incompetent....so that the Federal Reserve can take over the role of law enforcement and justice. I'm gonna puke

I mean, imagine if Exxon, Shell, and Chevron fined BP $85,000 for the Gulf of Mexico oil spill and BP didn't have to admit any guilt.  This is sickening.

Wed, 07/20/2011 - 15:34 | 1474818 williambanzai7
williambanzai7's picture

Wed, 07/20/2011 - 22:37 | 1475979 Problem Is
Problem Is's picture

Uncle Warren looks like a TeeVee-Vangalist...

You know... a Pat Robertson lookin' mofo...

Yikes... so huckster slimy...

Wed, 07/20/2011 - 22:50 | 1475983 ebworthen
ebworthen's picture

Comrade gravely voiced corn-fed bullshit bone-headed bovine cloven-hooved buffoon Buffet!

The Wells Fargo stage coach was held up, drivers and guard shot, and occupied by cattle rustling and old lady beating trained MBA's masquerading as the Good Sheriff and his Deputy a very long time ago.

Start building the gallows boys and girls, there's some hangin' to be done!


Wed, 07/20/2011 - 15:34 | 1474819 foxmuldar
foxmuldar's picture

Is this the same Buffett that made out like a bandit on the GS bailout? Buffett should be charged with Insider leaking of his buy positions. We all know how once word is out that Buffett is buying xyz, the rest of the herd runs to buy xyz. What a racket this guy has going.

Wed, 07/20/2011 - 15:36 | 1474830 YesWeKahn
YesWeKahn's picture

When you are the richest man in the world, you are powerful.

Wed, 07/20/2011 - 15:37 | 1474834 slewie the pi-rat
slewie the pi-rat's picture

here's the #2 comment of this song:

Too bad this vid cut out Sammys intro speech to it. He said "Here's one for all you tractor pullin' motherf*ckers!", then the song kicks in. I was board op'ing at? a radio station carrying this live that day (1st Farm Aid) and 'bout fell outta my chair laughing. The General Manager stormed into the studio and said "did he say what I thought he did?" I replied "you bet your sweet f*ckin farm ass he did".

click the link to see the #1 and hear why i dedicate this to buffets and banksters, everywhere

?1985 Sammy Hagar "I Can't Drive 55" (Farm Aid)?‏ - YouTube

Wed, 07/20/2011 - 15:38 | 1474841 YesWeKahn
YesWeKahn's picture

When people finally realized that they have been slaves to these powerful people, they will revenge.

Wed, 07/20/2011 - 15:40 | 1474851 frank
frank's picture

poetry: "capo di tutti ZIRP capi".

Buffet and Munger would be wise to keep their mouths shut; but they aren't, so they won't.

Wed, 07/20/2011 - 15:50 | 1474859 Contra_Man
Contra_Man's picture

Another fine example of the Blue/Red Flag-Waving Bankster Oligarchs who are moving the goal posts yet once again.  Time to short SKF-N and FAS-N into smithereens as more forehead slaps surely lie ahead for even more Bankster "denied" responsibility.   Check PLease! $85 million is tipping change. LMAO

Wed, 07/20/2011 - 15:49 | 1474891 Caviar Emptor
Caviar Emptor's picture

With so many trillions sloshing around, do the banks really need to go after a few puny ten millions?  

Wed, 07/20/2011 - 15:55 | 1474918 Piranhanoia
Piranhanoia's picture

Someone has to manage the Mexican M's money. You know your rep is making money on the war on drugs and aren't going to let just anyone handle their bucks, and since WF has been the expert at this, why does anyone believe they aren't still handling this and the payments for the guns we have been selling them?  Is this any less shocking than our banks going long hitler?

Wed, 07/20/2011 - 16:09 | 1474979 rosiescenario
rosiescenario's picture

Hopefully a few ambulance chasers may pick up on this as a way to organize some class actions and make a few $$$ off Wells....expect a TV ad something along these lines


"Did your bank lend you money that you cannot now repay? Did they assist you in creating a personal financial statement that you both knew was bogus? Was their appraiser all too happy to arrive at a number meeting everyone's needs?


.....if so, call 1-800-Dewey, Phuquem, & Howe.

Wed, 07/20/2011 - 16:31 | 1475062 cramers_tears
cramers_tears's picture

So let's do some math... Wachovia launders 378.4B.  At 5% laundry fee which is probably very low - that's 18.92 Billion - then they pay 110M + 50M=160M in a fee to the GOV INC which computes to 0.7% of Wachovia's take of 18.92B.

Man, it seems like GOV INC could have gotten a way better deal than 0.7%.  Hell, I can find a 1.33% 1-year CD every day.   I need to be sellin' GOV INC some kind of shit... Now, if I can find me a Bankster to lend me the entry fee ($160M) I could make 18.92 Billion... Man, I've got ideas man!  I could save GOV INC so much money!  /sarc

Wed, 07/20/2011 - 16:47 | 1475125 cara leaf
cara leaf's picture

Ummm...(scratching her head in the mirrored room) isn't this the same guy who owned 13% of Moody's while Moody's graded Financial Weapons of Mass Destruction Triple AAA?

Wed, 07/20/2011 - 17:09 | 1475218 rfullem
rfullem's picture

if I am not mistaken, all WFC loans were graded the same by the WFC underwriters metrics so how do you tell which is subprime? 

Wed, 07/20/2011 - 22:43 | 1475992 ebworthen
ebworthen's picture

It's all good, even the loans given to the illegal immigrants taking on 60% loan-to-income, don't 'cha know...

Wed, 07/20/2011 - 17:12 | 1475231 rfullem
rfullem's picture

re all the setllements, and the CEOS still tell us it was not an institutional problem but just a bunch of "bad apples" - well you have to be an idiot to own these stocks at all -- no or negative return in a decade and high risk. 

Wed, 07/20/2011 - 17:29 | 1475280 doomandbloom
doomandbloom's picture

another 80 year old...who refuses to quit...will take the whole world with him to the grave...


Wed, 07/20/2011 - 18:10 | 1475383 scrappy
scrappy's picture

There are indeed evils to Gold my friend.

Open your mind, it's the 21st Century!



Wed, 07/20/2011 - 19:12 | 1475547 Jovil
Wed, 07/20/2011 - 23:44 | 1476111 StormShadow
StormShadow's picture

That is just unreal. Imagine if even 10% of the buyers demanded delivery!

Do NOT follow this link or you will be banned from the site!