• Knave Dave
    05/23/2016 - 18:16
    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

Buffett's Favorite Bank, Wells Fargo, Sued By US

Tyler Durden's picture




 

Couldn't happen to a nicer crony capitalist's favorite stock:

  • U.S. FILES CIVIL MORTGAGE FRAUD SUIT AGAINST WELLS FARGO
  • U.S. CLAIMS WELLS FARGO FALSELY CERTIFIED FHA LOANS
  • GOVERNMENT SEEKS DAMAGES AND PENALTIES FOR RECKLESS LOANS
  • FHA FORCED TO PAY `HUNDREDS OF MILLIONS' FOR DEFAULTED LOANS

Well, Charlie: "Suck it in" (even more than just the recent epic collapse of BYD of course). As for Wells, sorry Warren, but just like gold, you can't really fondle that stock certificate, held by DTCC in proxy, either.

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Tue, 10/09/2012 - 15:26 | 2872204 Duke of Con Dao
Tue, 10/09/2012 - 15:28 | 2872213 Kitler
Kitler's picture

All's well that ends Wells...

Tue, 10/09/2012 - 15:30 | 2872229 Ahmeexnal
Ahmeexnal's picture

CHARREDly ASSmunger will have a good time in jail, specially when they beat the crap outta him "stanford" style.

Tue, 10/09/2012 - 15:47 | 2872322 ACP
ACP's picture

Obviously Buffett forgot to make his "donation" to Obama's cause...or maybe just not enough. I wonder how many millions it will take to make this go away.

Tue, 10/09/2012 - 15:51 | 2872339 Dr. Richard Head
Dr. Richard Head's picture

Three words for all ya'll - Becky Buffet Bath....Bitchez!

So it's four words. 

Tue, 10/09/2012 - 16:03 | 2872385 Badabing
Badabing's picture

I don’t care how much I get down arrowed but…..

When the shit hit the fan in 2009 Wachovia sp? was going to be sold for penny’s on the dollar to City with bailout money.

When suddenly Wells Fargo swooped in and bought the W with out the tax payer “that’s us” so that’s a good thing. Also wells Fargo didn’t need the bailout they had to take it. DO YOU REMBER?  

 

oh and fuck Buffett

Tue, 10/09/2012 - 16:06 | 2872402 Dr. Richard Head
Dr. Richard Head's picture

I do agree that Buffett bashing, while extremely fun, is not the core of the issue, but disagree with your example.  As long as this banking system, as a whole, can work off a fractional or even ZERO reserve basis the story of this, that, and the other become almost irrelevant.  To counter act your point, the only reason W had the liquidity is because they were laundering drug money.

Tue, 10/09/2012 - 16:11 | 2872419 Badabing
Badabing's picture

BUT the point is Wells Fargo didnt need bailouts becaues they didnt gamble with home loans.

http://abcnews.go.com/Business/SmartHome/story?id=5946486&page=1

dont you see that TPTB dont like Wells Fargo!

Tue, 10/09/2012 - 16:14 | 2872428 knukles
knukles's picture

BUFFET BASHING IS FUN
BUT NOT AS FUN AS KRUGMAN BASHING
MAYBE MORE FUN THAN LIESMAN BASHING
OR BAWNEY FRANK
OR NAZI PELOUSY BASHING

Tue, 10/09/2012 - 16:18 | 2872443 Badabing
Badabing's picture

LOL dont forget Bernanke

Tue, 10/09/2012 - 16:21 | 2872453 benjamin_1114
benjamin_1114's picture

Wells Fargo was the biggest Alt-A jumbo lender during the bubble years, they were duking it out with Countrywide for southern Cali.  They are now going to pay a couple hundred million in fines for a business they made billions on.  This is a blessing for Wells Fargo as they will pay the fine and admit no wrong.  Once they agree to pay they can't be sued again for it.  They still have a long way to go to cover up the losses on the $1.8 TRILLION in off balance sheet assets (of course there is no open book on this to the public, so who knows how deep they are).

Tue, 10/09/2012 - 19:29 | 2872979 Piranhanoia
Piranhanoia's picture

biggest lender.  Say hello to the iceberg.  It's just over there still, but coming this way.

 

Tue, 10/09/2012 - 17:18 | 2872514 LMAOLORI
LMAOLORI's picture

 

 

Any fines (bribes) will just get passed on to the customer. This is likely just another electioneering tactic to make obama appear as if he's actually getting tough on the banks when we all know he isn't because if he were there would be CRIMINAL PROSECUTION. The Taxpayer Bailed Out Buffoon who was also the majority owner of Moody's another outfit that should be prosecuted. Smoke and Mirrors just like the Tax me I'm Rich stunt.

 

 

Warren Buffett is a Huge Disappointment

 

Tue, 10/09/2012 - 16:53 | 2872548 q99x2
q99x2's picture

His face looks like somebody already did. Repeatedly.

Tue, 10/09/2012 - 15:27 | 2872212 Id fight Gandhi
Id fight Gandhi's picture

Token fine, admit no wrong, back to business as usual.

Tue, 10/09/2012 - 15:40 | 2872297 AlaricBalth
AlaricBalth's picture

The timing of these "civil" suits is of particular interest. The Administration needs to show toughness when it comes to the banks. I will not be placated until criminal charges against those responsible are filed. Lets start with Jon Corzine!

Tue, 10/09/2012 - 16:18 | 2872435 notbot
notbot's picture

I think you nailed it AlaricBalth.  Watch for more misdirection, similar to when Obama came out with the Volcker rule shortly after he lost the Mass. election with Scott Brown.

He could write a book that would make Machavelli blush.

Tue, 10/09/2012 - 15:42 | 2872301 aint no fortuna...
aint no fortunate son's picture

The only things buffet wants to fondle is Becky

Tue, 10/09/2012 - 16:18 | 2872444 Unprepared
Unprepared's picture

Benny likes to fondle (with) his fav. Bucky printer.

Tue, 10/09/2012 - 16:33 | 2872487 rayduh4life
rayduh4life's picture

Pretty much the Harvard Business School model.  Break every law/rule you can, gain market share and uncompetitive advatange and then pay penneys (at best) on the dollar in fines.  Rinse, repeat.

Tue, 10/09/2012 - 15:28 | 2872216 dick cheneys ghost
dick cheneys ghost's picture

Another Bankster lawsuit

Tue, 10/09/2012 - 15:28 | 2872218 tu-ne-cede-malis
tu-ne-cede-malis's picture

Well after the huge gains Buffet netted from Oblahblah striking down the Keystone pipeline, I'm sure the Berkshire cronies will still come out okay.

Tue, 10/09/2012 - 15:28 | 2872219 ParkAveFlasher
ParkAveFlasher's picture

Choose your friends, choose very carefully.

Tue, 10/09/2012 - 15:29 | 2872221 Bay of Pigs
Bay of Pigs's picture

Hey Chaaaaaaaarlie, WAKE UP, lets go to Candy Mountain

http://www.youtube.com/watch?v=CsGYh8AacgY

Tue, 10/09/2012 - 15:29 | 2872222 The Fonz...befo...
The Fonz...before shark jump's picture

Cede and Co

 

another fed scam....

 

you dont own shit...

Tue, 10/09/2012 - 15:29 | 2872227 LawsofPhysics
LawsofPhysics's picture

Time to find out who is really in the club.  Shit, Wells looks like a saint next to what BofA has done with mortgages and MBSs.  Are you fucking kidding me?

Tue, 10/09/2012 - 15:35 | 2872261 ghostfaceinvestah
ghostfaceinvestah's picture

Wells is far from a saint when it comes to mortgages

Tue, 10/09/2012 - 15:37 | 2872273 LawsofPhysics
LawsofPhysics's picture

Can you read? the context was realtive to BofA.

No shit sherlock.  Didn't BofA also move all their MBS and CDS holdings into a FDIC-insured account?

Tue, 10/09/2012 - 16:06 | 2872376 earleflorida
earleflorida's picture

FWIW Dept: 

not so long ago before the housing bubble topped out [late 2004/ early 2005], WF's loan originators modified their mortgagee? contracts- wait for it- written in fine print 1st and/or 2nd mortgagor must agree, 'Not to Sell said Property for 2 years hence'

needless to say the market crashed just-n-time for those holding the bag not to get out that bought at the top... and the rest is history on the foreclosure off-balance sheet seeping into a defunct fed balance sheet lapping up their??? {MBS} 

ref: http://en.wikipedia.org/wiki/United_States_housing_bubble

Tue, 10/09/2012 - 15:30 | 2872228 ghostfaceinvestah
ghostfaceinvestah's picture

At least they are finally realizing Wells isn't as clean as they profess when it comes to mortgages.  They are as questionable as the rest, they just do it in a polite, non-aggressive, Midwest way.

Tue, 10/09/2012 - 15:30 | 2872230 Mad Mohel
Mad Mohel's picture

Oh oh someone's gettin mungered.

Tue, 10/09/2012 - 16:16 | 2872436 knukles
knukles's picture

Betcha Warren's got him sewing all that valuable paper into his garments and Depends

Tue, 10/09/2012 - 15:31 | 2872233 slaughterer
slaughterer's picture

Technically, WFC will have a hard time plunging through $35--at least for today that is.  

Tue, 10/09/2012 - 15:30 | 2872236 insanelysane
insanelysane's picture

A few weeks ago, Bloomberg tv or CNBS was touting this bank as old reliable with no issues.

Tue, 10/09/2012 - 15:33 | 2872237 Conman
Conman's picture

Key words CIVIL lawsuit. No perp walks EVER for banks.

 

You commit fraud you goto jail. Banks commit fraud, tehy pay a fine. Problem here? Naaahhhhh.

Tue, 10/09/2012 - 15:40 | 2872290 Arnold
Arnold's picture

correction: "they pay a fine"

should read:"we pay a fine"

 Fixed it.

Tue, 10/09/2012 - 15:31 | 2872240 Dr. Engali
Dr. Engali's picture

Bwahaha....... You lay down with the devil and you get what's coming to you!

Tue, 10/09/2012 - 15:53 | 2872345 Dr. Richard Head
Dr. Richard Head's picture

A nice tax-payer-funded bankster bonus? 

Tue, 10/09/2012 - 15:59 | 2872367 Dr. Engali
Dr. Engali's picture

True, thanks for fucking up my day and keeping it real ;-> 

Tue, 10/09/2012 - 16:01 | 2872382 Dr. Richard Head
Dr. Richard Head's picture

AS you know, Doctor, I received my PhD in being Dick.

Tue, 10/09/2012 - 16:30 | 2872457 Dr. Engali
Dr. Engali's picture

   +1  you're serving your profession well.

Tue, 10/09/2012 - 15:32 | 2872244 SheepDog-One
SheepDog-One's picture

Time to break out Mr Bubble and runner ducky huh Warren?

Tue, 10/09/2012 - 15:34 | 2872257 malikai
malikai's picture

Maybe Becky will wash his back while he's on the call.

Tue, 10/09/2012 - 15:48 | 2872327 TrustWho
TrustWho's picture

Becky does more than a back wash..... for ratings you know. Who knows, her baby? Oh well, maybe we will just have to wait awhile like Maria and we will see who the baby favors?  

Maria should take Arnold back. You know Arnold told her before they got married that more than one woman was required to serve his manly egotisitical needs.

As the World Turns......

Tue, 10/09/2012 - 15:32 | 2872246 CvlDobd
CvlDobd's picture

Get in line US! This was my idea first!

Tue, 10/09/2012 - 15:32 | 2872249 NoTTD
NoTTD's picture

So? They'll cut deal for a service fee of .00001% of the graft and walk.

Tue, 10/09/2012 - 15:44 | 2872315 scatterbrains
scatterbrains's picture

Does this mean they see Oblahblah losing and so let's quick hit them with the charge and hurry and settle before "place holder" gets replaced ?

Tue, 10/09/2012 - 16:08 | 2872408 Blasé Faire
Tue, 10/09/2012 - 15:32 | 2872250 SDRII
SDRII's picture

Where is Atkins?

Wells Fargo CFO Atkins May Receive $22 Million After Resigning

Atkins, CFO at Wells Fargo since 2001, resigned this week, and will take an unpaid leave of absence until his retirement is effective Aug. 6. His departure “is unrelated to the company’s financial condition or financial reporting,” according to a statement from the San Francisco-based bank. Suris declined to discuss reasons for Atkins’s departure and said the former CFO was unavailable for comment.

 

http://www.bloomberg.com/news/2011-02-10/wells-fargo-s-former-cfo-atkins...

Tue, 10/09/2012 - 15:33 | 2872253 Miss Expectations
Miss Expectations's picture

Now that you mention it, I think that Warren is a Munchausen Syndrome by Proxy kind of guy.

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