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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.

Tue, 10/09/2012 - 15:33 | 2872255 Vincent Vega
Vincent Vega's picture

Didn't WFC get like $25B in bailout funds??? And now they need to be sued!? WTF!? Dog and pony show at it's finest.

Tue, 10/09/2012 - 15:35 | 2872262 earnyermoney
earnyermoney's picture

Another shakedown for campaign cash.

Tue, 10/09/2012 - 15:36 | 2872271 Sixdeuce062
Sixdeuce062's picture

Not like anything gonna happen anyway buffet hadnt paid taxes in ten years just keeps it in the courts for years till they can settle on less. Its like playing monoply crony style, why play the game when you can make the rules and run the bank .... unless you are the one doesnt.

Tue, 10/09/2012 - 15:38 | 2872277 Rylie
Rylie's picture

Deleted.. someone also posted what I was going to say

Tue, 10/09/2012 - 15:39 | 2872281 BrigstockBoy
BrigstockBoy's picture

Anyone remember seeing Buffett on Charlie Rose when the stuff hit the fan? Buffett was spewing his propaganda about how this world class athlete (the U.S.) had collapsed on the track but would just need some time to get up, dust off and be running at breakneck speed again? Sounded like a world class athlete on performance enhancing drugs to me then and still does. Buffett, like the Fed, is a self-serving POS...

http://www.youtube.com/watch?v=ejIWp5E8_Fo

Tue, 10/09/2012 - 15:45 | 2872282 youngman
youngman's picture

They will settle for a hundrred bucks..no wait...how much does Warrens Secretary have in her purse...yeah thats it...$75 bucks...and a tampon

Tue, 10/09/2012 - 15:39 | 2872283 TideFighter
TideFighter's picture

QE3 ran out of gas on schedule. QE4 Operation TWIST ahead of schedule. Already listed on Fed balance sheet: 8 more banks. 

Tue, 10/09/2012 - 15:38 | 2872284 JonNadler
JonNadler's picture

am sure old Warren is is as much trouble as I was when they caught Kitco in a "tax fraud scheme" or whatever they accused me of

Tue, 10/09/2012 - 16:03 | 2872390 Bay of Pigs
Bay of Pigs's picture

Did you pay a fine Jon or was that case swept under the rug completely?

Tue, 10/09/2012 - 17:22 | 2872620 JonNadler
JonNadler's picture

he he, we paid something you know, but I wouldn't call it a fine exactly

Tue, 10/09/2012 - 15:39 | 2872289 jimcg
jimcg's picture

Fraud?....

 

http://www.youtube.com/watch?v=SjbPi00k_ME

 

It's all one, big, fuc*in, joke, and it's on us.

J

Tue, 10/09/2012 - 15:39 | 2872292 Coffin Dodger
Coffin Dodger's picture

Fuck me! Truth, sense and honesty may be starting to get the upper hand!

Tue, 10/09/2012 - 15:41 | 2872300 JailBank
JailBank's picture

I have an old high school pal that works for Wells. His only job was to "review" mortgage loans and pass them on to process by Fannie/Freddie. No loss to the bank, just pass them to the gubment and get that check.

Tue, 10/09/2012 - 15:42 | 2872304 Hedgetard55
Hedgetard55's picture

Like professional wrestling. Wells will pay their vig to the Feds for being able to keep most of the fraudulent gains.

Tue, 10/09/2012 - 15:43 | 2872307 Everybodys All ...
Everybodys All American's picture

I'm sure Charlie has already frontrun this news.

Tue, 10/09/2012 - 15:44 | 2872312 Duke of Con Dao
Duke of Con Dao's picture

time for Obama to bitch slap Uncle Warren... (this kinda of works if you're drunk)

YouTube - Corporations are People: Obama on Romney in 7 Seconds

...

Corporations are the Luckiest People! 

...

7 Seconds over Tokyo, err... I mean Mitt!

https://www.youtube.com/watch?v=TsAGxwGYHgk

Tue, 10/09/2012 - 15:44 | 2872314 Dapper Dan
Dapper Dan's picture

Breaking: Capital One tells @CNBC that it is experiencing some online systems issues due to a denial of service attack.

Right!!!!!!!!!!!!!

Any day now our wait will be over.

Got Gold?

 

Tue, 10/09/2012 - 15:45 | 2872318 Cone of Uncertainty
Cone of Uncertainty's picture

Anyone who doesn't think that Warren "I Got My Start in the Pinball Busines as a Kid" Buffet didn't personally sign off on this "lawsuit" being pushed through is a complete and utter fucktool moran with no brians.

Tue, 10/09/2012 - 15:59 | 2872372 Dr. Richard Head
Dr. Richard Head's picture

I was close to landing a nice B2B deal with Valspar, that is until I ran into one of their executives, unbeknownst to me, on a flight from Cleveland to Atlanta.  I was reading a ZH article on my phone, read-only, version about Buffett and AIG.  He asked what the piece was about, I explained it to him and then called good old Uncle Buffet a welfare-queen that would be a fucking commonor plebe if it wasn't for tax payer subsidies to his AIG fraud.  Later on, we were about to part from the plane and we exchanged business cards.  Valspar.  DAMNIT!!!!!

Needless to say, we didn't get the business.  Opps.

Tue, 10/09/2012 - 18:21 | 2872803 Best Satan in Town
Best Satan in Town's picture

Fuck Brian.

Tue, 10/09/2012 - 15:46 | 2872319 monopoly
monopoly's picture

And what will happen. Nothing, Nada. No one will go to jail, not one of the scum that are responsible for this entire hoax will ever see grey bars. The company will be fined some token amount on a plea bargain, and the shareholders of the stock pay the fine. IE> Taxpayers, as always. 

Just another coincidence 3 weeks before the pig fest. Unemployment, sue a bank, what is next. Ask Congress to take a pay cut? What a farce this country has become.

Tue, 10/09/2012 - 16:08 | 2872410 Dr. Richard Head
Dr. Richard Head's picture

The good news is that the foreclosures will be able to continue unabatted.

Tue, 10/09/2012 - 15:47 | 2872320 JohnKing
JohnKing's picture

Buffet kinda reminds me of that "Chester the Molester" character from a magazine cartoon except he is always molesting US.

Tue, 10/09/2012 - 15:47 | 2872323 Everybodys All ...
Everybodys All American's picture

Warren's checks to Obama must be bouncing ...

Tue, 10/09/2012 - 15:52 | 2872336 Global Hunter
Global Hunter's picture

all is fair in love and war, besides Warren if worst ever came to worst can join up with Corzine, they could see out their days playing tennis and golf together.

Tue, 10/09/2012 - 15:48 | 2872328 Global Hunter
Global Hunter's picture

The US gov't can go after a few banks, win points with the sheeple while concentrating power in the hands of the few banks that they DON'T prosecute.

Tue, 10/09/2012 - 15:56 | 2872330 Dr. Engali
Dr. Engali's picture

 I first started in this industry I worked for a company called A.G. Edwards. Wachovia came along and bought us while the market was at it's peak. Wachovia was never very good at market aquisitions as they had bought a mortgage company out of California called Golden West, which they bought that company at the height of the mortgage market. Well they went on with their dog and pony show for about a year as they were trying to close the deal.The funny thing is when they were doing the dog and pony show the CEO said" we believe their is a crisis coming and Wachovia will be one of the last firms standing" In the mean time my partners and I were planning our exit, because everything they said stunk of lies. As we got to know their business practices that confirmed our suspicions about the company's ethics. During our short tenure while we were there they continued to push their pick a pay mortgage program...mind you this is after the crisis had hit.  

 

We had things pretty well lined up for our exit when the shit really started to fly...Wachovia's stock was getting creamed..to the point where the CEO made company wide web address. He went through the tap dance" we have plenty of liquidity...we remain committed...blah blah blah"  the stawk started to recover. Well Monday morning rolls around and we hear from CNBC thata Citi was buying the brokerage division for $1.00 a share. Shortly there after Well's bought the whole company for $8.00 a share. We had a conference call with the CEO and this was the statement he made about his comments on Friday..."It's been my experience that all CEO's lie from time to time".....we left the very next day.

 

I hope they lose their ass.

Tue, 10/09/2012 - 16:03 | 2872387 CvlDobd
CvlDobd's picture

My old man went to Stifel in June after 30 years with AG/Wachovia/Wells.

He was plotting to leave for the same reasons as you. He said at a meeting one of the big wigs joked that he had a speech all lined up touting the benefits of the universal bank model but when the buyout news came he tore it up and wrote the opposite. Or vice versa, the point is they will do ANYTHING. To make a buck.

Well said.

Tue, 10/09/2012 - 16:04 | 2872396 CvlDobd
CvlDobd's picture

Bob Fucking Bagby I believe it was.

Tue, 10/09/2012 - 16:10 | 2872417 Dr. Engali
Dr. Engali's picture

Yeah Bagby was the prick that sold us....he made out pretty well.

Tue, 10/09/2012 - 16:10 | 2872405 AlaricBalth
AlaricBalth's picture

AG Edwards was a fine firm. I had an account in the Lake Worth offices with a broker friend in the early 90's. Managers name was Alex Bigelow. An excellent gentleman. As I recall they didn't try to ramrod crap down their clients throats. Old white shoe type firm. To bad it was gobbled up by a bunch of sharks.

Tue, 10/09/2012 - 16:15 | 2872430 Dr. Engali
Dr. Engali's picture

They were a good firm...no proprietary products...they didn't squeeze us for commissions. I really enjoyed working for them and if it hadn't been for Bagby selling us out I would still be there. 

Tue, 10/09/2012 - 17:07 | 2872586 Manipuflation
Manipuflation's picture

I've been through a similar process in a different industry here but instead of leaving I tried to tough it out.  I thought it might get better.  Hell, I even got a promotion along the way but it wasn't right.  I hated every minute of it.  I hate trying to work for multinationals and I hate their corporate structure which does not understand supply chain or customer service issues.   You get to deal with some 23 year old college "hotshot" buyer who questions every PO because Accounting is breathing down their necks.  Then they e-mail you, "Why did you order that...you did not sell that last year".  Here's fucking why... IT'S A SOLD ORDER!  Grrr... I feel all of your pain when it comes to stupid fucks running the show.  Don't even get me going on corporate HR DEBTpartments.   

Tue, 10/09/2012 - 17:46 | 2872681 Dr. Engali
Dr. Engali's picture

That's the way it was for us. We went from a well run respectful company to a bottom line driven piece of shit.

Tue, 10/09/2012 - 16:07 | 2872406 Manipuflation
Manipuflation's picture

Well, Dr. E there are always the children to consider.  This just came home five minutes ago in the backpack of a second grader.  Not sure about you but this is not the way that I learned maths.  Is this BLS training?  I am concerned and measuring my reponse carefully.(note the parent signature requirement) 

http://www.conejo.k12.ca.us/LinkClick.aspx?fileticket=ksQBbNWCUNU%3D&tabid=2853

Tue, 10/09/2012 - 18:30 | 2872834 Best Satan in Town
Best Satan in Town's picture

It's attempting to teach functions in a dumbed down and uselessly abstract way.

Wed, 10/10/2012 - 00:18 | 2873604 catacl1sm
catacl1sm's picture

"The Dumbing Down of America" -Chryle Isbert. look it up.

 

Tue, 10/09/2012 - 17:33 | 2872653 RSloane
RSloane's picture

I hope so too, Doc, I hope so too.

Tue, 10/09/2012 - 15:51 | 2872331 RSloane
RSloane's picture

This is going to upset Becky Queef very much. Of course she will want to console her dear friend by massaging his appendage which is the least likely to respond, thereby requiring an ever increasing applications of pressure and repetative movement. I expect to see her on CNBC tomorrow in a wrist splint.  

Tue, 10/09/2012 - 15:55 | 2872357 Dr. Engali
Dr. Engali's picture

    +1        ROTFLMAO...thanks for the laugh ;->

Tue, 10/09/2012 - 16:03 | 2872389 LULZBank
LULZBank's picture

Good one!

Becky Quick would prolly change her name to Becky Slow.

Tue, 10/09/2012 - 15:50 | 2872335 azzhatter
azzhatter's picture

Obama admin has to appear tough on their bankster buddies. I'm sure Warren "shriveled dick" Buffett signed off on it. All a cost of doing biz

Tue, 10/09/2012 - 15:55 | 2872356 Global Hunter
Global Hunter's picture

warren probably seen it as a chance to sell a bit ahead of the news and will start buying back later in the week to lower his average cost.

of course I'm just speculating about a hypothesis (ta miller's crossing)

Tue, 10/09/2012 - 15:50 | 2872337 Meesohaawnee
Meesohaawnee's picture

oh no. .rubber duckie becky is gonna be disapointed.

Tue, 10/09/2012 - 15:55 | 2872354 ziggy59
ziggy59's picture

Lame ducky becky

Tue, 10/09/2012 - 15:53 | 2872346 Zymurguy
Zymurguy's picture

I don't get it... the govt. paved the way for these "banks" to generate the loans in the first place (in many ways encoraged the breaking of laws and commons sense), then gave these "banks" billions of dollars to bail them out (even if they didn't need it) and now is turning around and suing these banks for improprieties.

Huh?  Just sounds like one big charade to inflate the money supply.

Tue, 10/09/2012 - 16:02 | 2872384 ziggy59
ziggy59's picture

Maybe they, the blubbermint, received word WF werent voting- supporting the O. Fastest way to end up under da bus! Theyre all friggin corrupt...

Tue, 10/09/2012 - 16:11 | 2872360 fuu
fuu's picture

Charlie Mungers On: http://www.youtube.com/watch?v=XCXcQ1oBoo4

 

So much garbage flowed through the Wells Fargo Institutional Lending office in 2001-2003 it's actually disgusting. If the FICO is too low get a sign off, if the note is missing get someone to sign off, LTV too high just get a sign off.

Whatever you do don't talk about it on your website though or you will wind up on the phone with a scrum of lawyers threatening to sue you.

Tue, 10/09/2012 - 15:57 | 2872361 ziggy59
ziggy59's picture

who is the Top Chef Corp American Co?
20% of Corporate America Cooks Their Books for Earnings Season: Report

http://finance.yahoo.com/blogs/daily-ticker/20-corporate-america-cooks-b...

Tue, 10/09/2012 - 15:57 | 2872365 loveyajimbo
loveyajimbo's picture

Strange how these suits happen in the last few days prior to the election... i think Obammy is the ultimate class warfare icon since Uncle tom and Nancy Pelosi.  they stopped donating to his campaign... so the free pass is now over??

Tue, 10/09/2012 - 16:06 | 2872404 papaswamp
papaswamp's picture

When the dragon runs out of peasants to eat...it begins to eat other dragons...then itself.

Tue, 10/09/2012 - 16:15 | 2872431 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

No way Wells Fargo would do anything illegal!?  You must have the wrong bank!?  Next your gonna tell me that they laundered $373,000,000,000.00 in Mexican drug money over a two year period and paid a $160,000,000.00 fine!  Not bad since there gross was about 20% of the funds laundered.  Ain't this country great?  Question, do we have enough rope to take care of all these former Americans now globalists!?  This blood money will buy a lot of ice cream cones for that eugenicist globalist prick in Omaha!

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avbx.9LIE6.A

Tue, 10/09/2012 - 16:11 | 2872424 knukles
knukles's picture

LOL
What a fucking charade.

Tue, 10/09/2012 - 16:18 | 2872445 irie1029
irie1029's picture

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

Tue, 10/09/2012 - 16:43 | 2872515 syntaxterror
syntaxterror's picture

“At a certain place you’ve got to say to the people, ‘Suck it in and cope, buddy. Suck it in and cope.’”

Tue, 10/09/2012 - 16:45 | 2872518 QQQBall
QQQBall's picture

We agree to pay a fine and admit no wrong doing.

Signed,

Stagecoach, Jr.

Tue, 10/09/2012 - 16:58 | 2872563 bidaskspread
bidaskspread's picture

I finally get QE-Infinity now. Ben buys MBS, increases MBS price. Banks HFI portfolio values increases, Regulators sue banks, Banks liquidated portfolio to cover settlement, government receives stimulus and covers government spending programs. Who needs a debt ceiling.

Tue, 10/09/2012 - 16:59 | 2872570 Lost Wages
Lost Wages's picture

They need to halt all Wells Fargo foreclosures so we can stay in our home for free longer.

Tue, 10/09/2012 - 17:14 | 2872599 syntaxterror
syntaxterror's picture

You know that's the plan...

Tue, 10/09/2012 - 17:03 | 2872579 prodigious_idea
prodigious_idea's picture

Certain there could be a better thread for this question, but none available so here goes.

Just received a call from my banker at US, inquiring about cash deposits and withdrawals from my sole member LLC account, and requesting specifics on the sources and uses of recent transactions.  Once I established that she was legit I let her stammer and stutter and freeze up when I seemed to know more about why she was calling than she did, upon which she transferred me to the branch manager where I confirmed that they were trying to manage to Patriot Act regulations.  None were in excess of $5k and were less than $20k total for the month.  Tried to fulfill minimum informational requirements without getting put on the no-fly list.  Never experienced this before.  Anyone else?

Tue, 10/09/2012 - 17:04 | 2872582 wonderatitall
wonderatitall's picture

this is what da bitches get. they launder money from outside the country so that obama and his chicago thugs win and then they dont pony up and his nazi henchmen do dem in....long live our nazi black thug and the chicago criminal empire..obama for 2020

Tue, 10/09/2012 - 17:18 | 2872611 lizzy36
lizzy36's picture

I am a buyer of WFC.

Warren told me everything is fine. And uncle warren wouldn't lie to the little people.

Cramerica4evr

Tue, 10/09/2012 - 17:26 | 2872633 edifice
edifice's picture

Somebody at Wells must've pissed a Goldman Government Regulator off...

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