Wells Fargo

Is This The Global Elites' Secret Plan For Cryptocurrencies?

"These and other developments all point toward 'elites' converging to shut down the existing free-wheeling blockchain ecosphere, and replace it with a 'permissioned' system under 'consortium' control...Big Brother is coming to the blockchain."

August Payrolls Preview: Prepare For Disappointment

If there is one common theme across sellside previews of tomorrow's nonfarm payrolls number, expected at 180K after a surprising jump to 209K in July, it is to brace for disappointment, or in Wall Street parlance, "downside risks."

Frontrunning: September 1

  • August Jobs Report Expected to Show a Slowdown in Hiring (WSJ)
  • Emotions Swell as Houston Begins Cleanup (WSJ)
  • Fuel shortages to hamper Labor Day travel (Reuters)
  • Harvey’s Made the World’s Most Important Chemical a Rare Commodity (BBG)
  • Economists Consistently Overestimate U.S. August Payrolls (BBG)

Wells Admits It Created 1.4 Million More Fake Accounts Than Previously Thought

Remember the outrage one year ago when it was revealed that in its push to pad its top, and bottom line, Warren Buffett's favorite bank had engaged in outright criminal account churning and "cross selling", opening some 2.1 million unathorized client accounts without permission. Well it turns out there was not nearly outrage, because as the bank revealed this morning, the "real" number was higher. 67% higher.

Warren Buffett Reveals His Biggest Fear

"If we're talking broadly, the answer is weapons of mass destruction. Now you've got weapons that can kill millions and millions and millions of people, and you've got them in unstable hands."

World Stocks Rebound, Dollar Rises As Korea Nuclear War Fears Recede

S&P futures are higher in early Wednesday trading, alongside Asian stocks and European bourses, both solidly in the green as the EURUSD drifts below the 1.20 "redline" while the dollar rebounds off a two and a half year low following the US "measured" response to North Korea’s missile test, which soothed jittery investors who now turn their focus to US economic data.

How Much Harvey Damage Can Insurers Face Before They Crack?

It would take $100 billion or more of losses during a 12-month period to seriously threaten insurers’ balance sheets. For context, Hurricane Katrina, the costliest hurricane in US history, caused nearly $50 billion in insured losses in 2016 dollars.

Ford To Abandon "Traditional Credit Scores" For Underwriting Decisions As Sales Stall

So, what do you do when your sales are stalling because you've already financed new cars for every man, woman and child with a credit score north of 500?  Well, you simply abandon credit scores in the underwriting process and instead explicitly mandate that your loan officers approve every potential car buyer that walks through the door with a pulse.