Wells Fargo

Someone just traded 10,000 Oct $26 Puts on the ISE. At first blush it appears it was a bid-side trade, and not a roll.

"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."

Surely the increase in "compensation close to the average pay for similar executive roles at peer group companies" is very much deserved, and Zero Hedge approves the very prudent decision by WFC's board of directors. None of this would be made possible without the generosity of taxpayers and Bernanke's plan to bog America in trillions of unsustainable debt for generations to come (aka the steep yield curve). Look for WFC's TARP repayment announcement coming to an 8-K near you any day now.

If you had to create a mortgage that was more toxic and more destructive than a subprime loan, you would have a very hard time creating that product. Yet leave it to creative finance to spawn a devilish product with the unique name of option ARMs.

At record low of $12.40. The whole "more sellers than buyers" theme...

This bloomberg article has left us a little speechless...