Wells Fargo & Co. said Thursday that first-quarter earnings would surge to a record $3 billion, well ahead of analyst forecasts, as loan losses and loss provisions dropped from the difficult previous quarter and its mortgage business thrived. Full Story »
Posted by Michael Bugeja
This stock market report is in part success story and in part TARP story in as much as Wells Fargo is a frugal bank (and the only U.S. bank in the best top 10 globally) and also the recipient of taxpayer dollars. However, in this report the role of TARP funds is a glaring omission, with a company spokesperson claiming the debt acquisition of Wachovia is behind the company.
Even a Wall Street Journal's blogger cautions against reading too much into this "success story," claiming that Wells Fargo's problems are far from being solved. See link.
In a Thursday morning interview with the cable news channel CNBC, Atkins said that the results were also due to “good business flows, very ... More »
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