Wells Fargo putting OUR (american peoples) money to good use

[mofo]

http://www.msnbc.msn.com/id/28999671/

...

So, should a company that needed Billions of tax payers money to stay alive be spending it lavished retreats for it's employees?

As much as I absolutely HATE them spending money on shit like that... It's hard for me to say what could have been done to prevent it. If the goverment is going to fork over a bunch of money to this places, I believe it goes against the capitalist method to be able to tell them what to do with it. Anybody have an answer?

[Mongoose]

http://www.msnbc.msn.com/id/28999671/

...

So, should a company that needed Billions of tax payers money to stay alive be spending it lavished retreats for it's employees?

As much as I absolutely HATE them spending money on shit like that... It's hard for me to say what could have been done to prevent it. If the goverment is going to fork over a bunch of money to this places, I believe it goes against the capitalist method to be able to tell them what to do with it. Anybody have an answer?

Doesn't the government giving them money in the first place fly in the face of capitalism?  Why not then add at least a few guidelines on what that money is for?

[mikehale]

Anybody have an answer?

4

[ikonoclast]

Giving dollar bills to single mothers. Stimulating the economy.

[vandal2]

The politicians are in the pockets of the financial power players.

[jake]

This sounds familiar...

http://www.foxnews.com/politics/2008/12/29/pub-chrysler-faces-criticism-page-thank-ads/

Chrysler is completely moronic about their money too.  I saw a page with tons (literally) of posts saying that they would never buy another Chrysler vehicle as long as they lived because they are squandering the bailout money.

[ariel]

wells fargo didnt need or ask for that 25 billion iirc they were forced to take it back when they distributed the initial TARP funds I think because they didnt want to make the banks they were giving money to were in that bad of a position

[ariel]

In late October, Paulson forced the nation's nine largest banks to accept a total of $125 billion, regardless of their health. San Francisco's Wells Fargo got $25 billion in that first round. Citigroup and Bank of America later came back for billions more.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/01/25/BUMI15FFNL.DTL&type=printable

In fact, Wells Fargo is doing so well, that it refused to take TARP funds until Treasury Secretary Henry Paulson forced it to. Cramer would buy Wells Fargo or JP Morgan

http://seekingalpha.com/article/117285-cramer-s-mad-money-two-banks-that-don-t-need-tarp-funds-1-28-09

During the discussion, the most animated response came from Wells Fargo (WFC) Chairman Richard Kovacevich, say people present. Why was this necessary? he asked. Why did the government need to buy stakes in these banks?

After Mr. Kovacevich voiced his concerns, Mr. Paulson described the deal starkly. He told the Wells Fargo chairman he could accept the government's money or risk going without the infusion. If the company found it needed capital later and Mr. Kovacevich couldn't raise money privately, Mr. Paulson promised the government wouldn't be so generous the second time around.

http://www.valueplays.blogspot.com/2008/10/wells-fargo-forced-into-tarp-plan.html

Some banks, like Wells Fargo, were essentially forced to take the government's money, because regulators insisted they do so to remove any potential stigma for other banks.

http://www.thestreet.com/story/10448163/2/tarp-deadline-could-cue-bank-ma.html

remember wells fargo undercut citi on the wachovia deal because they didnt need government assistance to get it done so they have still saved the govt a bundle

Wells Fargo is the one large bank that had the common sense to stay out of the subprime bullshit, if they want to throw a convention / party in vegas for their people because of it thats their f***ing perogative (they will emerge along with JP organ as the 2 strongest banks). But I guess that doesnt fit into the presses "OMG EVIL BANKERS f***ING WORKING JOE" story. Like if it was BofA or Citi who wanted the bailout and came back for more money this would be a different story. Yes they took the governments money but its not because they needed it or wanted it but that they were threatened into taking it and it was in the best interest of the entire banking system to take it.

[Latro]

Yeah, Wells Fargo is the only bank that didn't get involved  (Only money I think they received was part of them picking up another bank, or another banks assets.. and no, it wasn't Wachovia).  In fact, they were so conservative during the "good economic times" that when everyone else was throwing out rates of 3% and 4% Wells Fargo was known to quote people 9% or 10%. 

If you bank with Wells Fargo, now is the time to be proud that the company didn't totally screw you with your own money.

[ariel]

you mean a sound loan isnt giving someone who makes 45k a year with 0 down a 400k ARM starting at 4.5%?

[Mongoose]

Yeah, Wells Fargo is the only bank that didn't get involved  (Only money I think they received was part of them picking up another bank, or another banks assets.. and no, it wasn't Wachovia).  In fact, they were so conservative during the "good economic times" that when everyone else was throwing out rates of 3% and 4% Wells Fargo was known to quote people 9% or 10%. 

If you bank with Wells Fargo, now is the time to be proud that the company didn't totally screw you with your own money.

I know of a few other financial institutions who practiced this as well, but they're not banks.


You've made valid points eiger, but my torch is already lit so I'm gonna stick with the mob. 

[ariel]

The only thing i'd like to see change in the mortgage area is people should be able to buy their paper back from the banks at its face value. Current laws prevent someone from doing this whicih is ridiculous, someone else coud buy your loan from the back for 70-80 cents on the dollar but you are the one party who cant. There was a good article on how this practice works well in denmark because it provides the banks with capital to make new loans and rescues homeowners at the same time.

[b.ho]

as long as wells fargo is paying and continually increasing their dividends to holders they can spend however they want imo. this force of taking the devil's donut sounds like efforts to nationalizing banks.

[Latro]

as long as wells fargo is paying and continually increasing their dividends to holders they can spend however they want imo. this force of taking the devil's donut sounds like efforts to nationalizing banks.

That's because....that is what it is..

[b.ho]

as long as wells fargo is paying and continually increasing their dividends to holders they can spend however they want imo. this force of taking the devil's donut sounds like efforts to nationalizing banks.

That's because....that is what it is..

yeah. i knew that. just that no one else mentioned it so i had to get that out. i like your patronization. keep it up!