Wells Fargo has failed the stress test.
Given that Wells is insolvent, that's not surprising.
Monday, May 4, 2009
4 comments:
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The stock was up almost 20 percent the last time I checked. What am I missing?
ReplyDeleteGary, you might want to take a look at this
ReplyDeleteWells Fargo-solvent or insolvent really doesn't matter to Geithner, since he has already stated that any bank showing insolvency would be given what it takes to save it from drowning. That is why any jump in its stock price is all about the government throwing it a life raft. Now, if Geithner said that it had to find its own life raft or being dragged to shore by the FDIC, the stock price would tank.
ReplyDeleteI was short bank stocks. Then Geithner used my money to prop up the banks, costing me even more money.
ReplyDeleteAnd the top guy keep getting bonuses that are many times my entire salary. No matter what, ordinary people get screwed.