Thursday, October 16, 2008

The Wells Fargo Non-Plan

I'm on vacation this week, and hanging out with mom for a few days before heading off for the races this weekend. We were watching CNBC yesterday and a guy from Wells Fargo was being interviewed. They asked him what they were going to do with the $50 billion in taxpayer money that they're getting.

He said he didn't know because they really don't need it. Even after buying Wachovia for billions, their balance sheet was still in good shape.

Who's doing their homework over at the Treasury Dept.? Anybody?

I wonder if the stocks have already been bought? If so, we're getting a pretty good haircut today.

2 comments: said...

Whatcha bitchin' 'bout? You're a preferred stockholder. Meaning they preferred to use taxpayer money instead of their own.

Anonymous said...

I'm a WF customer and I'm very happy with them. They are careful in their banking and have a 4 star rating. So yeah, why is the Treasury giving them money?