Wells Fargo

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To Spur Bank Execs to Act, Mess With Their Pay
To Spur Bank Execs to Act, Mess With Their Pay
ANALYSIS
Dec 18, 2009 5:15 PM CST

To Spur Bank Execs to Act, Mess With Their Pay

Compensation limits have prompted swift TARP repayment

(Newser) - A common complaint about the TARP bailouts was that by injecting capital and making the financial environment more friendly, the government wasn't doing enough to push the banks into real reform. Why wouldn't the banks simply live off TARP cash as long as they could? Yet those concerns were unfounded,...

Wells Fargo Will Pay Back $25B, Exit TARP

Bank plans $10.4B stock sale; move will boost EPS

(Newser) - Wells Fargo will repay $25 billion in federal bailout funds, becoming the last major national bank to square its TARP account. Part of the money will come from a stock sale that's expected to yield $10.4 billion, the New York Times reports. "We’re ready to fully repay...

Foreclosure of Shelter Leaves Animals at Mercy of Bank

Evicted owner takes Wells Fargo to court

(Newser) - After being evicted by Wells Fargo, the owner of a Rhode Island animal shelter wants a judge to force the bank to provide food and care for the animals—which he says haven't been properly cared for since Monday’s foreclosure. Dan Mackenzie has seen “total strangers walking off...

Citi, Wells Fargo Clash With Feds Over Repaying TARP

Fed, Treasury want banks to raise more capital first

(Newser) - Citigroup and Wells Fargo are at odds with the government over how much they need to raise to repay their TARP bailouts, with Uncle Sam wanting them to raise more capital first. Both are looking to follow Bank of America’s lead and get out from under the TARP, allowing...

Fed Prods Banks for TARP Repayment Plans

BofA, Citi, 7 others asked to submit outlines

(Newser) - The government is stepping up plans to wind down the TARP program. The Fed has asked nine banks stress-tested earlier this year, including Bank of America and Citigroup, to come up with plans to repay a total of $142 billion in TARP funds. The move represents an evolution in the...

Wells Fargo Fires Exec Who Squatted at Malibu Pad

Senior VP Cheronda Guyton used house that belonged to Madoff victims

(Newser) - Wells Fargo said today it has fired the executive who turned a seized California beachfront mansion into a personal playground, the Los Angeles Times reports. Neighbors say they saw Cheronda Guyton staying in the $12 million Malibu Colony property, which had been turned over to the bank by a couple...

Wells Fargo Exec Squats in Foreclosed Beach House

Owner of $12M spread was Madoff victim

(Newser) - Wells Fargo has tried to distance itself from an executive who allegedly hung out in a bank-owned $12 million beach house, promising “decisive action” against any employee “who may have violated Wells Fargo’s policies.” Cheronda Guyton, the senior VP in charge of foreclosed commercial properties, allegedly...

Subprime Screwups Reap Subsidies

(Newser) - Many of the lenders eligible for $75 billion in taxpayer subsidies from the government's foreclosure prevention program are the very same subprime lenders who fueled the mortgage crisis in the first place, the Washington Post reports. According to a report to be released tomorrow, JPMorgan, Countrywide, Wells Fargo, and other...

BofA, Wells Fargo Rank Worst for Loan Modifications

Treasury report rates banks' performance

(Newser) - Bank of America began modifying just 4% of its loans eligible under the Making Home Affordable Act, according to a Treasury report on big banks' performance, while Wells Fargo started just 6%. JPMorgan Chase led the pack with 20%, Bloomberg reports, while Citigroup had 15%. “Some of the servicers...

Under Pressure, Fed Cooked Some Stress Test Results

(Newser) - In the wake of reports that complaining banks cajoled the Federal Reserve into sweetening some stress test results, the Wall Street Journal looks at the hard numbers. Citigroup, for example, was originally supposed to raise $35 billion; the number eventually released was $5.5 billion. The total for Bank of...

Bank Wrangling Softened Stress Test Results

Fed massaged some figures to portray banks as healthy

(Newser) - Some major banks managed to cajole the government into using more optimistic figures in its "stress test" results, insiders tell the Washington Post.  Banks like Citigroup—eager to show they were healthy and didn't need more help from the government—were given credit for pending moves to raise...

Top Subprime Lenders Owned by Bailout Banks

Analysis of gov't data reveals sources of the economic meltdown

(Newser) - Some 21 of the top 25 subprime lenders that triggered the global economic collapse were either owned or financed by banks that ended up needing bailouts, an analysis by the Center for Public Integrity finds. Among the backers, who make huge profits on the subprime business, were Lehman Brothers, Merrill...

Stocks Fall Back; Dow Off 16
 Stocks Fall Back; Dow Off 16 
MARKETS
May 5, 2009 3:19 PM CDT

Stocks Fall Back; Dow Off 16

Investors keep an eye on upcoming jobs, stress test reports

(Newser) - Yesterday’s rally failed to carry stocks today, with traders nervously anticipating weekly and monthly employment reports as well as the bank stress-test results later this week, the Wall Street Journal reports. Bank of America rose 5.4%, while Wells Fargo dropped 3.3%. The Dow fell 16.09 to...

Wells Fargo, 9 Others Expected to Fail Stress Test

(Newser) - The Obama administration is expected to tell 10 of 19 banks receiving "stress tests" to raise more capital as a buffer against possible dark days ahead, the Wall Street Journal reports. Down from a recent estimate that 14 banks needed more money, the list may include Wells Fargo, Bank...

Big Banks Rally; Dow Up 119
 Big Banks Rally; Dow Up 119 
MARKETS
Apr 24, 2009 3:24 PM CDT

Big Banks Rally; Dow Up 119

Investors mull 'stress test' criteria

(Newser) - Stocks gained today on some positive earnings reports, but anxiety over the ramifications of government "stress tests" kept the lid on, the Wall Street Journal reports. The disclosure of the “stress test” methodology seemed to boost the biggest banks, like Bank of America, Wells Fargo, and US Bancorp,...

Dow Rises 246 on Rosy Bank News
 Dow Rises 246 
 on Rosy Bank News
MARKETS
Apr 9, 2009 3:23 PM CDT

Dow Rises 246 on Rosy Bank News

Rosy NYT report on Treasury 'stress tests' fuels risk appetite

(Newser) - Surging financial stocks spurred a broader rally today, the Wall Street Journal reports. A New York Times report that all 19 banks facing Treasury “stress tests” will pass boosted shares in a sector already buoyed by a strong Wells Fargo earnings forecast. The Dow rose 246.27 to close...

Wells Fargo Lifts Stocks
 Wells Fargo Lifts Stocks 
MARKET Open
Apr 9, 2009 8:45 AM CDT

Wells Fargo Lifts Stocks

(Newser) - Stocks soared at the open today, thanks to Wells Fargo’s announcement that it expects record first-quarter earnings, the Wall Street Journal reports. The Dow climbed 150 points, while the Nasdaq added 1.8% and the S&P jumped 2.3%. Wells Fargo was up more than 20%. A sterling...

Bank CEOs' Obama Meeting Spurs Talk of Togetherness

(Newser) - CEOs of the nation’s largest banks today assured President Obama they understand their institutions are vital to economic recovery and pledged to do all they can to help the government, Bloomberg reports. Following today’s White House meeting, Wells Fargo’s CEO said “the basic message” of the...

Obama Will Meet With Top Bank Execs

(Newser) - Amid growing dissatisfaction with government restrictions on bailout funds, President Obama will meet with bank CEOs on Friday, Reuters reports. Several banks have indicated that they will repay their TARP loans to avoid new government rules. In the meeting with execs from Citigroup, Goldman Sachs and others, Obama will urge...

Under Pressure, Wells Fargo Cancels Vegas Junket

(Newser) - Wells Fargo, which received $25 billion in TARP funds, has canceled a swanky corporate retreat in Las Vegas after criticism began to mount, the AP reports. The bank had booked 12 nights at two pricey hotels to recognize top employees. Wells Fargo initially defended the retreat when news of it...

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