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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/615-WF....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-10-19 14:58:00
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Rsmith786786 Posts: 85 Incept: 2007-07-26 
atlanta georgia
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I agree. Maybe lotto ticket's for 7/09 or 10/09 I was burnt with Wamu last year.
2008-10-19 20:56:41
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Deejunk Posts: 578 Incept: 2008-10-11 Now DC - Solar Power.
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Karl, I just got back from Boston, MA on a four day business trip. Great to be back to Western Maryland. I was thinking that a youth band called "Fraudacity" singing the frauds on radio nation-wide might get people to take action... Maybe if we gave away cigs and be-r we could get undecided on our side like ACORN does. :) I feel beat up for not doing anything but I do call often, I write, I visit my local congressmen so that they know where I stand but it has no impact. I put up signs in my yards for those who voted against this mess etc. I imagine that some days it feels like ur bumping against a brick wall. Is controlled media the limits to getting the information out? Yes and no. During my business trip, when I spoke out about the actual causes to the economic conditions, people only ask about what they can do for self-preservation or asset preservation and NEVER how they can help address the actual problem. After the self and asset-protection issues have been addressed and then I begin explaining about contacting congress etc, everyone excuses themselves to a a corner to discuss the "Red Socks" game and Madonna's visit to Boston and how they "have to go now... haven't been to Legal Seafood Restaurant in years." People want to be entertained but not be responsible for anything unless it means they lose something then they will take only the most minute amount of effort to protect only themselves. As a side note, I heard on the radio this morning that instead of seven deadly sins, there are now eight. The new eighth "deadly sin" is feeling guilty, the book writer said... I thought that sure explains much about where we are with credit, cash and wall street. Does it not? ---------- http://www.myvideo.de/watch/2451556/The_.... - I'm seriously ready for inflation, deflation & TOTAL collapse of the US & Global economic & market systems.. I'm the sexy blonde not in this vid but my x is the lead chichen-> http://www.youtube.com/watch?v=vdFIXsrjk....
2008-10-19 21:15:11
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Sierraboy Posts: 1329 Incept: 2007-06-26
San Diego, CA
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My WFC puts hope the stock goes to WAMU levels!
2008-10-19 21:19:46
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Themortgagedude Posts: 3930 Incept: 2007-12-17
saint louis
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I've not tried this one on for size yet. May be time to go short. I've been scared because of it's FOH status. But I've been thinking Hank is not going to be there forever. They did subprime, ALT A, pay options, 100% seconds. Now they reduce loan loss reserve. Give me a break. And they are heavily invested in Cali. ---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!"
2008-10-19 21:24:06
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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This sort of accounting horse**** should lead to regulatory sanction, and if we had people who were OBJECTIVE about this in that job, it would. You put me in the OCC and someone pulls that **** they get seized the next morning. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-10-19 21:51:53
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Themortgagedude Posts: 3930 Incept: 2007-12-17
saint louis
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Gen, Don't think you're what they're looking for. OCC hands are tied. ---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!"
2008-10-19 21:54:31
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Oh I know I'm not what they're looking for. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2008-10-19 21:57:27
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Nanna Posts: 2630 Incept: 2008-01-20 NY State
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Quote:This sort of accounting horse**** should lead to regulatory sanction, and if we had people who were OBJECTIVE about this in that job, it would. I wonder if I'm alone in both lusting after the tough love and fearing it as well. N/for lack of a better way of putting it...
2008-10-19 22:00:54
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Jellybean Posts: 246 Incept: 2008-05-07
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"So why cut loss reserves by $500 million, or 20%?" government backstop...and they need to free up capital, hank wants them to loan out money, remember? ---------- The more you look to government, the more you will suffer tyranny.
2008-10-19 22:04:14
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Dude59 Posts: 770 Incept: 2007-11-08 
Waiting for forclosure in Las Vegas
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I have given up trying to second guess the government backstops here. CFC SHOULD have been a real ZERO, and since BSC was 'saved' I thought LEH would be also, as not doing so would be as bad as letting BSC go. WM was not in any worse shape than WFC, just not lying as badly. They all should have taken their marks and gone BK, but we now get to second guess the Government as well as the market. Oh by the way, I am out of the Financials at this time, as if you could not guess. ---------- The Green shoots are Gangrene.
2008-10-19 22:36:45
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Blackswan Posts: 3601 Incept: 2007-11-06
Ponzi Roller Coaster Online
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This is blatant balance sheet and earning statement fruad. FASB and SEC are a complete joke. KPMG should not give an opinion on these statements. So basicly a KPMG audit or any other Big 4 is not worth ****. I want to see all of them punished severly and or Arthur Andersoned. You are a KPMG partner and did your job and never signed off on bank audits but did not stop this horse****, too bad you lose your partnership equity. These firms do a peer audit review so there is no excuse and all of these firms are guilty of this ****. Just look at how many gamed financials have been issued over the last 12 months +. ---------- Last modified:
2008-10-19 22:53:13 by blackswan
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Mike18xx Posts: 617 Incept: 2008-09-27 Banned
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Given Cox' recent "transparency" statements, I am more and more coming to the conclusion that these guys have known exactly what they were doing every single step of the way, and probably for several years. They only play-act stupid people on TV -- they may not seem any smarter than the average business-degree idiot, but they are. (The sneaky language of Paulson' bill, and the fact that the plan was kicking around for a long while, and they're pulling it all off like a well-oiled machine, proves this, IMO.) The plan: To have JPMorgan, Goldman Sachs, and the US government end up owning a huge stake in the banking sector, get filthy rich dumping their garbage on the American taxpayer, then cut out everyone else via Cox' suddenly mandated transparency (whereupon those institutions go belly up or under government control). Credit markets re-stabilize, GD2 averted, equities begin rising back up. Select "competitor" financials are destroyed, rest of the world takes a haircut, but US recovers quickly. -- That's my theory....come kick the tires. Last modified:
2008-10-19 22:54:26 by mike18xx
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Nightowl Posts: 2279 Incept: 2007-06-26
On a 45 for 18
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I agree Dudd59, financials are too risky these days. Retailers and REITs are safer havens for bears these days.
2008-10-19 23:01:42
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Deejunk Posts: 578 Incept: 2008-10-11 Now DC - Solar Power.
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Dude59, I think LEH was a "test fart" just to see if we could handle the BALANCE of the fart on Wall Street and the credit market. Turns out that the "test fart" peeled the paint off the foot lockers and sent people running for the exits so the Feds/Congress decided to temporarily suck it up (with crossed eyes) by halting all failures until they determine that the American people can handle the rest of this gigantic fart without passing out and collapsing. Gas Masks will probably sell well.. (it's a spin on a George Carlin joke and not my original work) Genesis, They (those in power) are looking for a few good smiling faces who are too stupid or too high or too "whatever" to find anything wrong with anything. Do Wa Diddi Dumb Diddi Do! ---------- http://www.myvideo.de/watch/2451556/The_.... - I'm seriously ready for inflation, deflation & TOTAL collapse of the US & Global economic & market systems.. I'm the sexy blonde not in this vid but my x is the lead chichen-> http://www.youtube.com/watch?v=vdFIXsrjk....
2008-10-19 23:10:26
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Asfg3 Posts: 43 Incept: 2008-08-29
South Florida
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I've lost all hope. More Bailout Obscenity: http://econospeak.blogspot.com/2008/10/m.... "As if the bailout were not were not bad enough, the Wall Street Journal reports that the Treasury Department is, in effect, rewriting the tax code to give away what will easily be tens of billions of dollars." ... "The biggest beneficiary so far is likely to be Wells Fargo. The big San Francisco-based bank recently agreed to buy Wachovia Corp. of Charlotte, N.C., which has been hammered by huge losses on mortgage-related securities and loans. Wells Fargo has said it expects to take $74 billion in write-downs on the Wachovia portfolio. Under the old rules, Wells Fargo would have been limited to annual tax deductions stemming from the Wachovia losses of roughly $930 million over the next 20 years, or a total of $18.6 billion, estimates Mr. Willens. Wells Fargo will now be able to use all $74 billion in losses. That will likely mean additional tax savings to Wells Fargo of about $19.4 billion -- or more than the total purchase price for Wachovia's common stock, currently about $14.3 billion. A Wells Fargo spokeswoman wouldn't comment on the role of the tax change in its decision to bid for Wachovia, which bested an earlier offer by Citigroup Inc. Wells Fargo's offer took place two days after Treasury's move."
2008-10-19 23:29:48
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Zanni-baby Posts: 922 Incept: 2007-11-09
the Valley
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Today's article in the NY Times regarding shortfall in FBI agents seems to address the reason why there are NO COPS! excerpt: F.B.I. Struggles to Handle Financial Fraud Cases By ERIC LICHTBLAU, DAVID JOHNSTON and RON NIXON Published: October 18, 2008 WASHINGTON — The Federal Bureau of Investigation is struggling to find enough agents and resources to investigate criminal wrongdoing tied to the country’s economic crisis, according to current and former bureau officials. Brendan Smialowski for The New York Times Robert S. Mueller III, director of the Federal Bureau of Investigation, speaking before a House subcommittee in April. Multimedia Cuts at the Bureau The bureau slashed its criminal investigative work force to expand its national security role after the Sept. 11 attacks, shifting more than 1,800 agents, or nearly one-third of all agents in criminal programs, to terrorism and intelligence duties. Current and former officials say the cutbacks have left the bureau seriously exposed in investigating areas like white-collar crime, which has taken on urgent importance in recent weeks because of the nation’s economic woes. The pressure on the F.B.I. has recently increased with the disclosure of criminal investigations into some of the largest players in the financial collapse, including Fannie Mae and Freddie Mac. The F.B.I. is planning to double the number of agents working financial crimes by reassigning several hundred agents amid a mood of national alarm. But some people inside and out of the Justice Department wonder where the agents will come from and whether they will be enough. So depleted are the ranks of the F.B.I.’s white-collar investigators that executives in the private sector say they have had difficulty attracting the bureau’s attention in cases involving possible frauds of millions of dollars. Since 2004, F.B.I. officials have warned that mortgage fraud posed a looming threat, and the bureau has repeatedly asked the Bush administration for more money to replenish the ranks of agents handling nonterrorism investigations, according to records and interviews. But each year, the requests have been denied, with no new agents approved for financial crimes, as policy makers focused on counterterrorism. According to previously undisclosed internal F.B.I. data, the cutbacks have been particularly severe in staffing for investigations into white-collar crimes like mortgage fraud, with a loss of 625 agents, or 36 percent of its 2001 levels. .............cont. Statistics from a research group at Syracuse University, the Transactional Records Access Clearinghouse, using somewhat different methodology and looking only at the F.B.I., show an even steeper decline of nearly 50 percent in overall white-collar crime prosecutions in the same period. In addition to the investigations into Fannie Mae and Freddie Mac, the F.B.I. is carrying out investigations of American International Group and Lehman Brothers, and it has opened more than 1,500 other mortgage-related investigations. Some F.B.I. officials worry privately that the trillion-dollar federal bailout of the financial industry may itself become a problem because it contains inadequate controls to deter fraud. No one has suggested that a quicker response would have averted the mortgage meltdown, but some officials said a faster reaction might have deterred more of the early schemes that seized on loose federal lending regulations. Note: IMO- These are some of our best men and women, and they are not being given the support to do their job properly. Instead, the federal govt. goes on diversions and starts the Homeland Security. ---------- As for all the Banksters-It's all said in one word: GOUT!
2008-10-19 23:33:16
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Wthef Posts: 620 Incept: 2008-02-25
philadelphia
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wfc!! isnt buffet a big stakeholder in them. would be interesting to see how the media spins his investment.
---------- "I had to look at her today and sat there staring at her bronze naked body laying in the sun, a flaming red candle in her hand she took me in. Her figure consumed me 36-32-34 and said "take me" I stumbled forward as I engaged her stare and she pulled me down towards her. I ripped off my shirt and dropped my pants, we f
2008-10-19 23:36:06
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Mike18xx Posts: 617 Incept: 2008-09-27 Banned
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The biggest beneficiary so far is likely to be Wells Fargo. ...well that makes sense now: They're on "the inside track". I was wondering what the heck they were doing buying a debt-ridden carcass when they had their own problems to deal with.
2008-10-20 01:40:45
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Lugnut Posts: 187 Incept: 2008-09-24
New Jersey
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So does this vindicate Paulson putting a gun to their head with the mandated equity stake? ; ) PS: Thats from the NY Post? <golf clap> Last modified:
2008-10-20 07:14:49 by lugnut
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