Relevant:
- Wells Fargo Names Most of California Severely Distressed
- Wells Fargo Financial Consolidates; 683 offices close, 3800 jobs gone
- Former Wells Chief Says GSEs Should be Eliminated - Kovacevich talks about Wachovia, economy
- Wells Fargo Considering Eliminating Stated Income
- Wells Fargo woes show breadth of mortgage meltdown
2008-10-03 — ml-implode.com
The CEO of Wells was just on CNBC in a lengthy interview with Maria Bartaromo and he said “we never did stated income, low document, no document, interest only or subprime loans.†That is a lie. I have covered Wells to death but here are a couple of documents I think the CEO might like to see. I don’t want to sound like I am coming down on Wells, but it is this type of deception that has turned a crisis of confidence into a full-blown global financial system meltdown.
Give it a read -- Mr. M includes actual Wells rate sheets. In fact the comments of Kovacevich are so misleading I bet they will eventually become fodder for shareholder lawsuits.
Speaking of which, Wells probably is not going to get this merger -- or they will be in for a big fight if they keep trying.
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