Thursday, April 9, 2009

Wells Fargo and the World's Largest Financial Con Job

MarketTicker is pissed:
...Wells premarket is ramping from $14.89 at the close yesterday and now trading premarket at $18.10, up over $3 or some 30%.

This leads one inescapably to the following:

  • Either Wells is lying (obfuscating losses through unrealistic marks, etc) OR
  • These "bailouts" were no such thing - they were a simple and transparent looting operation by the banks that is now showing up directly in "earnings" (and will shortly show up in the bonuses of executives too!)

So which is it folks?

Are the banks really that healthy? Because if they are, you've been robbed to the tune of tens of thousands of dollars per person in this country, and it is long past the time that you act to stop it.

If they aren't, then how is it that these banking executives are not residing in the graybar motel for cooking their books? Again, it is long past the time that you, the citizens of this country, act to stop it.

And while we're at it, perhaps you'd like to tally up the income you're NOT making on savings (CDs, etc) through the much lower rates of interest you're being PAID so that these guys can post "record earnings"? Naw, we don't want to hold The Fed accountable for their monetary policy - a backdoor way of looting the public even further - do we?>>>MORE

His ranting gets raves.