Wells Fargo kicks azz, Wall Street villagers rejoice!

[w¡n9Nµ7 §£@¥€r 123]

Stocks soared in early trading today after Wells Fargo projected that its first-quarter net income would come in well above analysts' expectations.

...

Wells Fargo said it expects to record $3 billion in first-quarter earnings, cheering investors that had become nervous about the start of what is expected to be a dismal earnings season. "Our business momentum is strong," John Stumpf, Wells Fargo's chief executive, said in a statement.

The acquisition of Wachovia provided a bigger financial contribution during the quarter than expected and Wells Fargo's mortgage business was particularly strong, according to the statement. That includes $100 billion in mortgage loans that helped 450,000 borrowers buy a home or refinance their loan.

http://www.washingtonpost.com/wp-dyn/conte...ml?hpid=topnews

[mawilson 2,133]

This is sick. Just sick.

Wells Fargo "beat Wall Street expectations" by posting a $3 billion profit after taking $25 billion in TARP welfare money?

SHORT the #### now.

[alienlovechild 75]

The acquisition of Wachovia provided a bigger financial contribution during the quarter than expected and Wells Fargo's mortgage business was particularly strong, according to the statement.

So they used the TARP funds to buy Wachovia and that was the aim of the program? I thought it was to get the banks lending- not go on a spending spree.

[w¡n9Nµ7 §£@¥€r 123]

BRIEF-Wells Fargo will be in position to pay back TARP by year-end: Fox-Pitt

[mawilson 2,133]

BRIEF-Wells Fargo will be in position to pay back TARP by year-end: Fox-Pitt

They are all f*cking crooks.

Goldman Sachs wants to pay back TARP too... all 10 billion of it. Of course, they got $13 billion from AIG most of which is TARP money, so they'll be using TARP money to pay back TARP. Brilliant!