Comments on: Following The Bailout Money To Wells Fargo

CBS Evening News: How A Big Bank Took American Tax Dollars And Went On A Spending Spree

[nltrosenbower]

Sensationalist journalism and the shallow level of facts covered has made people like rush limbaugh successful. I am writing because I take issue with the sensationalist tone in covering wells fargo so far.
Wells fargo and the people in charge are not perfect. They do appear to be more judicious than many bankers of this day and age. i am of a certain age and do not have much love lost for those in the financial business as part of the old "establishment" and i am more than concerned about the concentration of wealth and the ethics of wall street and the "good old boys"..
Analysts have found wells fargo, as well as 2 other regional banks to be healthy and more than likely to survive the financial crisis. wells fargo was mentioned as a bank likely to purchase weaker banks. some see the only problem being the price wells fargo may pay for the sins of their incautious peers.
Bush and Paulson pressured wells fargo into taking the first TARP money to dispel any stigma attached to the bail out. belief is that the ceo of wells fargo was not happy and paulson is sorry that things had to be done this way.
Wells fargo continues making loans and new mortgages available while increasing deposit accounts- with no intention of going back to the government for more money. bank of america and citibank have in order to cover their increased loan losses.
(see MPR.com archives for references)

[mas7935]

Unbelievable! Wells announced the merger with Wachovia 10/3. The Bailout passed 10/4. The meeting with Paulson where 9 banks were "convinced" they needed to take the money was around 10/26. So they didn''t know they would get this money until AFTER the merger was announced. Wells Fargo did not ask for bailout money. The government told them they had to take it. They didn''t need the money, didn''t want the money, but weren''t given a choice about taking it. If they can pay bonuses, reward employees, write off $2 million in Wachovia''s bad debt (saving that companies employees and shareholders) and still make a $3 Billion annual profit, they should be applauded and not be placed in the same category with the bozos who ran their companies into the ground and walked off with gazillions in their pockets, leaving there employees and shareholders in the dust. Shame on CBS and Katie for biased, slanderous reporting!!!

[rational_1]

I want my bailout as well. This economy has forced me to cut back on everything, including rent and insurance as well as FOOD!!
Posted by hologram5 at 08:54 AM : Feb 10, 2009

I''d MUCH rather bail you out than ANYONE who has already gotten money. What a royal cluster f.cuk this bailout nonsense is turning into.

[hologram5]

I want my bailout as well. This economy has forced me to cut back on everything, including rent and insurance as well as FOOD!!

[originalgamestr]

The corruption in big media and the incest within the ranks of journalism is not just a gross dis-service to the people but should be a warming to how a few have manged to wrangle enough power to distort truth on a mass scale to propel their agendas and egos.

This ''story'' was so blatantly contrived in response to the media machine''s disapproval with the Wells Fargo advertising taken out over the weekend. Journalism has rotted to new lows with many thanks due in part to CBS, Katie Couric and the bartender of this factless sensationalism; this disregard for pubic good for the sake of proving media''s importance over big-business is not isolated to reporting on industry. Put your egos in check CBS.

[originalgamestr]

The corruption in big media and the incest within the ranks of journalism is not just a gross dis-service to the people but should be a warming to how a few have manged to wrangle enough power to distort truth on a mass scale to propel their agendas and egos.

This ''story'' was so blatantly contrived in response to the media machine''s disapproval with the Wells Fargo advertising taken out over the weekend. Journalism has rotted to new lows with many thanks due in part to CBS, Katie Couric and the bartender of this factless sensationalism; this disregard for pubic good for the sake of proving media''s importance over big-business is not isolated to reporting on industry. Put your egos in check CBS.

[originalgamestr]

The corruption in big media and the incest within the ranks of journalism is not just a gross dis-service to the people but should be a warming to how a few have manged to wrangle enough power to distort truth on a mass scale to propel their agendas and egos.

This ''story'' was so blatantly contrived in response to the media machine''s disapproval with the Wells Fargo advertising taken out over the weekend. Journalism has rotted to new lows with many thanks due in part to CBS, Katie Couric and the bartender of this factless sensationalism; this disregard for pubic good for the sake of proving media''s importance over big-business is not isolated to reporting on industry. Put your egos in check CBS.

[originalgamestr]

The corruption in big media and the incest within the ranks of journalism is not just a gross dis-service to the people but should be a warming to how a few have manged to wrangle enough power to distort truth on a mass scale to propel their agendas and egos.

This ''story'' was so blatantly contrived in response to the media machine''s disapproval with the Wells Fargo advertising taken out over the weekend. Journalism has rotted to new lows with many thanks due in part to CBS, Katie Couric and the bartender of this factless sensationalism; this disregard for pubic good for the sake of proving media''s importance over big-business is not isolated to reporting on industry. Put your egos in check CBS.

[lewiston14]

Oh look morph got a new name rnbwprsm.

[perk235]

The author of this article is a mental midget and has something against Wells Fargo. Where did this writer get the facts? Wells Fargo did not put itself out of business by originating mortgages to people who could not afford them.
Posted by pope_suxdic at 02:36 AM : Feb 10, 2009
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The mortgage crisis was only the tip of the iceberg that opened up the DERIVATIVES CRISIS. All the major banks have huge derivatives risky bets (swaps) that were DEREGUALTED by Phil Gramm in the Commodities Modernization Act.

DERIVATIVES are the real weapons of mass destruction that were built right here in the USA. No need to spend $1TRILLION and soldier''s lives going after phantom ones.