Wells Fargo – $138.6B
Since early 2007
161
banks have "imploded*"
September 17th, 2009
This morning, Teri Buhl released an exclusive report entitled “Wells Fargo’s Commercial Portfolio is a ticking time bomb.” The report details how Wells Fargo (NYSE: WFC) has hired outside consultants to review its commercial portfolio and reportedly “they are shocked with what they are seeing. Not only do the bank’s outstanding commercial loans collectively exceed the property values to which they are attached, but derivative trades leftover from its acquisition of Wachovia are creating another set of problems for the already beleaguered San Francisco-based megabank.”
To view the complete article on Bankimplode.com, please check out: Exclusive – Wells Fargo’s Commercial Portfolio is a ticking time bomb
As of 6/30/09, notable holders of Wells Fargo include:
#1) Warren Buffett’s Berkshire Hathaway: (302,609,212 shares)
#7) Wellington Management Company (132,768,076 shares)
#9) Dodge & Cox (82,146,205 shares)
#50) CalPERS: (10,693,798 shares)
For Detailed Investor Profiles on these Investors, click below:
Berkshire Hathaway (Warren Buffett)
CalPERS
Related People: Charles T. Munger;
Warren E. BuffettRelated Entities: Berkshire Hathaway Reinsurance Group;
General Re; MidAmerican Energy Holdings; California Public Employees' Retirement System; GEICO
Contributed by: Teri Buhl
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Wells Fargo on the Writedown-Rundown & General Distress Lists
September 14, 2009 – 6:01 am
2009-09-18-The Fat Lady Clears her Throat:
They say it ain’t over until the fat lady sings, well she’s clearing her throat.
In order to sort through the disaster that is Wells Fargo’s (quote: WFC) commercial loan portfolio, the bank has hired help from outside experts to pour over the books… and they are shocked with what they are seeing. Not only do the bank’s outstanding commercial loans collectively exceed the property values to which they are attached, but derivative trades leftover from its acquisition of Wachovia are creating another set of problems for the already beleaguered San Francisco-based megabank.
2009-09-17-Snake Eating Its Own Tail:
So you wonder how Wells Fargo manages to positive quarters in a row during the greatest credit crisis of all time. It’s easy. They have a ready-made buyer for any crap they want to sell at any price. Don’t believe it?
This borrower couldn’t pay and thus stopped doing so. This should generate a “NOD” (Notice of Default) and ultimately lead to foreclosure, right? It should result in an impaired asset which might be sold to some other company (at a discount), right?
It got sold all right – right at the “120 day” late point where Wells counts a loan as “defaulted.”
But look at who it got sold to…..
Wells Fargo has literally become a snake eating its own tail.
2009-09-14-The Party is Over:
The party is over at least for one ex-Well Fargo senior vice president, at least for now. (Full Article)
For Detailed Investor Profiles on these Investors, click below:
Berkshire Hathaway (Warren Buffett)
Related People: Charles T. Munger; Warren E. Buffett
Related Entities: Berkshire Hathaway Reinsurance Group; General Re; MidAmerican Energy Holdings; California Public Employees' Retirement System; GEICO
- Liberal Billionaire (& Obama Money Man) George Soros… Major Shareholder in IndyMac/One West Bank
- IS GEORGE SOROS THE PUPPET MASTER?
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