Thursday, April 9, 2009

Wells Fargo Projects Record $3 Billion 1Q Profit, Smashing Expectations



But of course Meredith Whitney will say it's "just and illusion!"



Listen to Meredith Whitney's theme song!


4 comments:

mortgageangel88 said...

Okay, suppose they had just decided NOT to relax mark-to-market. Are we supposed to be surprised? But what I really want to know is, since I'm a new customer via their most recent acquisition - Wells Fargo, will you take me to Vegas when you go to celebrate?

cuOnTheOtherSide said...

Or... could this be a tell that Wells Fargo has more junk?

Just imagine the profits if we tweak accounting standards a bit more.

SEC will keep a tight rein on short selling, more illiquid assets will be place on the books. The banks will be in the clear.

joey said...

Thursday's gain by WFC were rehearsed and delivered just as CITI's not seen profit were delivered one month ago...they were intended to maintain the attention of traders on financials...but, we, as a whole are either dumb or unable to recognize when an invisible train is coming down the tracks and get ready to board it but unable to jump off the tracks, and let it pass.
Now its Sunday evening and there is no train nor a bit of movement on the tracks and unable to get ready for tomorrow.
Mike, we need your daily commentaries on the economy and what to look for...where can we get your savvy and ingenious predicaments for the market.

Mike Norman said...

Few in the analyst community seem to realize that lending is pro-cyclical. They are still doing "bottom-up" analysis and missing the big picture, which is, that the economy is now stabilizing and that will do lots of good for bank balance sheets and profits.