Conservative Economic Commentary | Topic: Wells Fargo

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Subject: Wells Fargo

Wells Fargo & Co. is a diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the US by assets and the third largest bank by market cap. Wells Fargo is the second largest bank in deposits, home mortgage servicing, and debit card. In 2007 it was the only bank in the United States to be rated AAA by S&P , though its rating has since been lowered to AA- in light of the 2008 Financial Crisis.
Headquartered in San Francisco, California (its bank, Wells Fargo Bank, N.A., is legally chartered in Sioux Falls, South Dakota), Wells Fargo is a result of an acquisition of California-based Wells Fargo & Co. by Minneapolis-based Norwest Corporation in 1998. The new company chose to keep the name Wells Fargo, to capitalize on the 150-year history of the nationally-recognized Wells Fargo name and its trademark stagecoach. After the merger, the company maintained its headquarters in San Francisco and charter in Sioux Falls.
As of 2009, Wells Fargo has 6,650 retail branches (called stores by Wells Fargo), 12,260 automated teller machines, 276,000 employees and over 48 million customers. Wells Fargo currently operates stores and ATMs under the Wells Fargo and Wachovia names.
Wells Fargo is one of the Big Four banks of the United States with Bank of America, Citigroup and JP Morgan Chase.(Wikipedia Feb 2010)

State finance:

Banks accept California IOUs for deposit

By John Schroy, on July 6th, 2009 |

Emperor Norton, typical California nut-case

On July 2, 2009, the Federal Reserve announced that it was aware that the State of California was issuing its own currency to pay its bills.

This, of course, is consistent with the lack of fiscal discipline which is the hall mark of far left Californian politicians, of which Nancy Pelosi is a prime example.

California has experience with nut-case economics, having been the home of the famous Emperor Norton who issued his own currency to pay his bills in the mid-19th century.

More » Banks accept California IOUs for deposit

Good and bad banks

Bank stress tests: aftermath and consequences

By John Schroy, on May 8th, 2009 |

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tarred and feathered

In May 2009, the Obama administration divided some of America’s largest banks into ‘good banks’ and ‘bad banks’.

This broke a long-standing practice of protecting the reputation of the US banking system. The Obama government seized TARP funds as an instrument of political power.

Banks, large and small, are now eager to escape the trap of taking TARP funds, which will require them to raise $74.6 billion, either by selling equities on the market, or from profits.

More » Bank stress tests: aftermath and consequences

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