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Chris Whalen On Wells Fargo & BofA: "They've been pulling reserves out of loss provisions to goose their earnings and hit the analyst targets"

Editor's Note: The video is full-size...it just appears small before playing.  

Brand new from the world's best independent banking analyst.  Truth and transparency are in short supply at Wells Fargo.

Bloomberg Video - Chris Whalen - Feb. 16, 2011

Christopher Whalen, managing director of Institutional Risk Analytics, talks about Howard Atkins's highly suspect and suspicious decision to resign from his position as chief financial officer of Wells Fargo.

  • "There is constant discussion of both Wells Fargo and Bank of America disclosure.  I think that they are understating their losses.  As a result, they've been able to not only improve their earnings, but they've been pulling reserves out of loss provisions to goose their earnings and hit the analyst targets, which I think is unconscionable.  I think these banks should be looked at very hard by federal regulators to see if they're not hiding losses in areas like troubled debt restructuring, and in modifications."



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Reader Comments (4)

Wowzers. This could be explosive.
Feb 17, 2011 at 12:58 PM | Registered CommenterDr. Pitchfork
IF the regulators pay attention...but they won't...they will allow wells and Bank of America to continue their balance sheet charade...
Feb 17, 2011 at 10:13 PM | Registered CommenterDailyBail
How Goldman Sachs gained from bailout of AIG

Documents given to the Financial Crisis Inquiry Commission show Goldman made $2.9bn on proprietary trades from AIG's bailout cash

Feb 17, 2011 at 10:16 PM | Registered CommenterDailyBail
Feb 17, 2011 at 10:16 PM | Registered CommenterDailyBail

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