Chris Whalen On Wells Fargo & BofA: "They've been pulling reserves out of loss provisions to goose their earnings and hit the analyst targets"
Feb 17, 2011 at 1:48 PM
DailyBail in banks, banks, chris whalen, chris whalen, sec, video, wells fargo, wells fargo
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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