Wells Fargo makes $3 billion profit in the first quarter

[Chris]

NEW YORK (AP) — Wells Fargo & Co. said Thursday it expects record first-quarter earnings of $3 billion, easily surpassing analysts' estimates and providing an encouraging sign for the banking industry.

Wells Fargo is the first major bank to give an indication of how the first-quarter looked. Several pessimistic forecasts about potential loan losses have jolted the market in recent days, and investors have been anxious as Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. all report next week.

Wells Fargo's stock surged $4.72, or 31.7 percent, to close at $19.61. Broader markets also rose on the Wells Fargo report, with the Dow Jones industrial average gaining more than 246 points to 8,083.38.

The Associated Press: Wells Fargo projects record $3 billion 1Q profit

 

[Toro]

That is absolutely awesome, and could mark the eventual end of the bear market.

 

[manu1959]

That is absolutely awesome, and could mark the eventual end of the bear market.

except their bailout was 25 billion so they actually lost 22 billion.....

 

[driveby]

NEW YORK (AP) — Wells Fargo & Co. said Thursday it expects record first-quarter earnings of $3 billion, easily surpassing analysts' estimates and providing an encouraging sign for the banking industry.

Wells Fargo is the first major bank to give an indication of how the first-quarter looked. Several pessimistic forecasts about potential loan losses have jolted the market in recent days, and investors have been anxious as Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. all report next week.

Wells Fargo's stock surged $4.72, or 31.7 percent, to close at $19.61. Broader markets also rose on the Wells Fargo report, with the Dow Jones industrial average gaining more than 246 points to 8,083.38.

The Associated Press: Wells Fargo projects record $3 billion 1Q profit

So why are the dimwits still trying to shove TARP money down their throats ?.......

 

[Chris]

The financial stocks always recover first.

I saw Warren Buffett on tv tonight saying "even I could make money on 1.5% Fed money."

 

[neurosport]

That is absolutely awesome, and could mark the eventual end of the bear market.

except their bailout was 25 billion so they actually lost 22 billion.....

that's what i was thinking ...

we would probably need some details on this except i don't care.

 

[editec]

The financial stocks always recover first.

I saw Warren Buffett on tv tonight saying "even I could make money on 1.5% Fed money."

Yup.

The scam continues.

We lend the banks money at a discount, and they lend it back to us with at a huge profit.

They're real geniuses, aren't they?

This parasitic class ought to be purged.

 

[neurosport]

The financial stocks always recover first.

I saw Warren Buffett on tv tonight saying "even I could make money on 1.5% Fed money."

Yup.

The scam continues.

We lend the banks money at a discount, and they lend it back to us with at a huge profit.

They're real geniuses, aren't they?

i know dude !

i wish i knew about all that shit when i was in high school - i would have gone into banking.

 

[Toro]

That is absolutely awesome, and could mark the eventual end of the bear market.

except their bailout was 25 billion so they actually lost 22 billion.....

That money is capital, not income. It will run through the balance sheet. The effect on income is the cost of the TARP money.

 

[neurosport]

That is absolutely awesome, and could mark the eventual end of the bear market.

except their bailout was 25 billion so they actually lost 22 billion.....

That money is capital, not income. It will run through the balance sheet. The effect on income is the cost of the TARP money.

that reminds me when i was working in electrical engineering a girl working next to me had a $100,000 transformer explode.

but she was able to argue how supposedly it wasn't her fault and then she declared to me " problem solved ! "

no problem was solved. you just came up with a bullshit excuse. same thing with this economy - they just came up with the way to mask the problem - they didn't solve shit.

 

[POLS]

Look , did you not see the changes in bank accounting rules last week -- the abandonment of "mark to market" accounting?


I do not believe for a moment Wells Fargo has $3 billion in profits -- this is an accounting gimmick . .

 

[wimpy77]

its not hard actually. banks can borrow money next to nothing and turn around and charge 4% interest. if you cant see that you're a complete dumbass.

 

[Toro]

its not hard actually. banks can borrow money next to nothing and turn around and charge 4% interest. if you cant see that you're a complete dumbass.

Exactly.

This is the best time to be a bank in decades. You can mint money borrowing at 0% and investing just in government bonds.

 

[editec]

The financial stocks always recover first.

I saw Warren Buffett on tv tonight saying "even I could make money on 1.5% Fed money."

Yup.

The scam continues.

We lend the banks money at a discount, and they lend it back to us with at a huge profit.

They're real geniuses, aren't they?

i know dude !

i wish i knew about all that shit when i was in high school - i would have gone into banking.

The only REAL benefactors of this largess won't be anyone but a handful of people at the VERY TOP of that heap.

There are now hundreds of thousands of decent hard working people who formerly worked in that industry looking for work.

You'd have hit the CLASS CEILING a long time before you'd have gotten into THAT class which is benefiting from this ripoff of the American public, Neuro.

 

[Chris]

Yup.

The scam continues.

We lend the banks money at a discount, and they lend it back to us with at a huge profit.

They're real geniuses, aren't they?

i know dude !

i wish i knew about all that shit when i was in high school - i would have gone into banking.

The only REAL benefactors of this largess won't be anyone but a handful of people at the VERY TOP of that heap.

There are now hundreds of thousands of decent hard working people who formerly worked in that industry looking for work.

You'd have hit the CLASS CEILING a long time before you'd have gotten into THAT class which is benefiting from this ripoff of the American public, Neuro.

I have to disagree.

There are a lot of people benefiting from the low interest rates. A lot of young couples are able to buy their first home at very low interest rates. I work with them every day. And believe me, they are thrilled.

 

[Old Rocks]

If we get out of this without witnessing the Second Great Republican Depression, I will be able to stomach the fact that a lot of miscreants made money on it. I won't like it, but it is better than a worldwide depression.

 

[krotchdog]

old rock is a scurrilous lying crock of shit (this is not a flame, its old rocks words with old rocks name placed in front)

old crock knowingly posted false information in environment under climate change

how can I address old crocks post here, I will have to spend hours looking for the answer like before and than I find out old rock willingly and knowingly posted a false report, not only did old man post the false report but old man had a rebutal ready in case he got found out

this kind of stuff make me sick, further look at the vile old man says about others, and than we are suppose to take his word and if we dont we get old crokes vile mouth

http://www.usmessageboard.com/environment/73527-climate-change-the-simple-argument.html


old rock is a scurrilous lying crock of shit (this is not a flame, its old rocks words with old rocks name placed in front)

 

[Sarah G]

i know dude !

i wish i knew about all that shit when i was in high school - i would have gone into banking.

The only REAL benefactors of this largess won't be anyone but a handful of people at the VERY TOP of that heap.

There are now hundreds of thousands of decent hard working people who formerly worked in that industry looking for work.

You'd have hit the CLASS CEILING a long time before you'd have gotten into THAT class which is benefiting from this ripoff of the American public, Neuro.

I have to disagree.

There are a lot of people benefiting from the low interest rates. A lot of young couples are able to buy their first home at very low interest rates. I work with them every day. And believe me, they are thrilled.

Wells Fargo is a huge boost for the economy. As soon as the report came out, economists began predicting the end of the recession by September.

There is a lot of negitivity and fear out there but you can see how some of it can work when a record profit like Wells early on shocks the market and people start feeling more comfortable about it.

A few more good success stories plus job creation, the whole stimulus will be perceived as having stopped a worldwide depression right in it's tracks.

 

[editec]

Give Rosetta $25 billion and we can probably post a couple Bil profit, too.

Then we'll need more, of course.

 

[Old Rocks]

We will need more. But next, not bailing out financial institutions because of their own idiocy, but puting steel on the ground for a new distributed grid. That money, even though adding to the debt now, would be an investment that would pay us back a hundred times over.