Dislikedall in all, this preliminary earnings announcement was quite vague focusing more on describing how WFC is helping the public than its actual financial situation.
Of particular note is this announcement makes no notice of very essential entries such as operating expenses and net income.
What also catches the eye is that they certainly aren't taking into account further credit writedowns and are using very little provision cover.
Q1 they took a net charge off of 3.3 billion (according to the statement) compared to the Q4 of 2.8 billion + 3.3...Ignored
lol thank the lord for mark to market.....
banks can hide losses on assets ,,, as long as they are willing to hold an asset until it is worth what they paid for it. This is like lying to the investors , a billion dollar loss is a billion dollar loss even if you report on your accounting that it is worth $10.
I think this mark to market is going to destroy investor confidence when and bank like well fargo or one of the big boys goes down , and when why is asked .. oh well they were marking to market their trillion dollars loses and were hoping that eventually they will come back to what they paid for them . I mean this sounds like a rookie trader ... holding that dog stocks till it is worth nothing and hoping it wil be worth something one day
complete bs that the government is letting this happen
after writing this I quickly looked to make sure i was not wrong on my interpretation of mark to market .... and here is a news item i found
note the last sentence . This is very troubling .... if a big bank goes down that was reporting no losses watch the financial sector sink faster than the titanic ever could , the repercussions this is going to have on the market as a whole would be crippling ..
feds just digging the hole deeper and deeper
http://www.reuters.com/article/gover...31201320090409
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