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Banking with Wells Fargo (WFC)
The beating banks took over the last two years was brutal. Failures, bad mortgages, and investments gone bad caused the crisis we just weathered – and it may not be over yet. S&P Sector SPDR Financials (XLF), an ETF that tracks the sector, dropped 72.0% from its high last September to its low in March.
Such painful declines appear to have stopped for now. As we said two weeks ago, financials have friends in high places. Stocks have exploded off the March lows. Banks in general are showing promise as credit becomes easier. There’s still a long way to go for…
31Aug2009 | Invest With An Edge | 0 comments | ContinuedEconomic Experts to Obama: Focus on the Fundamentals
In sports, championship-caliber teams all have at least one characteristic in common: They’re able to focus on the fundamentals. With the U.S. unemployment rate jumping to its highest level in a quarter century in February, it’s become abundantly clear that that the U.S. recession is much deeper than President Barack Obama anticipated, meaning it’s likely that additional measures will be undertaken to arrest the slide and restart growth.
Many experts are now calling for the Obama administration to focus on the fundamentals – fundamental economics, that is. They want him to drop some of its ancillary pet projects – such as healthcare…
9Mar2009 | Money Morning | 0 comments | ContinuedCitigroup Concedes Wachovia to Wells Fargo
The much-ballyhooed battle between Citigroup Inc. (C) and Wells Fargo & Co. (WFC) ended with a whimper Friday, as Citi gave up its pursuit of the assets of Wachovia Corp. (WB) – the Charlotte-based lender that was undermined by its broad exposure to subprime assets.
On Sept. 29, Citigroup bid $2.2 billion for Wachovia’s banking operations, but left both Wachovia’s A.G. Edwards brokerage unit and its Evergreen mutual fund family on the table. That left the door open for Wells Fargo to swoop in four days later with a $12 billion bid for all of Wachovia’s operations. That includes a $498 billion…
13Oct2008 | Money Morning | Comments Off | ContinuedStaring into the Abyss
The Philosopher Nietzsche wrote, “When you stare into the abyss, the abyss stares back into you.”
And as the new week’s trading approaches, we also peer down from that yawning precipice to a barely visible bottom and ask: could it be the end?
Nietzsche’s intention in the above quote was to warn us against the allure of gazing trance-like into the seemingly bottomless, vertigo-inducing wastes of doom, lest they become mirrors into our own meaningless lives. For it is the abyss within ourselves that so terrifies.
Without the anchor of faith, Nietzsche wrote – without belief that life has a purpose and a…
6Oct2008 | Oxbury Research | Comments Off | ContinuedCitigroup Takes Issue with Wells Fargo Bid for Wachovia
Wells Fargo & Co. (WFC) Friday agreed to buy all of Wachovia Corp. (WB) for about $15 billion in stock, however, Citigroup Inc. (C), which had already agreed to buy Wachovia’s banking operations, immediately issued a protest that could jeopardize the deal.
“Citi has substantial legal rights regarding Wachovia and this transaction,” Citi said in a statement. “Wachovia’s agreement to a transaction with Wells Fargo is in clear breach of an exclusivity agreement between Citi and Wachovia.”
Story continues below…
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Wells Fargo’s $15…
6Oct2008 | Money Morning | Comments Off | Continued
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