Relevant:
- Former Wells Chief Says GSEs Should be Eliminated - Kovacevich talks about Wachovia, economy
- The Fed Figures Out A Way To Use Stress Test Results To Screw Bank Shareholders One More Time
- Citigroup Demands Wachovia, Wells Fargo Terminate Merger Deal
- Wells Fargo Assails TARP, Calls Stress Test ‘Asinine’
- Wachovia Update: Citi / Wells Fargo At Odds Over Bid
2009-03-16 — blogspot.com
I am sympathetic to some of Kovacevich's gripes and in total agreement that Geithner's overall strategy is "Asinine". However, if Kovacevich did not like the terms of Paulson's offer he should have had the guts to refuse it.
Furthermore, Wells Fargo may have brought much of this on themselves. Well's decision to buy Wachovia is questionable given Wachovia's decision to buy Golden West for $25 billion. Certainly the latter was truly asinine.
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Comments:
Stevie at 23:39 2009-03-17 said:
If you did your homework correctly, several banks did refuse the TARP money last year, US Bank and Wells Fargo to name a few. The treasury dept forced them to take it; that's right, the banks had no choice in the matter. Permalinkadd a comment | go to forum thread
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