http://www.rgemonitor.com/ - reader's comment: Wells Fargo changed its write-off policy on April 2008: only loans 180 days past due would be written off instead of loans 120 days past due as before--> Wells Fargo earnings would have been $265m lower and results would have come in below estimates without the accounting change
Excellent Commentary ................................................................ Obviously the WFC earnings were last week, however perhaps the desparateness to look good, in that such a stellar firm would stoop to financial trickery.....just goes to confirm that there must be more regulation regarding accounting issues......particularly to the vagueries of third tier assets....whereby bonuses are obviously a conflict of interest...... Deception being ok'd by the SEC is not cool.....
Do you have a macro that adds "Excellent Commentary" to every reply or do you type it manually each time?
Their CFO on CNBC said they "did a good job hedging their risks in the quarter" That tells me they shorted the shit out of lots of stuff and timed it quite sucessfully. It does not tell me that they made a nickel on their core business; if anything they just offset losses quite sucessfully.