Wells invented Inverse Performance-Based Bonuses
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Yes, WF back in the days of 2009 was the only bank not caving to pressure from Fannie/Freddie to make subprime loans. While other banks were grabbing up Countrywide, Golden West, etc... those incredibly risky banks that made a living off of such loans, WF stayed true. Of course all the respect and reputation from that has long gone.
2008 was Clinton legacy of changing the definition of a conforming mortgage. A toxic and growing time bomb gift from the Clintons, Dodd and Frank to a future unlucky W who tried to correct it valiantly before it happened. “I see nothing wrong with Fannie and Freddie” - Barney Franks, one month before the crash.
@1wyj+16ED4OP7. I am not trying to protect WF. Trust me, I am not getting paid to defend them. All I am saying is that back in 2008/2009 Financial Crisis period, they were the only big bank that didn’t need the help from Uncle Sam. The reason, imo, is because they didn’t do shady MBS business like others and didn’t really(still don’t) have a big Brokerage business.
The only reason WF didn't need the bailout money was because of their financial position/profits based on a mountain of corruption and lies.
And, yes, the scandalous wrongdoings DID go back that far.
Stop drinking the greed-laced Kool-Aid. It makes you look naive and stupid.
I think you are misinformed. Wells Fargo was actually the only bank out of the top 4 too big to fail that didn’t need the Government Bailout. They were forced to take the Money since the Fed made it mandatory. And WF paid every cent of it back before any other bank plus interest.
"willing to help us out like in 2008"
I think your confused, we didn't need or want the Fed's money. In fact, we bought Wachovia. We could have even bought out BOA if the Fed didn't save them.