John Stumpf, CEO of Wells Fargo answers the million dollar question; why aren’t banks lending more?
Despite the attempts of populists to stick all the banks together, Wells Fargo is one of the more risk averse banks and did not get involved in CDOs, like other banks did. According to every account that I have read Stumpf was forced by former Treasury Secretary, Henry Paulson to take TARP money. Warren Buffett has a huge holding in Wells Fargo.
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Prescience Partners returned 6.75% for the second quarter, underperforming the S&P 500's 8.55% return but coming out ahead of the Barclay Equity Long/ Short Index's 2.62% return. However, for the first six months of the year, Prescience is up 30.66%, doubling the S&P's 15.25% return and smashing the Barclay Equity Long/ Short Index's 9.27% return. Read More