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.
See video below:
Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever
Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More