SERVING MINNEAPOLIS / ST. PAUL / MINNESOTA
Donate Now Sustaining Member

MinnPost thanks these major sponsors:




Sponsor of
Second Opinion


Sponsor of
Community Sketchbook


Our major advertisers


Our in-kind partners

Search Engine Marketing

MinnPost thanks these generous donors:

INDIVIDUALS AND FOUNDATI0NS
Blandin Foundation
Otto Bremer Foundation
Bush Foundation
Sage & John Cowles
David & Vicki Cox
Toby & Mae Dayton
Jack & Claire Dempsey
Ethics and Excellence in Journalism Foundation
Sam & Stacey Heins
John S. and James L. Knight Foundation
Joel & Laurie Kramer
Lee Lynch & Terry Saario
Martin & Brown Foundation
The McKnight Foundation
The Minneapolis Foundation
The Saint Paul Foundation
Rebecca & Mark Shavlik

(See all donors here.)

BUSINESS AGENDA

  • Switch to Small Text Size
  • Switch to Medium Text Size
  • Switch to Large Text Size
Email Print Submit a Comment

    Wells Fargo loses $328M to mystery 'credit events'

    By Dan Haugen | Published Fri, Feb 13 2009 10:28 am

    Wells Fargo informed investors Thursday that it just lost more than $328 million "as a result of credit events."

    Barron's blogger Bob O'Brien takes the company to task this morning for its vague announcement:

    "Thank goodness those banks have gotten religion on the issue of transparency, eh? As Wells Fargo (WFC) has shown us, banks talk to shareholders the way mobsters used to talk to prosecutors. It’s bankers practicing omerta -- the old custom of absolute silence."

    The write-off changes the company's previously reported fourth-quarter loss from 79 cents to 84 cents per share.

    A spokesperson told Barron's it wouldn't comment beyond the press release. Analysts suggested the charge might have come from another bank that Wells Fargo invests in.

    O'Brien writes that without more transparency about the "credit errors," there is a risk that investors will be blind-sided in the future.

    Like what you just read? Support high-quality journalism in Minnesota by becoming a member of MinnPost.

    Advertisement:

    0 Comments:

    E-mail address

    Password

     

    Forgot Password? | Register to Comment

    MinnPost does not permit the use of foul language, personal attacks or the use of language that may be libelous or interpreted as inciting hate or sexual harassment. User comments are reviewed by moderators to ensure that comments meet these standards and adhere to MinnPost's terms of use and privacy policy.

    We intend for this area to be used by our readers as a place for civil, thought-provoking and high-quality public discussion. In order to achieve this, MinnPost requires that all commenters register and post comments with their actual names and place of residence. Register here to comment.



    minnpost.com/businessagenda

    Business Agenda reports on what's going on at businesses in Minnesota. Business Agenda provides brief, quick-reading items about important companies in Minnesota and the people who work at those firms. Business Agenda features new items every day Monday through Friday. 

    Recent Business Agenda Posts