wwwPosted Mar 15th 2009 11:45AM by Michael Shulman
Filed under: Wells Fargo (WFC), Stocks to Sell, Financial Crisis
Wells Fargo (NYSE: WFC) CEO John Stumpf drank from the same watercooler as Bank of America's (NYSE: BAC) Ken Lewis when he bought Wachovia and its $70 billion-plus in option ARMs.
It will survive, but it has no room to grow due to upcoming write-offs -- three to five years' worth at a minimum.
Real shareholder value: a lot less than the current stock price
Michael Shulman is a contributor to OptionsZone.com.
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Reader Comments (Page 1 of 1)
3-15-2009 @ 11:38AM
Frank C said...
Mr Schulman.I bought you Portfolio Killer #6(WFC) on March 6th for $8.50.Its now $13.94.When am I going to get killed? You seem to be touting from the hip. But never the less,I suppose even a stopped clock is right twice a day.Maybe your clock needs new batteries.
3-15-2009 @ 3:21PM
Buzzman said...
Only serious jail time and the disposal of all assets will slow and maybe stop theft and greed. They need to see what happens to common people who steal cars, rob stores, and have three strikes. I for one would like to see the resources currently dedicated to the IRS going after the billions not te hundereds. I will pay my 10% as should everyone. Even the big guys.
3-15-2009 @ 9:42PM
Robert Till said...
Why does anyone care what a health care analyst thinks about banks. This guy is writing about JPM and Wells as if he knows something about financial institutions, but he has no expertise in the description of his background. I wonder why things like this even get posted.