The last time I had communicated with Wells Fargo was in May. They informed me that due to current market conditions, the small balance commercial loans program was being suspended. This was after they had acquired Wachovia; and after telling CBS News in February that they were “positioned well to continue lending across all sectors and satisfying customers” financial needs, which is in the spirit of the Treasury’s plan.”
Today I was informed that they are no longer offering broker transactions. Strange. After receiving $25 billion in government funds, after being involved in one of the largest government-bank transactions in the history of banking, they have decided to no longer engage the transactions of brokers that they heretofore approved. Interesting… especially after just this Monday they fired an executive who was in charge of their foreclosed commercial properties.
Of course this firing took place after an outside investigation. And why was this senior vice president fired? Because she held lavish parties at a foreclosed beachfront Malibu house owned by the bank. Didn’t Wells Fargo have its hands full in February? It said in February that it said that it did not plan any more of these “recognition events” this year. It said at the time that such events were part of its culture, and that it believed in rewarding hard-working team members.
The guys at Wells Fargo may not know how to give (the public) much but they sure know how to receive (cash and benefits for their own pockets) don’t they? But they must be doing something right, since the public at large is also responsible for shares in the bank being up 1.8 percent at $27.92 on Monday. In the past, brokers also helped them with their market shares. And here we are complaining. Or is just me? Crazy world, huh?
