The stock market spiked upwards today, mainly on news that Wells Fargo announced an unexpected $3 Billion dollar profit.
‘Unexpected’ is the operative word: After deducting their $25 Billion “loan” from TARP II that to this observer actually is more like a $22 Billion loss.
Go figure.
Shouldn’t they be thinking about paying back that taxpayer money now?
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“Beautiful credit! The foundation of modern society! Who shall say that this is not the golden age of mutual trust, of unlimited reliance upon human promises?” –Mark Twain, The Gilded Age
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