Posted on 10/01/2023 7:13:03 PM PDT by 2Dreamin
I imagine this probably had to do with their Mortgage backed assets. As the rates go up, the mark to market on those things crashed.
Who owns the most MBS? The Fed. Their balance sheet must look like shit these days.
Remember if they graded using diving rules, points are taken off for the size of the splash.
And that was one of the impetus for digital currency which can be moved peer to peer without giving Western Union a dime.
Years ago I was a customer.
Only because they bought my bank
First they opened a tiny branch in a supermarket
Long lines and inconvinent
They had a picture of a stagecoach with text that said We are where you want us to be .
I would point at it and say, no you aren’t
I wanted to be in a real bank building. Like the one across the street that you bought so I have to come in here.
Didn’t take long to move my account, and my family members did too.
Bu-bye Wells Fargo!
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