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July 17, 2008
We Realize You Have a Choice of Subprime-Struck Banks ....
This isn't me. I'm not here right now.
So, I see that we have had a barrage of wacky subprime news, and couldn't bear not commenting.
- Wells Fargo, the company that dominates the California market where broken mortgages are only slightly less common than yummy mommies with recent liposuction scars, beat the Street, raised its dividend, etc.
- JPMorgan, the company that is allegedly so conservative it will only lend itself money, has announced this morning a 53% drop in net income on another $1-billion in mortgage markdowns. And that's good news, of course.
- IndyMac, the recently FDIC-taken over California bank, is alleged this morning on CNN/WSJ to be under FBI investigation for fraud, along with 21 other banks.
You just can't make this stuff up.
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