Posted by Larry Doyle on February 11th, 2013 8:55 AM |
In serendipitous fashion, over the weekend I read about a former financial advisor at Wells Fargo who blew the whistle on his firm for not properly informing clients of investment fees embedded in one of its programs. Which one? The Wells Fargo Advisors Envision plans. Let’s navigate and see exactly what this whistleblower, George Hartzman, has to say as he writes: >>>>> (more…)
Posted by Larry Doyle on April 9th, 2010 11:16 AM |
Lessened competition in any industry will lead to wider margins and greater revenue and profit opportunities.
Wall Street circa 2010 is certainly a dramatically changed landscape with significantly lessened competition. Is Wall Street today an honest display of capitalism in which ‘to the victors go the spoils’? Or is Wall Street an oligopoly which is using its increased power and leverage to control, if not outright fix, prices for products and services?
In the midst of all the other issues Washington is facing, I think there is very little focus on this topic, but we overlook it at our peril. Why? Price fixing, or iterations thereof, is nothing more than a vehicle to transfer wealth from consumers to providers. (more…)
Posted by Larry Doyle on October 22nd, 2009 6:01 AM |
UPDATE: Wells Fargo released their earnings yesterday, October 21st. The Wall Street Journal commented on Wells’ earnings by writing, Wells Fargo Leads Stocks Into The Red:
Wells Fargo led stocks lower after a bearish analyst note triggered a selloff that took down J.P. Morgan Chase and other financial shares.
The Dow Jones Industrial Average closed down 92.12 points, or 0.9%, to 9949.36, marking its second decline in a row. J.P. Morgan and Bank of America were two of its weaker components, losing $1.38, or 3%, to $44.65, and 50 cents, or 2.9%, to 16.51, respectively.
Stocks had spent much of Wednesday’s session in the green as Morgan Stanley and Yahoo posted third-quarter profits above Wall Street expectations. But the market turned deep into the red late as Rochdale Securities’ banking analyst Richard Bove cut his investment rating on Wells Fargo to “sell” from “neutral,” saying the quality of its earnings was “pretty poor.”
What did Bove see? Perhaps he was focused on much of what I had referenced and Michael Shulman had written about in September.
My Original Post from September 30, 2009 (more…)