Meredith Whitney: WFC is the single worst stock in the financial sector

[rc5781]

Quote from R. Raskolnikov:

Because I AM elite. Didn't you see my call on Citigroup last year? I fucking nailed that sheeeeeet!

i don't give a rat's ass about LAST year, what's gonna happen TOMORROW??

 

[LVMises]

Quote from rc5781:

i don't give a rat's ass about LAST year, what's gonna happen TOMORROW??

buy bluestar airlines

 

[AMT4SWA]

Quote from Daal:

Buffett will be humbled on this one
http://www.cnbc.com/id/15840232?video=946475488&play=1

That chick is DAMN sharp.....the exact type of women I like!!! :eek:

 

[Cutten]

I can think of many financials I'd rather be short or long puts on (and am) than WFC.

Still, when they raid the whorehouse, they take the piano player too.

 

[Daal]

Quote from palenimbus:

Would be nice if she elaborated more on that. My understanding is that the banks that are in the most trouble capital-wise are the ones that sold the most Credit default swaps, Citi and JPM. Buffett would not hold a bank that had a huge derivitives portfolio. What do you think daal?

I bet she doesnt disagree that wells is a good company. problem is, it trades at a very rich premium to the group. 2x tangible book value.
They got $80b in garbage 2nd mortgages in their books that they are yet to writedown agressively. Tangible book is $35B

 

[gymratnyc]

Yeh, but the Piano player doesn't go to jail

Quote from Cutten:

I can think of many financials I'd rather be short or long puts on (and am) than WFC.

Still, when they raid the whorehouse, they take the piano player too.

 

[makloda]

I think Buffet bought most of his WFC stake in 1989-1991. It fell to a split adjusted $2 back then.

From what I recall from a recent article he sold most of his BAC stake this year and bought more USB and WFC.

 

[Daal]

Wells has $400b of US loans. they reserved $7b against this. including the $84b in HELOCs(most of which a 2nds). They got tons of exposure to calif

 

[Aaron Copland]

Quote from palenimbus:

Would be nice if she elaborated more on that. My understanding is that the banks that are in the most trouble capital-wise are the ones that sold the most Credit default swaps, Citi and JPM. Buffett would not hold a bank that had a huge derivitives portfolio. What do you think daal?

I think banks LIE!

 

[Kalparker]

Yeah she got a good call with recent financial mess, but I think she is starting to believe that she is perfect and all knowing. I really doubt Buffet would keep buying wfc stock if he saw risks. I think she wants to stay in the limelight, and making more predictions will help.

On another note, aren't we getting close ot the end of the financial mess? I mean with the federal reserve and treasury flooding the world with cash, and force feeding the banks, I really doubt that the large banks will keep falling. In this climate of fear, and warning will be amplified. Whitney, will have had her one hit wonder and disappear next year.