Article Source: msnbc.com
from:msnbc.comWells Fargo Investments LLC will repay about $1.3 billion to clients whose funds were frozen in the auction-rate securities market in the latest of a series of settlements with state securities regulators, an industry association said on Wednesday.
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Wait a minute. Wells Fargo is paying $1.3 billion in settlement on $2.95 billion investors held? That's 44 cents on the dollar. Will those who owe on loans to Wells Fargo be able to pay THOSE back at 44 cents on the dollar? Sure...
Why isn't Wells Fargo paying back every cent? Why would anyone invest in any of these financial institutions ever again?
Bummer. Wonder how many lower level employees are going to be let go due to senior managements ineptness. Money's got to come from somewhere right? Might as well be the innocent employee.
The question that occurs to me is whether or not these "repayments" will be made in real dollars...if such a thing exists anymore...or thru a GM-type deal, where the original loan is "repaid" thru another loan.
Have no fear....Wells Fargo won't be losing any money out of this. The CEO's bonus is secure.