The saga goes like this: Couple weeks ago, we learned they were laying off some 30,000 employees. Last week we all heard about cutting back on ATM card usage (by charging customers a monthly fee), previously they had cut off all mortgage brokerage business, then tried to sell TPO operation (couldn't), then yesterday announced they are going to shutter that division, again driving more customers away. Today I read they are closing down retail in six States!
WOW
How do ya like your new ATM?
Taken together, these actions smell like they are doing whatever they can to maximize shareholder value (TBD insiders sell off and jump ship), as the '
Bank Tanks.' Saying that, let alone thinking that almost seems
blasphemous. Makes me think back to the initial days of TARP I (right at the beginning of the explosion) when I asked Secretary Paulson to hire me to help develop solutions so TARP would give us all a big 'bang for our buck' (Treasury used to read my blog back then), since it was obvious the Treasury didn't understand what they were doing. Today with 20/20 hindsight I see they never intended to take those 'toxic assets' off bank books, they just wanted control of a bunch of $$$, BTW Hank hired an old crony from Goldman anyway, who, it turned out didn't know 'jack' about what a residential mortgage loan even looks like!
No comments:
Post a Comment