whatever one thinks or doesn't think about the OWS movement - its taking hold - and now a notable feature on Bank CEO quarterly investor conference calls. Read more HERE.
TUESDAY, OCTOBER 18, 2011
Please welcome Carol Smith, who is based in Austin and has considerable experience in financial services industry research and analysis. I’m pretty confident she’s also listened to more analyst conference calls than most Naked Capitalism readers have, and you’ll see her put her experience to good use.
By Carol Smith
A Financial Times article today showcased recent comments by bank executives and politicians (and even Erick Erickson of RedState.com!) sympathizing with the sentiments behind the Occupy Wall Street movement. John Stumpf, CEO of Wells Fargo is quoted from the earnings call today, “I understand some of the angst and the anger. This downturn has been too long, unemployment is too high, and people are hurting. We get that.”
This comment came during the Q&A portion – more on that later – and doesn’t convey the extent to which the management of Wells Fargo seems deeply concerned and perhaps fearful about how the Occupy movement is turning public sentiment even further against Wall Street and the TBTF banks. Stumpf spent nearly the entirety of his opening statement making the case for Wells Fargo as a force for good the US economy. Some high(low?)lights:
“Wells Fargo has not wavered from our commitment to do all we can to help our customers and the overall economy.”
“Since 2009 we have hosted 40 home preservation workshops.”
“We are also lending, providing companies funds for growth and job creation.”
“Wells Fargo employs 1 in every 500 Americans and last year we contributed $219M to 19,000 non-profits across the US…”