Wells Fargo Scam; 13 BILLION

I just read today in a financial newsletter, that WF was given a one sentence ruling on Sept. 30th by Paulsen, that 'allowed' them to deduct ALL losses from aquiringed portfolios. The law states they can only deduct a percentage of them, and over many years time. But Paulsen told them that they could deduct it all, and right now. Citicorp had bid $2 billion for Wachovia, but Wells Fargo Bank Robbers bid $13 billion, because with this little gift from Paulsen, which he has no legal right to do, they can STILL pocket an additional $5 billion dollars. Wells BR says they expect $75 billion in bad debt losses, but they now can write it all off for a tax savings of $19 billion. So their bid of $13 billion (19-13=5 billion) is a huge windfall, only open to the Bank Robbers.
Paulsen and the Treasury have no right to make such a backroom deal, and when this shf, and the huge loss is made public, the stock prices will plummet, so don't run out and buy, unless you're a masochist. My question is; what is in it for Paulsen? What is his incentive to 'give' our money to the Bank Robbers? Does he get a cush job with WFBR, or perhaps another company the owners also own? Who is investigating this crook? Other crooks? We the people are no longer represented in the US government. Instead, we have an old boys club that Paulsen is a member of. And he is apparently above the law.

what is the source of your information? pleae post a link.

I would love to post this, but I can't figure out how! So right now, until I do, I am just summarizing what is in them.

(19-13=5 billion) = 6 billion when i went to school...

Let's not forget that the Citibank purchase of Wachovia was going to be funded by FDIC money... YOUR money.

At most this move was so Wells Fargo didn't cry favoritism.

Nothing to see here, move along.

reply to post by Gregarious


Thanks for this brilliant post, your great find of it, and your comments!

I think we should warm up the hanging tree for Paulson and the Fed interlocking directorates that own all the central banks, all the banks that own all the oil companies, and 99.9999% of the financially 'successful' companies in the world.

OR, we could just shoot them. Imprisoning them would be a waste of taxpayer money.

When will EVERYONE on ATS figure it out that there are two sides in all wars:

(the interlocking directorate of the Fed/City of London) vs (the rest of us)

All the rest is sheeple doublespeak.

I believe this is what Greg is talking about:

A Quiet Windfall for US Banks

Andrew C. DeSouza, a Treasury spokesman, said the administration had the legal authority to issue the notice as part of its power to interpret the tax code and provide legal guidance to companies. He described the Sept. 30 notice, which allows some banks to keep more money by lowering their taxes, as a way to help financial institutions during a time of economic crisis. "This is part of our overall effort to provide relief," he said.

Section 382 of the tax code was created by Congress in 1986 to end what it considered an abuse of the tax system: companies sheltering their profits from taxation by acquiring shell companies whose only real value was the losses on their books. The firms would then use the acquired company's losses to offset their gains and avoid paying taxes.

Read all 4 pages of the story - it's maddening.

[edit on 11/15/2008 by anachryon]

I read something else today, in financials. We just had over $5 trillion dollars evaporate, and the corresponding deflation. But now it is predicted that another $500 trillion is about to implode, due to the derivatives scam, and the other popular bankster plots. What will this do? Nothing. Nothing will be happening in our economy, because it will no longer be alive. So the government, in an attempt to replace all that fiat money that the banksters previously counterfeited, will be trying to print and spend that amount. Matter of fact, they could pay off the national debt no problem. But any money they 'print' is actually issued by that favorite of British banksters, the Federal Reserve, and LOANED, at interest, to our government. Our government no longer issues the currency like the constitution calls for. It's a foreign bank, a hostile one at that.
So what will occur? First, massive deflation, where cash is king. Then, I can only guess, because there is no historical precident for this. But I THINK inflation, after the spendthrifts go past the 5 trillion windfall they are about to get. If we had a wise government, it could be good. Oh, wait, that is an oxymoron now. In either account, I predict massive social unrest, and major change from now. Something radicals always try to instigate to create their own agenda. Not ours.

Latest update on the banksters; world wide there are 561Trillion in phoney money that is disappearing. In the US, 20Trillion has evaporated. The rats have managed to print up 10T, leaving us with a 10T deflation at the moment. I assume this is just a blatent stupidity by Obamination, or he would be gleefully spending it all. He/they just don't get it. Oh how I hope they would expose this sheister post haste.