Wells Fargo CFO: Public Private Partnerships “A Good Concept”

By Moe Bedard

Wells Fargo is posting a 3 billion dollar profit in the first quarter of 2009. How do you like that Main Street? After accepting TARP funds in the high billions, Wells Fargo was able to acquire Wachovia, one of the largest bank buyouts in American history. Just a year later, the financial giant that was begging the government for money is now posting record profits.

Wells Fargo CFO Howard Atkins was interviewed today by CNBC regarding the “good news.” When asked if his company would repay the TARP funds on the heels of record profits, Atkins indicated “we don’t comment really on matters with the government.” In the next breath, however, Atkins did say that increased government aid through public and private partnerships was “a good concept.”

Well of course it’s a good concept…they get taxpayer money, they buy banks on the cheap, acquire billions of dollars more in depositor’s money (our money) and when they make multi-billion dollar profits off the backs of American consumers the hesitate to comment on when they’ll pay us back.

You’ve got to see this video. While the tone and tenor of the interviewers is both inquisitive and positive, my take on how we as consumers should take this interview is that this will be increasingly typical and more importantly it’s downright unacceptable.