Following up on my lamentation of the injustices of gotcha journalism yesterday, I wanted to mention that there are some level heads out in the world. The Motley Fool takes a noncommittal stance on whether the Vegas event should have been canceled. But the Fool also points out a few things that the AP and Reuters and other wire reports fail to mention. To wit:
In fact, when the TARP funds were doled out last October, Wells Fargo made it clear that it (a) didn't need the money, (b) didn't want the money, and (c) found the entire bailout absurd to begin with. Nonetheless, the TARP funds were forced down its throat by then Treasury boss Hank Paulson.Meanwhile, every article mentions that Wells Fargo lost $2.55 billion in the fourth quarter of 2008. Very few of these articles include the additional facts that unlike many competitors, the company posted a net profit for the year of $2.84 billion; they also closed the Wachovia deal and took a big hit in the Q4 numbers from that.
I normally don't blog about my company too much because, frankly, apart from the role I play I really don't know a lot about our industry. So now I'll shut it and just watch it unfold. I've said my peace and then some.