Wells Fargo CEO to government: Tests are "asinine"

Email LinkedIn
Tools

In remarks last week, Wells Fargo Chairman and CEO Richard Kovacevich had some choice words for the Troubled Asset Relief Program. He lashed out against the curbs imposed by the government retroactively, and called the on-going stress tests "asinine." He also doesn't like his bank being lumped in with weaker banks such as Citigroup and Bank of America. But there are plenty of analysts that think Wells' capital position has "less capital relative to its size than some analysts prefer," Reuters notes.

Kovacevich comes off as a bit angry, arguing that if it weren't for the TARP, "we would have been able to raise private capital at that time, and with that private capital, given what is going on today, it is very unlikely that we would have had to reduce the dividend."  

For more:
- here's the article

Related Articles:
A look at the "Texas ratio" and stress tests
Buffett gives Wells Fargo a boost
Banks readying for stress tests
Should banks rush to pay back TARP funds?