1. Wells Fargo has Splurged on Stock Buybacks Since Fake-Accounts Scandal

    KAKE.com BoardNews
    Wells Fargo has Splurged on Stock Buybacks Since Fake-Accounts Scandal

    Wells Fargo's deposits and loans are under pressure from two years of scandal. It's cutting up to 26,500 jobs and shutting hundreds of branches. And the bank's stock price has trailed the rest of the market. Despite those challenges — or perhaps because of them — Wells Fargo ( WFC ) has lavished shareholders with aggressive share buybacks. Wells Fargo shelled out $7.4 billion to repurchase its stock in the third quarter, nearly triple what it spent the year before...

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    1. They can't get new investors to buy the stock, so they'll just get their own shareholders to do it.
    2. This is the most positive part of the Wells Fargo story, sell
    3. Instead of investing in frontline workers, they're more concerned about shareholders and executive pay.
    4. The asset freeze plus management distraction means that Wells Fargo's competitors can play offense while they're handicapped addressing regulatory issues.

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