Green Options » Wells Fargo

Tests Are Over But American Banks Are Still Stressed

Reenita Malhotra — Sat, 09 May 2009 08:35:12 +0000

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Economist, James Galbraith, on bank stress tests

The results of bank stress tests released this week, do not bear good news. The bottom line is that at total of $75 billion needs to be raised from 10 major banks to prop them up for losses that could come from a deepening recession.

Here is a Top 4 summary of who needs what in the next six months:

Bank of America (BAC) will have to raise $33.9 billion;
Wells Fargo (WFC), $13.7 billion;
GMAC (GJM), $11.5 billion; and
Citigroup (C), $5.5 billion

The question people are asking is whether this is the worst news yet? Or whether it is news that the worst is over?

There is no easy answer. The truth is that if unemployment continues to rise, housing prices continue to fall and the economy continues to shrink, then much more money might be needed as problem bank loans could be on the rise.

Wells Fargo Spends $2 Billion On LEED Certified Green Buildings

Jerry James Stone — Thu, 13 Nov 2008 09:43:13 +0000

Wells Fargo Shows Green Leadership By Surpassing The $2-Billion Mark With LEED Certified Financing.

Wells Fargo has passed the $2 billion mark in lending for Leadership in Energy and Environmental Design (LEED®) certified buildings. Maybe not too surprising, the bank was one of the first to be LEED pre-certified for New Construction.

Economy In Recession: The Cost Of Allowing Lehman Brothers to Fail

Reenita Malhotra — Wed, 15 Oct 2008 06:26:01 +0000

The failure of Lehman Brothers is seen as the last straw that broke the credit market. The financial markets have been in a state of complete disarray ever since the U.S. Government allowed Lehman Brothers to file for bankruptcy on September 15th 2008 instead of intervening to save it, as it did with Bear Sterns and later with the insurance company, American International Group.

Many have questioned U.S. Treasury Secretary Hank Paulson’s decision to let Lehman Brothers fail. Christine Lagarde, French finance minister, claimed that the decision was “horrendous.” This has been echoed by many other European policy makers and investors who blame the decision on ideology, claiming that Paulson refused to offer aid to avoid accusations of moral hazard.

Wells Fargo Introduces Wind Powered Rewards Options

Amy Stodghill — Fri, 27 Apr 2007 12:13:36 +0000

Your credit just got a little greener.

Wells Fargo credit card and bank card customers have another choice in redeeming rewards points. Now, in addition to gift cards or airline tickets, Wells Fargo is offering up wind power. 5,000 points will get you 6,000 kilowatt hours, which they say is "equivalent to the clean air benefits of three acres of pine forest storing carbon for one year." 10,000 points will probably offset your carbon output for a whole year.

The green power points will be available to cardholders in May, which is the same time Bright Planet's Bright Card is set to launch. Bank of America isn't far behind Bright Planet on the US front, and The Barclaycard will hit the UK this summer.

So, the big question is (aside from, "What's in Your Wallet?") will people take advantage of these green credit options or will they stick with the emission intensive air miles? Would you choose to support wind power projects or put your spending power towards travel?

Via Environmental Leader; Paymentsnews.com