Wells Fargo CEO John Stumpf analyzes the Dodd-Frank bill:
If you set someone up on Hennepin and 7th, and had them put up a sign and say, “Tell me what caused the downturn of 2008,” they’d be standing there for five more winters before someone said, “It’s those darned debit fees.” But they would say within three seconds that housing has something to do with it. Dodd-Frank has a big section in there about debit fees and not a word about housing. So politics is alive and well in Washington.
Hmmm. BofA presented for nine hours yesterday, and I didn’t read one quote from the event that’s a tenth as good as this one. That’s no coincidence. . . . Anyway. Stumpf is absolutely, positively right. Dodd-Frank is worse than useless. This kind of straight talk and clear thinking from a banking CEO-talk that’s pathetically lacking from (ahem) certain other executive suites-is one reason why Wells Fargo management, both past and present, is so well-respected and effective. And it’s why, too, Wells is can be counted on to be among the fiercest and most successful competitors among the big banks. Banking a commodity business? Forget it. . . .
What do you think? Let me know!