Treasury Department’s odd attempt to reassure investors may have just backfired [MarketWatch]
Wells Fargo & Company (WFC)
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Source: MarketWatch
Treasury Department’s odd attempt to reassure investors may have just backfired The U.S. Treasury Department raised eyebrows and jogged worrying memories of the financial crisis Sunday with a statement that Secretary Steve Mnuchin convened calls with the CEOs of six leading banks to confirm they had ample liquidity, in hopes of averting another Wall Street selloff Monday. But left unsaid: If he’s that worried, shouldn’t investors be as well? The unusual and unprompted attempt at reassurance came after the Dow Jones Industrial Average DJIA, -1.81% posted its worst week since 2008 — the height of the financial crisis. It was the Nasdaq Composite’s COMP, -2.99% worst week since 2008 as well, as it dipped into bear-market territory. It was the worst week for the S&P 500 SPX, -2.06% since 2011. On Sunday, the Treasury Department tweeted that Mnuchin “conducted a series of calls today with the CEOs of the nation’s six largest banks” — Bank of America BAC, -3.07% , Citi C, -3.88
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/17/24 - Form 424B2
- 4/17/24 - Form PX14A6G
- 4/16/24 - Form 3
- WFC's page on the SEC website