Word: kovacevich
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...Wall Street Journal story is wildly, dramatically overblown.' Google spokesman ADAM KOVACEVICH, disputing the article's claims, saying the search giant had simply installed its own servers to speed up delivery...
...boardroom, were each handed a piece of paper with the terms: $25 billion of preferred shares each from Citigroup, JPMorgan Chase, Wells Fargo and Bank of America. In return for the capital, the U.S. would collect a 5% dividend in the first five years. Although Wells Fargo chairman Richard Kovacevich resisted, Paulson gave the bankers no choice. It's partial nationalization, although in announcing the bailout Oct. 14, Paulson deliberately avoided using that term. "Today's actions are not what we ever wanted to do, but today's actions are what we must do to restore confidence in our financial...
Still, some will end up less scathed than others. The banker with the most impressive record of avoiding scathings is Dick Kovacevich, chairman of Wells Fargo. Wells not only had an O.K. quarter but also has the best long-run stock performance of the country's big-five banks. So what does Kovacevich, who took over as president of Wells predecessor Norwest in 1989 and just stepped down as CEO in June, think of the current troubles? "We make all the same mistakes," he says. "These past two years show it again: we never learn, we don't price...
There is one meaningful difference this time though. While several mortgage firms have gone under, the banking industry is on track for what Kovacevich guesses will be its third or fourth biggest profit year ever. "The reason for all that is diversification," he contends. Banks that used to be pinned down in one state, doing nothing but taking deposits and making loans, can now operate coast-to-coast selling everything from stocks to insurance. Kovacevich does profess to be dubious of competitors' efforts to break onto Wall Street in a big way--because he thinks that "transaction oriented" investment bankers...
...Richard Kovacevich...