Word: wellses
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To a certain extent, the same is true with huge corporations. Companies such as Microsoft (MSFT) and Wells Fargo (WFC) go from making unimaginable sums to much smaller ones. Or, they simply lose money and the amount available for the taxman goes to zero.
It was the year David Wells threw his perfect game, a rookie Cubs pitcher named Kerry Wood struck out a record-tying 20 batters and the age-defying Roger Clemens, while in the employ of the Toronto Blue Jays at that stage of his pitcher-for-hire phase, became the...
Even after the $25 billion Wells got from the government last year, it has just under $100 billion in equity, trailing other major banks by more than 50%.
Capital cushion: The good news for Wells is that it has been aggressive in identifying problem loans - $37 billion from Wachovia alone. Wells officials argue that will lead to lower losses than its competitors'. But if not, the bank could be in trouble.
Prognosis: Defibrillator. Stat! Wells Fargo is generally considered one of the banks that are least likely to fail. But our stress test says otherwise. Even with its $58 billion loan-loss buffer, Wells is still in the hole for $59 billion, or 60% of its capital. With $40 billion remaining...