From: george hartzman To: Matt Taibbi
I am laughing to myself, as my wife who works with teenagers who get pregnant just told me a story about this girl trying to get formula for her newborn, after last week my wife Robin drove this girl to bail the father out of jail as I wait for what may be a national reporter who could change my life prove he's real.
She works for teen parent mentor program at the local YWCA.
Hopefully, if you end up being full shit, you may regret it a little with that, which unfortunately is a very too true anecdote, unless you're not, at which time I will apologize.
gh
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From: george hartzman To: Matthew Taibbi
https://www.wellsfargo.com/downloads/pdf/invest_relations/wf2008annualreport.pdf
Search for "term auction" --- results ---- 0
Search for "federal reserve" results -- 9
"Asset liquidity is further enhanced by our ability to sell or securitize loans in secondary markets and to pledge loans to access secured borrowing facilities through the Federal Home Loan Banks, the Federal Reserve Board, or the U.S. Treasury."
In 2008, we sold mortgage loans of $218 billion. The amount of mortgage loans and other consumer loans available to be sold, securitized or pledged was approximately $230 billion at December 31, 2008."
Page 72
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"We pledge loans to secure borrowings from the Federal Home Loan Bank and the Federal Reserve Bank as part of our liquidity management strategy. At December 31, 2008, loans pledged where the secured party has the right to sell or repledge totaled $201 billion, and loans pledged where the secured party does not have the right to sell or repledge totaled $137 billion"
Page 95
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Clearly misleading.
Clear omission.
Clearly insider trading.
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Certifications
The certifications of our chief executive officer and chief financial officer required under
Section 302 of the Sarbanes-Oxley Act of 2002 were filed as Exhibits 31(a) and 31(b), respectively, to our 2008 Form 10-K
Page 168
Table 2. Detailed insider stock purchases, sales, and option exercises for Co/mn (WFC) ,
Trade Date Insider Name Trade Type Shares Price ($) Value ($)
2009-08-06 Atkins Howard I (Senior Executive VP & CFO)
Option Exercise 123,148 23.36 $2,877,353
2009-05-12 White Julie M (Executive Vice President)
Option Exercise 21,020 16.75 $352,085
2009-03-10 Mccormick Richard D (Director)
Purchase 15,000 10.95 $164,250
2009-03-05 Kovacevich Richard M (Chairman)
Purchase 100,000 8.05 $805,000
2009-03-05 Oman Mark C (Sr. Executive Vice President)
Purchase 3,000 10.70 $32,103
2009-03-02 White Julie M (Executive Vice President)
Option Exercise 98 10.84 $1,062
2009-02-20 Milligan Cynthia (Director)
Purchase 10,000 10.00 $100,000
2009-02-20 Wright Michael W (Director)
Purchase 22,500 10.78 $242,595
2009-02-19 Runstad Judith M (Director)
Purchase 10,000 12.50 $125,000
2009-02-18 Milligan Cynthia (Director)
Purchase 10,000 13.19 $131,920
2009-01-29 Sanger Stephen W (Director)
Purchase 2,000 19.90 $39,798
2009-01-29 Runstad Judith M (Director)
Purchase 14,000 19.84 $277,746
2008-10-16 Atkins Howard I (Senior Executive VP & CFO)
Option Exercise 146,188 23.36 $3,415,682
2008-09-11 Oman Mark C (Sr. Executive Vice President)
Option Exercise 70,400 26.21 $1,844,902
2008-08-13 Loughlin Michael J (Executive Vice President)
Option Exercise 72,802 24.04 $1,750,524
2008-07-23 Tolstedt Carrie L (Sr. Executive Vice President)
Option Exercise 78,106 29.46 $2,301,393
2008-07-22 Oman Mark C (Sr. Executive Vice President)
Option Exercise 50,000 24.57 $1,228,500
2008-06-27 White Julie M (Executive Vice President)
Purchase 2,000 24.26 $48,510
2008-06-06 Kovacevich Richard M (Chairman)
Purchase 40,398 26.05 $1,052,367
2008-05-15 Stumpf John G (President & CEO)
Purchase 1,550 28.93 $44,841
2008-04-09 Quigley Philip (Director)
Option Exercise 10,000 19.10 $191,000
2008-04-02 Swenson Susan (Director)
Option Exercise 13,716 20.22 $277,351
http://www.insider-monitor.com/trading/cik72971-2.html
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“In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2008 and 2007, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2008, in conformity with U.S. generally accepted accounting principles.
...We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 2008, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 23, 2009, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.”
KPMG
San Francisco, California
February 23, 2009
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From: george hartzman To: Matthew Taibbi
I sent a letter to the North Carolina Commissioner of Banks on this.
Spoke to the commish personally.
Was referred to the commish by a NC state senator [Don Vaughan]
who serves on the local board of Wells Fargo.
BBT sent back a very brief letter saying they followed the rules
and then nothing...
http://www.bbt.com/sites/bbtdotcom/about/investor-relations/reports/2008-form-10-k.pdf
Searches for "Term Auction" --- 0 results
http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/BB&T_Corp/?total=true&mcp=true&mc=true&taf=true&cpff=true&pdcf=true&tslf=true&stomo=true&amlf=true&dw=true/
Search for "Federal Reserve" --- 29
"there have been numerous actions undertaken in connection with or following EESA and ARRA by the Federal Reserve Board, Congress, the Treasury Department, the FDIC, the SEC and others in efforts to address the current liquidity and credit crisis in the financial industry that followed the sub-prime mortgage market meltdown which began in late 2007. These measures include homeowner relief that encourages loan restructuring and modification; the establishment of significant liquidity and credit facilities for financial institutions and investment banks;"
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Doesn't say they took the money or how etc...
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Branch Bank has several major sources of funding to meet its liquidity requirements, including access to capital markets through issuance of senior or subordinated bank notes and institutional certificates of deposit, access to the FHLB system, dealer repurchase agreements and repurchase agreements with commercial clients, participation in the Treasury, Tax and Loan and Special Direct Investment programs with the Federal Reserve Bank, access to the overnight and term Federal funds markets, use of a Cayman branch facility, access to retail brokered certificates of deposit and a borrower in custody program with the Federal Reserve Bank for the discount window. As of December 31, 2008, BBT has approximately $44 billion of secured borrowing capacity, which represents approximately 242% of one year wholesale funding maturities.
Page 68
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
I, Kelly S. King, state and attest that:
(1) I am the President and Chief Executive Officer of BBT Corporation (the “Issuer”).
(2) Accompanying this certification is the Issuer’s Annual Report on Form 10-K for the year ended December 31, 2008, (the “Periodic Report”) as filed by the Issuer with the Securities and Exchange Commission pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which contains financial statements.
(3) I hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Periodic Report containing the financial statements fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act, and the information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer for the periods presented.
/s/ KELLY S. KING
Kelly S. King
President and Chief Executive Officer
February 27, 2009
A signed original of this written statement required by Section 906 has been provided to BBT Corporation and will be retained by BBT Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.1
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Date Trans Company Insider Shares Price Amount
2009-02-24 Option Award BBT CORP BBT KING KELLY S (Chief Executive Officer) 99,351 BBT close - $16.88
2009-02-03 Purchase BBT CORP BBT QUBEIN NIDO R (Director)
2,600 $18.44 $47,944
2008-11-17 Purchase BBT CORP BBT MAYNARD JAMES H (Director)
38,000 $26.32 $1,000,312
http://www.secform4.com/insider-trading/92230-4.htm
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From: george hartzman harlynman@att.net To: Matthew Taibbi
http://www.ally.com/files/sections/investor/pdf/2008-10k-a.pdf
…Search "federal reserve" results --- 2
Search "Commercial Paper Funding Facility" --- 0
Search “CPFF” - 0
12. Short-term and Long-term Borrowings (Continued)
The increase in assets pledged as collateral was primarily due to the increased secured borrowings by Capmark Bank US from the Federal Reserve Bank of San Francisco ("FRB of San Francisco") and the FHLB of Seattle, as determined under the terms of their borrowing programs. The following table bifurcates the assets pledged as collateral (substantially consisting of loans) for Capmark Bank US and for the rest of the Company as of December 31, 2008 and 2007 (in thousands):
Page 61
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Ally looks good as an example...
http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/Ally_Financial_Inc/?total=true&mcp=true&mc=true&taf=true&cpff=true&pdcf=true&tslf=true&stomo=true&amlf=true&dw=true
Where is the 6 billion?
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From: george hartzman harlynman@att.net To: Matthew Taibbi
looking that stuff up today on ally made me want to start my car with the door open and my seatbelt off.
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Chapter 78A. North Carolina Securities Act.
Article 2.
Fraudulent and Other Prohibited Practices.
§ 78A‑8. Sales and purchases.
It is unlawful for any person, in connection with the offer, sale or purchase of any security, directly or indirectly:
(1) To employ any device, scheme, or artifice to defraud,
(2) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading or,
(3) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person. (1973, c. 1380.)
§ 78A‑9. Misleading filings.
It is unlawful for any person to make or cause to be made, in any document filed with the Administrator or in any proceeding under this Chapter, any statement which is, at the time and in the light of the circumstances under which it is made false or misleading in any material respect. (1973, c. 1380.)
§ 78A‑58. Obstruction of investigation.
A person is guilty of a Class H felony if the person willfully does any of the following for the purpose of interfering with the performance of any audit, examination, or investigation by the Administrator under this Chapter:
(1) Makes or causes to be made to the Administrator or the Administrator's designated representative any false or misleading oral or written statement.
(2) Creates, causes to be made, or delivers any record, report, or document knowing that it is false or misleading in any material respect.
(3) Destroys or alters any record, report, or document.
(4) Conceals or secretes any record, report, or document. (2003‑413, s. 12.)
http://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByChapter/Chapter_78A.html
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