Hi Mr. Hartzman,
I'm a business reporter at the Charlotte Observer
and just wanted to get back to you regarding your complaints about Wells Fargo.
My editor forwarded me your voicemail last week.
I'd love to set up a time to talk more about this.
Just let me know what works for you.
Thanks,
Kirsten Pittman
"George,
I am writing in response to your recent emails asking about whether the Company
has obtained material loans that it has not disclosed.
I ...am writing to provide you with a response on behalf of the Company.
Wells Fargo follows the United States Generally Accepted Accounting Principles
in connection with its required public disclosures.
Pursuant to GAAP, all of the Company’s lending arrangements are disclosed
in the Company’s reports filed with the Securities and Exchange Commission.
…information is considered to be “material”
if there is a likelihood that it would be considered important
by an investor in making a decision to buy or sell a company’s securities…
Director Code of Ethics, Wells Fargo & Company
Moreover, you previously suggested that Wells Fargo
has accepted undisclosed loans from the Federal Reserve.
Once again, any loan amounts on the Company’s balance sheets at period end
would have been included in the Company’s disclosures.
As I am sure you understand,
whether the Fed separately reported any such loans was not up to the Company.
I trust that this response confirming that the Company
fulfills its financial reporting obligations provides you with the information you need.
Please be advised that the Company will not be responding further
to any other questions from you regarding these issues.
Thanks
Bill
William D. Spivey
Senior Vice-President/Investments
Complex Branch Manager
3623 North Elm Street, Ste 100A
Greensboro, NC 27455
.
.
.
.
“Disclosure requirements on public companies
have become more stringent under [The Sarbanes-Oxley Act]
…public companies must promptly disclose information
on material changes in their financial conditions or operations
on a rapid and current basis (Section 409).
...Financial reports required to be prepared in accordance with GAAP
must include all material correcting adjustments
that have been identified by a public accounting firm,
and in its annual and quarterly reports,
a company will have to disclose, all material off-balance transactions,
arrangements and obligations, and other relationships"
[Obligations include contingent obligations.]
with unconsolidated entities that may have a material current, or future effect
on the financial condition of the issuer (Section 401).
"[The Sarbanes-Oxley Act] places a series of requirements and restrictions
on executive officers and directors of companies, the most significant of which
is the personal certification by the company’s CEO and CFO of periodic reports…
The …certification …requires CEOs and CFOs
to certify in each annual (10-K) and each quarterly (10-Q) report that:
they have personally reviewed the report and:
…the report does not contain any material misstatements or omissions;
…the financial statements …fairly present in all material respects
the company’s financial condition and results of operations…
…Since the requirement that the financial information be presented fairly
is no longer qualified by the phrase in accordance with GAAP,
it is conceivable that even if a company’s financial statements
are in compliance with GAAP, they may still violate the fair presentation requirement…"
Rizvana Zameeruddin, Northeastern Illinois University
…pro forma financial information contained in a periodic report
filed with the SEC, or in a press release or other public disclosure,
will be required to be presented so as not to “contain an untrue statement”
or omit the statement of a material fact
necessary to make the pro forma financial statement not misleading.
A public company must also disclose in its periodic reports
information on the code of ethics that has been adopted
for its executives and directors.
…Management’s public accountants
will be required to attest to and report on the assessments made
by company’s management.”
http://www.westga.edu/~bquest/2003/auditlaw.htm
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