Totally confused about WFC & UPST

I’m posting a new post because the old posts about WFC hiring UPST have left me completely confused. Perhaps starting a new post will clear things up.

According to a CNBC correction Cramer was wrong about the supposed hiring. “CORRECTION: This article has been updated to correct an erroneous comment about Wells Fargo recently hiring fintech firm Upstart. It has not.” [emphasis added]…

I’m not sure when this correction was made, but does it give us permission to take off our asbestos suits?


I’m certain of only two things in this mess:

  1. I don’t want to be Jim Cramer right now. He made a big mistake that then had to be redacted and corrected. Whether he said something that just wasn’t true (a hit on him doing DD) or was sharing confidential information (a hit on others being willing to share not-yet-public info), neither is a good look or helpful to his reputation.

  2. We’ll know which mistake he made on Tuesday. Someone on the Upstart conference call will flat out ask whether they have or are planning to partner with Wells Fargo. If not, every analyst on the call needs to turn in their badge.

Beyond that, I have to say I agree with R4M that Wells Fargo is like the Facebook of banks to me. If there’s an ethical breach to be made, they have made it. When the Cramer news first hit I recognized how important it would be for the stock, but also thought, ouch…I hope the ethics at Upstart plants seeds at Wells Fargo and not the other way around!