From the world of Bank-Speak : "non-strategic"
From the Wells-Fargo earnings release they have $64 Billion (with a B ) in "non-strategic" loans on their books. Whats a "non-strategic" loan? Well, its Wells-Fargo speak for " pick-a-pay " loans. You know, those notorious loans that Wachovia and World Savings (both of which Wells Fargo acquired) hawked where the borrower could - each month - choose to pay the regular payment, interest only, or an even smaller amount (with the rest getting added to the principal). Basically a Bullshit loan. So, to translate, Wells-Fargo has $64 Billion (again, with a B ) of Bullshit loans on their books, which are almost certainly not worth squat, but which Wells Fargo, in its infinite wisdom, has decided to call "non-strategic". Naked Capitalism pretty much wigged out over this too, and came up with a bunch of alternative usages Sorry, your flight is delayed by a “non-strategic” three hours. I think you should get rid of your “non-strategic dr...