Reading a Bloomberg News article about how Wells Fargo Bank and Wall Street misjudged the oil boom of 2014 reminds one of how the same thing happened in the early 1980s in Oklahoma, leading to the Penn Square Bank collapse. Bank executives in the 80s were freely making energy loans, leading to the crash not only of Penn Square Bank but of others.
Now comes Bloomberg News with a piece about Wells Fargo and Company and how Wall Street “misjudged the risks hidden in an esoteric type of energy financing long thought to be bulletproof.”
Read Bloomberg article.
Bloomberg News
