Jim Kramer here to share with you a sample of my take on the market from today's

CNBC Investing Club morning meeting.

Let's talk Wales.

Wells Fargo, there was a piece came out this point in Chapman.

Basically said that this is new, it's bad, it's going to cost them a lot of money.

It's old, it's not bad, and it won't cost them a lot of money. And I think that we have to recognize, as we said yesterday at the meeting, this is the bank stock to buy, if you want to buy a bank stock. It was up 20% now. It's only up six. And this story, what, not a canardom, who wants to be in the paper saying all the stuff is happening? But it's been behind the scenes. It's been going on for a long time. Not new news. So let's explain

what happened. So the stock was higher for most of the session yesterday, but it fell, it was down

close to 6% at one point, closed down around 4%. This was after the office of the controller

of the currency, the OCC, issued an enforcement action against Wells, identified deficiencies in the bank's financial crimes, risk management practices, and anti-money laundering internal controls.

Not completely new news. They actually flagged this in their 10-Q in early August after second quarter earnings that there was an investigation.

So why it fell, there may be some concerns that Wells Fargo will have to invest more in risk controls

that could take up their expense outlook, although the CFO was at the Barclays conference

earlier this week, who knew that an investigation was happening at the time.

He said he felt comfortable with the expense guy for the year.

Pinto and JPMorgan, who dropped not one bomb but multiple bombs.

And then of course one could argue that this could be a setback in Wells Fargo's timeline

to get that asset cap removed.

Maybe, maybe not.

It's really unclear about this timeline anyway. It's really unclear about, I'm told no. Okay. It's

really unclear about this timeline anyway. No one really knows will it be next year. Maybe the year

after that. Who knows? But I think it's also important to note that, you know, Wells Fargo,

isolated incident. There's also some language in the filings from Bank of America and city in some of

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