A group of five Democratic U.S. senators has demanded to know whether Wells Fargo—recently slapped by regulators with a $185 million fine for creating millions of unauthorized bank and credit card accounts, racking up fees for consumers and bonuses for employees—intends on rescinding compensation to executives behind the "staggering fraud."
They have been cheating Consumers for Many Years.
I once had a Wells Fargo mortgage.
One day, I notified them that I was Selling the house and would need to get a Payoff Letter.
Instead, what I got was a Registered Letter 2 days later telling me that they were going to Foreclose.
Dated the same day I called them to tell them I was Selling the house.
I had to put in Another Request to get the Payoff Amount out of them because, except for the Foreclosure letter, they never responded to my First request.
Funny Thing: Added to the Mortgage Payoff amount was an extra $2000 in "Legal Costs" for the Foreclosure letter.
Who knew the post office charged so much for delivering a registered letter?
Wells Fargo is one of the five too-big-to-fail banks that controlled 25% of US bank assets when they crashed the economy in 2008 and, thanks to Dodd/Frank legislation will soon control 50% as they put more and more community banks out of business.
US Government Accountability Office Report GAO 11-676, page 131 confirms that Congress put US taxpayers on the hook for more than $16 trillion to bail these banks out after the 2008 crash. Taxpayer funded bailouts are at least as lucrative a profit center for these banks as this example of directly rooking customers is and the next crash will result in even larger taxpayer funded bailouts for these banks.
Is any POTUS candidate other than Jill Stein calling for breaking up these banks ?
The frequency in which any (or all) of the 'too big to fail' banks are getting caught in deceptive and fraudulent acts since the 2008 financial meltdown is alarming.
These institutions believe they are beyond regulations and laws. Furthermore, the minor fines (in relationship to total revenues) these institutions are hit with for their flagrant violations of laws and public trust simply reinforce their 'too big to be regulated' attitude.
I firmly believe that these flagrant violations from the 'too big to fail' banks will not only continue, but will increase, until one of them is nationalized as a penalty/punishment for their actions. It will only take one. The remaining 'too big to fail' banks will become ethical so fast that it will make your head spin.
Although "these institutions are beyond regulations", most of today's applicable regulations, like Dodd/Frank were written by the too-big-to-fail banks, slanted in their favor and against Main Street banks, not to mention the elimination of meaningful New Deal regulations ever since mortgage securitization was allowed in the late 70s.
Today Bloomberg reported that "Stumpf is considering a $17 million clawback to Tolstedt's $125 million retirement package", so she may need to tolerate flying in a less luxurious private jet, but will certainly never need to see what a TSA line looks like unless she is curious to see one.
At this point I don't care so much about 'clawbacks '. That's just code for paltry fines that won't make any difference. Bankers need to start going to jail. 'Plausible deniability' just doesn't cut it any more. It's either gross incompetence or corruption. And please, the 'appearance of corruption' is rampant and must be considered to be corruption in fact.
So if I sign someone else's name to start a credit card isn't this forgery?Isn't this a crime?Where is the OUTRAGE! Sounds like a criminal gang organization-bang down their doors,seize all their property,put them in jail unless they can pay some big bail amount. The puppets(politicians)are going to have a good talking with the bankers(bosses).
A good example to undermine libertarian claims that its ideology is a solution and not a BIG cause of the problem.
Regulation isn't working because we don't have a democracy.
Once we have a democracy, regulation WILL work very well indeed.
This is why when you deal with any of the TBTF banks you must put everything in writing and send registered mail with return receipt to be signed and then printed name after the signature or hand deliver to person and have them sign and date a copy of the letter you gave them! Demand a notary of the bank to witness to make a point!
We have started dealing with a community bank and never looked back at Wells Fargo!
I moved all my money to a Credit Union when I got a statement from Bank
of America Charging Me a Fee for keeping all my money for me.
I sort of thought a balance of over $30,000 should have gotten me a few
dollars worth of Interest, but BOA seems to feel differently.
So, I moved it all to a Credit Union. Well at least until I used it to
make the down payment on my house.
Too big to manage and too big to fail? Too big for regulators to break apart? WTF?
It's not about us taking our money out of these mega-banks, but for the government to start doing its JOB.
That JOB is not allowing banks and other corporations off-the-hook for malfeasance! That is Bull Shit!
Where's the accountability god damn it! Obama?!!
When a fraudster brings in a billion in profits what's a million or two in bonuses compensation, great return on the "investment"?
That I have read on CD some months ago the future of banking, they'll charge us for placing our money in their banks. People beware of cash transactions being outlawed soon since the elites want to control how and where we spent and receive our incomes.
No, it's God Damn It Congress. The President would be Happy to sign legislation kicking these thieves to the curb.
Congress refuses to even Think about Passing it.
That's what Senator Warren is Complaining about in the Senate: The Republikans in control have blocked every attempt to tighten accountability for the banks and keep trying to Do Away with every single regulation that the banks find "Inconvenient". And, they've Stacked the Securities & Exchange commission with Bankers because it's the SEC that is supposed to Enforce the Laws that Previous Congresses did pass.
Ya, you're right
Damn Congress Too!
I notice Obama didn't spend a whole bunch of political capital there by the way.
I forget, who was it, right after the inauguration, who said:
"Our Number One Priority is making Sure Obama is a One Term President."
Health Care Reform, a tiny bit of Wall Street Reform and the Financial Consumer Protection Agency used up about 90% of that political capital.
How many new Federal Judges has the Senate Confirmed over the last 7 Years? Even judges nominated by Republicans...
END the freaking fines. They are passed on to the taxpayers. We pay the bill twice: 1) 2008 Trillion dollar government bailouts, and 2) government fines for being bad boys&girls.
Put these crooks in jail and/or bar them from the banking industry altogether. FINES mean nothing, in fact, I'll bet they can hardly contain their laughter as they pass on the cost of doing business (as usual) to the public.
Mitch "turtle" McConnell
Which president? It certainly is not Obama.
Obama's Big Sellout: The President has Packed His Economic Team with Wall Street Insiders
The president has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway
Jail the Bankers? Obama Has Been Their Staunchest Defender