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Wells Fargo Had a Bad Day. That’s a Start


#1

Wells Fargo Had a Bad Day. That’s a Start.

Richard Eskow

People who came looking for drama in Wells Fargo CEO John Stumpf’s Senate testimony on Tuesday did not come away disappointed. Stumpf was called before the Senate Banking Committee after his bank was fined $185 million for opening more than two million accounts in customers’ names, without their knowledge or consent, over a five-year period.


#2

Carrie Tolstedt and John Stumpf need to go to jail in the first of a long sequential de-chartering of these discredited, behemoth, financial shit holes. Thanks RJ for the fine reporting and also your great fill in for Thom Hartmann on his show.


#3

And now it's back to 'business as usual'. No consequences for the worst of the fraudulent bankers, while innocents are being shot dead in the streets. Sounds like a recipe for civil war to me.


#4

Pure Kabuki theater. Warren makes this guy look like the POS he is, on Nov. 9th, she will be told to shut up and fall in line with the rest of the good little soldiers. Smoke and mirrors, nothing more.


#5

It interesting that even on the hint of a crime being committed, many at the lower rungs of the socio-economic ladder will have all of their assets seized and frozen under "Proceeds of crime" laws to the point they can not even defend themselves in a court of law.

The same treatment is never given to these 1 percent.

Why is this mans homes not seized, his bank accounts frozen and all of his Finanacial assets seized by the State as this investigation goes on?

We all know the answer to that. The laws apply only to the "little people". The outcome is decided in that there will be little in the way of consequences. This just show to make it look like the system holds people at the top accountable.


#6

Leon Cooperman, one of the largest hedge fund operators on Wall Street, was charged by the SEC with insider trading today.
Cooperman was told to suspend all buying and selling immediately, effectively shutting down his company, Omega. Lots of fossil fuel pipeline investing.
Cooperman has many close friends including Hillary and Netanyahu and is a big donor to Zionist causes.


#7

The reality is this: Wells Fargo just happened to get caught.

These types of unethical and criminal activities are simply standard operating procedures among the major corporations listed on the stock exchanges. The fraudulent acts may be different but the damages will be similar.

While no one is directly saying so, the "system" basically created the environment that fosters these types of activities that are not only unethical but criminal in nature. If a major stockholder-owned company is not consistently increasing revenue and profits quarter after quarter, the "market" will literally eat that company alive and that company will immediately become the target to be bought by competitor ... or worse.

Capitalism is a brutal tyrant ... not only to the working class that it exploits and oppresses, but to the capitalists as well. The "survival of the fittest" and "take no prisoners" mantra/principle is applied to all participants ... capitalist or worker. Competition is a vital component of capitalism. As David Merrick once said, "It's not enough for me to win, my enemies must lose."

I am not giving a pass to individual responsibility in the flagrant unethical and criminal acts committed by Wells Fargo. I'm just saying that you can publicly humiliate and castigate individual CEOs day in and day out until the end of time and it will have a negligible effect at best.

If you do not address the system of capitalism that fosters unethical and criminal behavior due to its inherent principles and objectives, you are literally wasting your time and pissing into a headwind. Until you address the system, congressional hearings are simply a "dog and pony show" for entertainment and a pacifier for the masses.


#8

Send John Stumpf to jail for 15 years, no chance for parole. This fraud would stop.


#9

Until Wells Fargo and the other four too-big-to-fail banks (that control nearly 50% of US bank assets) are broken up Warren and the rest of the DC actors can whine all they want and the fraud will only worsen, further enhancing the fortunes of the 1% at the expense of the 99%.

Seeing how no Clinton will ever even suggest breaking up banks, Warren's zealous promotion of Hillary 2016 makes her current stunt 100% hypocritical.

Jill Stein is the only POTUS candidate who has even mentioned breaking up the banks.


#10

Exactly. A little show to placate the pissed off masses. Followed by...... Nothing.....


#12

I agree that Warren seems to be a diversion to make us THINK the democrats are going to aggressively deal with Wall Street, corporate fraud et al.
What I don't get is why the initial outrage of people seems to die out so quickly. Where is the sustained outrage amongst the public to demand change? Why aren't their 500,000 people on the Mall once a month protesting ?