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Wells Fargo Redux

Wells Fargo Redux

Christopher Brauchli

A power has risen up in the government greater than the people themselves, consisting of many and various and powerful interests. . . and held together by the cohesive power of the vast surplus in the banks,.

— John Calhoun, May 27, 1836 Speech

Herewith an update on the arcane world of banking as practiced by Wells Fargo, the fourth largest bank in the United States.

When you apply for a job with a bank, even a lowly teller, they run a credit check on you. They figure if you have a bad credit rating, you are more likely to skim from the drawer, and they want to avoid that. Evidently the don’t also check to see if you’ve ever been in front of Congress to answer questions about defrauding the public of hundreds of millions of dollars (unless they do, and they consider it a positive.).

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The banking and finance industry saw the light after the Great Recession–the big, green light our neoliberal government gave them to step right up and do it all over again. Stay tuned.

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sigh----and the banks in my area are : Wells Fargo, Chase and B of A---- a trilogy of economic terrorists----I would like to use the Post Office Bank-----but it apparently was murdered off a long time ago. : (

It also apologized for the fact that it had charged 570,000 customers who took out auto loans with the bank, for auto insurance they didn’t need.

And let me guess … it was that cute little Geico gecko who sold them the insurance they didn’t need.

So much for Warren Buffett being any kind of ‘oracle’ – just another Wall St huckster!

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You are so right – I’m-the-only-thing-standing-between-you-and-the-pitchforks-Bush-dark!

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The loss of the gold standard has now morphed into complete lack of accountability for the banks.

The Savings and Loan scandal did not teach us anything - in fact they made sure we would not be able to send bankers to jail ever again. And thus the 2008 - current continuing ad nauseum bailout by the fed. Currently new money is created every time someone borrows a dime - A bank’s lending capacity is no longer contingent on its assets. Then they can berate you for it.

There is some talk in a few quarters about going back to the gold standard. Certain China and Russia are moving in that directions- they have bought several hundred tons of gold in the past few years.

Trump will loose the next election, stay in power through coercion and violence and use the nuclear bomb so that his fellow sociopaths can continue their current lifestyle.

There are no checks and balances possible in the current economic system, least of all in the banking system, where it all seems to start.

If we change what we call currency, we can save the planet.

I just left this company after working for them for more than 5 years. The first day I woke up I felt free. Free I didn’t have to pretend what an awesome company they are. Only certain people rise in the company. They lie and they tell their underlings to lie. You can’t say this you can’t say that but you can spin long winded tales about how you must buy this product. They try and cover their shit up with horses and wagons and blah blah blah but their customers get the wrong end of the deal. I did not bank with them the whole time I worked for them. Elizabeth Warren is trying to single handedly take them down. I wish her all the best!!

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When Commercial Federal bit the dust they sold our mortgage to WF; a few years later we went in to talk to them about a short term loan – all we wanted was a simple 6 month loan to do some updating on our property. The loan officer just steamrolled us into a 20k heloc where half was fixed rate and the other 10k was variable with the payment being no more than the interest. I paid an extra $100 a month so that we never had to worry about that awful balloon payment coming due.
When our house burned down in January 2010 we took out a VA loan with the bank that took over Comm Fed – our 9 year old house will be paid off in 5 years, instead of WF lying and cheating us out of it.
Good on you for getting out!

No credit unions in your neck of the woods?

Hi SkepticTank----I think maybe in the next town----I never thought of that, Thanks, I’ll look into that! : )

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Wells Fargo is THE ABSOLUTE WORST COMPANY IN THE WHOLE WORLD to work for!!! What bastard sets such unrealistic goal expectations such as the ones that the employees are held to obtain? There shouldn’t be any goals at all as far as selling goes. You can’t force people to buy things!! Everyone knows that!! The goddamn managers of this company know so very well that they were warned not to keep trying to sell shit to people that they didn’t want but now they’re back at their old games again. It won’t be long until this company is taken over and everyone in the upper management is fired because they are obviously too fucking retarded to run a company!! John Stumpf found out the hard way when he had Elizabeth Warren hand him his ass and now Timothy Sloane is about to have his ass handed to him as well because he too is also very stupid. You don’t see other companies treating their employees the way that Wells Fargo does. Why do you think so many people are quitting there and looking for other work? No one wants to work at that shit hole company. Their reputation has been tarnished, the managers are a bunch of fucking idiots and the executives in upper management are nothing more than a slave driving bastards from hell!!!

I left Wells Fargo in October 2013. I had worked for them for five years in the home mortgage department in Bloomington, MN. The managers of the company were just as evil as Satan him and relentlessly unforgiving as well. I hated working there! When my mom died in December 2011, my loss was never recognize. I never got a sympathy plant because it the ball simply got dropped. Meanwhile, 6 months later, one of my coworkers lost their mother, and wouldn’t you know it, they got a sympathy plant right away. Clearly she was one of the “favorites” in our department so she got acknowledged for her loss but I didn’t for mine. That immediately set me off and I blew a gasket threatening that I was going to file a lawsuit of some kind and draw negative publicity attention to them by going to all of the news departments in the metro area plus invoice CNN if I had to. I hate that fucking company with a passion and wish the company would be shut down because they don’t deserve to be in business anymore!!!

Been with my credit union for 40+ years. love it.

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Seems that many times we seem to look past the root problem of the system itself, profit! I mean after all in this environment who can fault a profit driven capitalist for their criminal practices? A capitalist is, as a capitalist does! Capitalism breeds criminality, so why shouldn’t the thieves profit most?

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You’re absolutely right, and they (the capitalists) continue to prove time and again that they can’t (won’t) regulate themselves because their mantra is profits above all else. I mean they are literally selling the futures of their own offspring for short-term profits. So why the hell would they give a second thought about how their abusive practices negatively effect their customers, especially when more profits are the result? Break them up!