Wells Fargo: SSDD

[DKW 86 8,097]

https://www.cnbc.com/2022/12/20/wells-fargo-agrees-to-3point7-billion-settlement-with-cfpb-over-consumer-abuses.html

Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses

The worst run entity in the US continues to violate law after law, lie to its customers, cheat its customers, break banking protocols and pays a token fine and continue to do it all over again.
WF wrongfully foreclosed and repossessed on their customers by purposefully mis-applying payments and charging fees and late charges that did not apply. A total of 16M customers were affected, although they all werent repoed or foreclosed on. 

WF has $1.9TN in assets. A fine that amounts to .00195% of their assets isnt even getting their attention. 

In 2016 WF was found to have fraudulently created Millions of fake credit accounts. The scandal was dragged thru the courts and Congress. 

CEO at the time Stumpf lying to Congress

The next CEO Tim Sloan lying to Congress. Warren tells him that the culture wont change at WF unless everyone on the board and at the top of the company is fired. 

THIS IS WELLS FARGO'S BUSINESS MODEL.

Edited December 31, 2022 by DKW 86

[DKW 86 8,097]

You want to know why I have ZERO confidence in DC and Both Parties?

This is it. Both Parties went after WF. Both Parties took the money and ran. This started in 2016, under Obama. 6 Years later, WF is still doing the same or worse to their customers.

[icanthearyou 4,468]

Oh to be one of those "people" who cannot be put in jail.

We the corporations are the American government.  We the corporations have control over society.

Money isn't power,,, it is merely speech. 

The destruction of organized labor and collective bargaining left all of the power in the hands of the capital class.  They quickly bought the political class, even the courts.

Corporate crime pays fines as nothing more than a cost of doing "business". 

We the people are basically nothing more than useful idiots.  We handed our country, and the world, over to the new concept of capitalism, the idea that capital is all that matters.

We the people traded principles, prosperity, privacy for,,, a job.  The more we serve our masters, the more they take for themselves.