How is it that Wells Fargo is still in business?

[msc545]

They stole millions with fraudulent “home warranties.” They stole millions from small businesses with fake credit-card fees. They defrauded 800,000 customers through an insurance scam, and stole 25,000 customers’ cars with illegal repos. They led the pre-2008 pack on mis-selling deceptive mortgages that blew up and triggered the foreclosure epidemic. They loaned vast sums to Trump, who slashed their taxes, and then they fired 26.000 workers and did a $40.6B stock buyback. They stole 525 homes from mortgage borrowers and blamed it on a “computer glitch”:

https://pluralistic.net/2021/09/29/jubilance/#too-big-to-jail

[exitseven]

All the big banks that got bailed out because they were "too big to fail" should have been allowed to fail. The government should stay out if it. Let capitalism sort it out.

[msc545]

AGREED!

[exitseven]

Thanks for the MHO

[OlderAndWiser]

Their corporate headquarters are in San Francisco, so I guess it is the fault of your state's attorney general.

[msc545]

I guess you were quite wrong about that but your bias is showing as usual.

[OlderAndWiser]

" Wells Fargo is organized under the laws of the State of Delaware, and registered as a financial holding company and bank holding company under the Bank Holding Company Act of 1956, as amended. Wells Fargo’s principal executive offices are located at 420 Montgomery Street, San Francisco, California 94163, and its telephone number is 1-866-878-5865."

This is taken from the SEC's website, www.sec.gov/Archives

[msc545]

You were wrong about it somehow being the fault of the attorney general, not the location of the headquarters.

[OlderAndWiser]

Your attorney general COULD prosecute them for fraud. Do you think our Florida Attorney General should initiate the prosecution? Or the Texas Attorney General?

As for my bias, I have not said one word in defense of Wells Fargo.

[msc545]

No, the bias says usual was toward California because in some fashion you believe that California itself was responsible for this. I live here. If the attorney general here should have prosecuted Wells Fargo which is the first I've heard of it then yes I agree with you. He should have. However, that is on him. It's not The fault of the rest of us or of the state itself and it certainly is not a state policy to let companies like Wells Fargo get away with this crap.

[msc545]

As it turns out, Wells Fargo apparently committed federal crimes and they were prosecuted by the consumer financial protection bureau which is a federal agency. I am not exactly sure why that agency prosecuted them as opposed to the California attorney general, but I suspect it might be because their crimes extended to other parts of the US beside California. Am I right about this? You would know.

[OlderAndWiser]

Yes, a federal agency would get involved if there was a violation of federal law or if the violations were being committed interstate.

I didn't blame your state. I said, "so I guess it is the fault of your state's attorney general." And apparently you agree. How about that?

[msc545]

I suspect he had other things to do. How about that instead?

[OlderAndWiser]

So my bias wasn't showing, and you simply read my response too hastily. Okay.

[msc545]

I fail to see how this cancels your bias. If you were truly unbiased, you would have mentioned Attorneys General from a few red states but apparently, in your view they can do no wrong, being red and all...

[OlderAndWiser]

Why would I mention the Attorney General of Texas when Wells Fargo is a California corporation headquartered in San Francisco? The ability to admit a mistake would be an admirable trait.

[msc545]

Did Wells Fargo do business in Texas or Florida?

[msc545]

Here - so you don't have to look:

worldpopulationreview.com/.../wells-fargo-banks-by-state

[OlderAndWiser]

I did not expect such a psychologically primitive response. Have you no pride?

[msc545]

I wasn't expecting such a hostile response.

[msc545]

I had no idea if they did business in those states - I don't travel to either one. I didn't know if you knew either, so when I looked it up, I thought I would pass what I found on to you as a courtesy.

[OlderAndWiser]

No, you simply don't understand how criminal prosecutions of these things work.

[msc545]

No, of course I don't. That is why I ask questions. Sometimes they aren't good questions.

[OlderAndWiser]

And sometimes you respond in a subcortical manner, as you initially did here. If you want to deny it, you will, but denial is not a good look for a psychologist.

[msc545]

What exactly is it that you think "subcortical" means?

[OlderAndWiser]

I know what it means; you are trying to change the subject because you are uncomfortable with my question and comments.

[msc545]

If you actually know what it means - which I suspect you do not - please expound.

[OlderAndWiser]

You certainly want to change the subject, don't you? Very telling. Most intelligent people are willing to admit their mistakes and learn from them.

[jazzy34]

Not to mention, they let a dead employee rot for four days. 😠

[msc545]

No they did not let that happen and they were not aware that the woman was dead. She worked alone at a facility that they insisted she come to from her home, despite the fact that there were none of her co-workers in that facility anymore at all.

[msc545]

I don't like Wells Fargo one bit but this particular incident was not their fault.

[BoopBoopBeep]

I had Wachovia. Wells bought them. I'm too lazy to switch over all 15 credit cards, direct deposits and regular ACH transfer schedules to move to another bank that sucks less. All I can figure is all of their customers are as lazy as I am.

[msc545]

I think there are people that don't really bother to regularly The nuances of their bank accounts and Bank dealings since people generally tend to trust banks or at least they used to. It's easy to become lackadaisical about these things. They never have banked with Wells Fargo but after hearing about the stuff they pulled I've been checking my banking transactions extremely carefully because of the bad example they set. So far no problems but going forward I intend to keep checking.

[msc545]

I hate autocorrect and I hate not being able to add it. That should read. I've never banked with Wells Fargo.

[BoopBoopBeep]

Yeah I have a pretty regular activity there since everything goes on credit cards over the month, so pretty much every statement at WF should look the same. I also have alerts set up to notify me of any charges, any fees, any withdrawals and whatnot immediately, so if something pops off I don't have to wait for the next statement to see it. So far so good... but I trust them like I trust a junkie with my wallet.

[msc545]

That it's very smart of you. I think it will be an extremely long time before any intelligent person trusts them very much at all. They keep sending me all sorts of promotional literature. Trying to get me to open accounts with them and it just isn't going to work at least for me.

[BoopBoopBeep]

Haha at least they're telling you about accounts BEFORE they sign you up for them. They apparently didn't always do that.

[msc545]

No - they really did not. Apparently, they just charged you...

[ProbablyClueless]

I believe the expression was "too big to fail." Those dong smokers managed to convince Washington that they provided critical infrastructure that couldn't be provided by anyone else.

[llorando]

Big banks have politicians from both parties in their back pocket, so instead failing, they get rewarded with a nice government bailout.

[Sevenpointfive]

because no matter what. banks get bailouts by the fed

[NathanDavis]

Wyatt Earp rolling in his grave...

[SugarSugarplum]

ATM fees.