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Bigbank has something like five lobbyists for every member of congress, all throwing around massive amounts of money. Even if Trump wanted to do something (big if), he wouldn't be able to.
That's good, it's what I'm looking for in a candidate
Bigbank has something like five lobbyists for every member of congress, all throwing around massive amounts of money. Even if Trump wanted to do something (big if), he wouldn't be able to.
You seem to still be underestimating trump. First he wouldn't run, then he'd flame out in a couple of weeks, then he'd never break 30, 40, 50% etc, then he'd never beat Hillary, now it's "he won't be able to get anything done." We will see
He isn't going to win, but we are talking what-ifs here.
this niglet has admitted repeatedly bribing politicos to great effect, that's an outsider? That's ball and chain in the system.
I'm not voting Shillary either, BTW, just saying, the outsider meme is hilarious.
When I read the thread le I never imagined we would be talking about a woman. Progress!
As bad as Trump is, Hitler actively developed a plan to exterminate an entire race of people from the face of the Earth. He put German engineering and innovation to work in doing so at an amazingly efficient pace and scale. He wiped them out inside, and outside, his own country's borders as he actively and violently expanded those borders. He managed to persuade or coerce a great many people to assist him in this endeavor.
If Trump is elected with less than 40% of the vote, and then the capital burns down a couple of weeks later, and Trump appoints himself as an autocrat with absolute power, and no one stands in opposition, then we can start talking about similarities.
Until then, take it easy.
I was hoping for a triple-digit IQ. I'm not convinced either candidate could manage that right now.
I call him a Hitler because he's a white nationalist who is always pissed off and yelling in his speeches, it really is like watching Hitler sometimes. And then his talk about silencing the press sounds like him too. But I don't expect Trump to setup camps to exterminate 6 million Muslims if he gets elected.
They're both very smart. It always bugs me when people complain about how stupid politician X or politician Y are. They're not stupid, they're evil.
BigFinance corruption is gender-neutral.
Ex-Wells Fargo Employees Sue; Say Bank Drove Them To ‘Cheat Customers’
Wells Fargo claimed that over 5,300 employees had been fired over the fraud issues, seemingly passing the buck as if something that widespread couldn’t be the result of a company culture. Unsurprisingly, some of those former employees are now suing for wrongful termination.
The $2.6 billion class action lawsuit was filed Thursday in California Superior Court in Los Angeles County by Alexander Polonsky and Brian Zaghi, who were among the 5,300+ fired.
According to the complaint, they “did not meet their impossible quotas” and were singled out “so that all other employees would learn that they must engage in these fraudulent actions in order to meet the unrealistic sales quotes or else lose their jobs.”
District managers allegedly monitored all of their employees closely, stressing the steep quota of a whopping eight Wells Fargo accounts per household.
“Managers often tell employees to do whatever it takes to reach their quotas,” the complaint adds, saying that if you didn’t meet your quotas, you had to stay after hours, working overtime without pay.
They classify it as a “fraudulent scam” designed “to squeeze employees to the breaking point so they would cheat customers.”
The alleged end game? Stock goes up and the CEO gets “hundreds of millions of millions of dollars in his own pocket.”
http://lawnewz.com/high-profile/ex-w...eat-customers/
victims pushed into arbitration:
http://www.nytimes.com/2016/12/06/bu...tion.html?_r=0Ms. Zeleny, a lawyer who lives outside Salt Lake City and opened a Wells Fargo account when she started a new law practice, said it would be impossible for her to agree to arbitrate her dispute over an account that she had never signed up for in the first place.
The bank’s counterargument: The arbitration clauses included in the legitimate contracts customers signed to open bank accounts also cover disputes related to the false ones set up in their names.
Some judges have agreed with this argument, but some lawmakers and others consider it outrageous.
Here’s Another Disgraceful Way Wells Fargo Took Advantage Of Its Customers
Now four former Wells Fargo employees in the Los Angeles region say the bank had another way of chiseling clients: Improperly charging them to extend their promised interest rate when their mortgage paperwork was delayed. The employees say the delays were usually the bank’s fault but that management forced them to blame the customers.
The new allegations could exacerbate the lingering damage to the bank’s reputation from the fic ious accounts scandal. Last week, Wells Fargo reported declining earnings. In the fourth quarter, new credit card applications tumbled 43 percent from a year earlier, while new checking accounts fell 40 percent.
“I believe the damage done to Wells Fargo mortgage customers in this case is much, much more egregious,” than from the sham accounts, a former Wells Fargo loan officer named Frank Chavez wrote in a November letter to Congress that has not previously been made public.
“We are talking about millions of dollars, in just the Los Angeles area alone, which were wrongly paid by borrowers/customers instead of Wells Fargo.”
Chavez, a 10-year Wells Fargo veteran, resigned from his job in the Beverly Hills private mortgage group last April.
Chavez sent his letter to the
(REPUG) Senate banking committee and the
(REPUG) House financial services committee
in November. He never got a reply.
http://www.nationalmemo.com/wells-fa...age-customers/
Wells Fargo Scandal Blocks Severance Pay for Laid-Off Workers
For more than 400 employees recently laid off by Wells Fargo, the aftermath of the bank’s scandal over sham accounts has had an unexpected consequence: The bank is prohibited from paying the severance it owes them.
In mid-November, Wells Fargo’s federal regulator, the Office of the Comptroller of the Currency, imposed additional restrictions on the troubled bank.
The rules, part of which are intended to curb golden parachute packages, limit what payments Wells Fargo is permitted to make to terminated employees without explicit regulatory approval.
Routine severance pay is sometimes exempted from such restrictions, but the federal rules for golden parachute pay are complex, and Wells Fargo’s severance plan is not eligible for the exemption,
https://www.nytimes.com/2017/01/31/b...er=rss&emc=rss
The lady who ran the W-F division which crammed services and accounts, stealing money from customers retired with $100M+ in severance pay, and of course no fault, no jail.
Wells Fargo charged customers for unneeded auto insurance — then repossessed their cars
Wells Fargo & Co. charged hundreds of thousands of auto-loan borrowers for insurance they did not ask for or need, in some cases causing those customers’ cars to be repossessed —
the latest in a long list of bad practices for which the bank is trying to atone.An internal bank investigation spurred by customer complaints found that,
between 2012 and 2017, about 570,000 borrowers may have been wrongly pushed into these auto insurance policies
Wells Fargo plans to give them $80 million in refunds and compensation.
The issue centers on so-called collateral-protection insurance policies, which are similar to auto insurance policies
Most of them — about 490,000 — had their own insurance but were stuck with bank-issued policies as well. They will get refunds totaling $25 million.
In 60,000 other cases, Wells Fargo said it did not follow state notification and disclosure laws. Refunds to those customers will total $39 million.
The bank said some 20,000 customers lost their vehicles because the cost of the unnecessary insurance pushed borrowers into default on their loans.
Those customers will get refunds, plus additional payments to compensate them for the loss of their vehicles.
The compensation will total $16 million, or an average of $800 per customer.
http://www.latimes.com/business/tech...s=mcnewsletter
Your car repossessed illegally, so you get $800!
How is this company still not shut down in backruptcy?
Chinese/British HSBC in USA laundered many $100Ms for drug cartels, and still kept its US banking license. Too Big To Jail.
I heard that 1 in 3 US families have an account with them - including ours. I absolutely hate to support such a sleaze bag company but it's the official bank of UF - has a branch in their student union and ATMs close by - also can be tied to their UF student card so kids can use one card to do everything (vending, meal plan, books, etc). Here's an example of their less than ethical behavior. My son opens a Wells Fargo checking account at Preview (orientation). The next day I deposit $4k into the account. A week later, I check the account - there's a hold on the check for another few days - I question why a local Florida check takes over a week and a half to clear - "it's held because it's a new account" - more likely a way to get insufficient funds when checks are turned back because of the long hold.
not just Wells Fargo. the OCC is covering for the whole industry:
https://www.americanbanker.com/news/...at-other-banksRyan of PwC offered further specifics about what the OCC found, saying that the agency issued a total of 252 Matters Requiring Attention notices to banks whose sales practices under review.
So-called MRAs focus on practices inside a bank that examiners deem to be deficient and lay out corrective actions that banks are expected to take to remedy the situation….
As part of the sales practice review, the OCC also issued five industrywide MRAs, according to Ryan. He declined to disclose what specific issues those missives involve.
But absent a report from the OCC, it is hard to assess what is happening in the banking industry as a whole. Though supervisory information about individual banks is confidential, Art Wilmarth, a law professor at George Washington University, argued that the OCC should release its general findings.
“This is a watchdog that’s not barking,” he said.
Wells Fargo accused of misconduct again
Wells Fargo is once again being accused of misconduct, this time because it allegedly used complex financial investments to take advantage of mom-and-pop investors.
The Securities and Exchange Commission said on Monday that between 2009 and 2013,
Wells Fargo (WFC) reaped large fees by "improperly encouraging" brokerage clients to actively trade high-fee debt products that were intended to be held to maturity.
Wells Fargo Advisors, the bank's brokerage division, agreed to pay a $4 million penalty over its handling of the products, known as market-linked investments. The bank must also return $930,377 of ill-gotten gains — plus $178,064 of interest.
Over the past two years, Wells Fargo has been caught up in
a series of scandals over how the bank treats its account holders, borrowers and employees.
Even though the bond-like investments were designed to be held, the SEC said Wells Fargo pushed its clients to sell them before maturity. The bank then directed its clients to invest the proceeds into new ones.
The SEC criticized Wells Fargo for "misconduct" and said its financial advisers "did not reasonably investigate or understand the significant costs of the recommendations."
Further, the agency said that supervisors at Wells Fargo "routinely approved" these transactions despite internal policies that banned the "flipping" of such complex products.
http://money.cnn.com/2018/06/25/inve...ent/index.html
Judge OKs $480-million settlement with Wells Fargo shareholders over unauthorized-accounts scandal
The deal, granted preliminary approval late Tuesday, would compensate Wells Fargo & Co. shareholders for losses they suffered after the bank in 2016 acknowledged it had created perhaps millions of accounts without customers’ authorization.
Executives continued to tout the practice, the defendants argued, even after it became clear that aggressive sales goals and quotas were “corrupting, rather than reinforcing, Wells Fargo’s
purported corporate values
and cross-selling business model.”
Since October 2016, Wells Fargo shares have climbed 43%, while an index of bank stocks has risen 57%.
http://www.latimes.com/business/la-f...s=mcnewsletter
65 million dollar fine for cross-selling scheme.
at what point is it legally determinable that fraud is Wells Fargo's business model?
https://www.reuters.com/article/us-w...-idUSKCN1MW2HM
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