and I used to think Merrill Lynch were a bunch of crooks.
BTW, how come the top management of Wells Fargo haven't been put in jail yet?
While scapegoat auditor KPMG keeps getting the good ole boy contract since 1937 at $1M a week? “Top management was well informed of the sales issue.” While they lined their pockets with millions. What a crock.
The government knows just what it’s doing. Let Wells Fargo screw the customer for years, then take a rake off the top.
Citizens get screwed again!
The joint action is the most significant move by federal banking regulators under the Trump administration. It is also the consumer bureau’s first enforcement measure since President Trump appointed Mick Mulvaney, the White House budget director and a longtime critic of the bureau, as interim director in November.
1. I would prefer the COMPANY OFFICIALS be PROSECUTED (if laws were broken and the law is transparent and not merely a matter of “regulators interpretation) rather than extracting working capital from companies; and if any customers be defrauded of money, those customers actually defrauded be compensated by the company. Merely in affect shaking down the stock holders of a company for $1 billion does not seem like true “justice” for anyone.
2. I would actually prefer that no such settlements be allowed. The government should have to prove its case in court, before a judge, with all the protections afforded a defendant provided, and with federal law changed to require “loser pays” (the other party’s court costs) and loser allowed to be the government as well, if that’s the case.
3. Instead we have laws that are not transparent and the DOJ in affect manufacturing law by way of “settlements” that establish legal and illegal behavior going forward, with all in that industry taking notice and modifying their behavior lest they get hung on the same “law” (actually the terms of the settlement) that the executive branch has just authored, judged and prosecuted all by itself.
Glad to hear they were able to buy off the regulaters instead of giving the money to the folks they stole it from. There are now more banks than grocery stores in my tiny town.. now I see why. Regulatory collusion.
Too big to fail? From *2009*:
Following The Bailout Money To Wells Fargo
By Sharyl Attkisson CBS February 9, 2009, 6:26 PM
https://www.cbsnews.com/news/following-the-bailout-money-to-wells-fargo/
I had always thought that B of A was the most corrupt institution, until my mortgage was sold to Hell Fargo.
Who suffers as a result of this payment? Corporations, including banks, have no money. They have stockholders. It’s the stockholders who pay when the value of their investment in the corporation goes down.
You’d think the stockholders would be up in arms about this.
Article source is a tabloid of lies. First off, if cars are repossessed, you can bet, most were legitimate. Banks don’t make money off repos, the deadbeats, moochers, and unqualified loan applicants are often tied to race. Regs and lawyers have forced banks to make bad loans based on race since the housing market collapsed a decade ago. This was once part of Obama’s race hustle that forced lending agencies to make loans to unqualified minorities that they knew would fail. I’m not buying anything the NYTimes markets as truth.
So who REALLY gets the money?
Yeah. 33% of which went to the law firms involved. What’s that? 330 million dollars that can be funneled to demonicRAT campaigns this year?