Skip to comments.Why Does Wells Fargo Still Exist? (The bank isn't just "too big to fail." It's too big to fix.)
Posted on 08/25/2018 2:17:54 PM PDT by Ultra Sonic 007
Wells Fargo executives know that everyone hates them. In the last two years, the bank has launched three separate marketing campaigns hoping to clean up its public image, only to see each effort thwarted by fresh, catastrophic scandals ― like wrongly repossessing 27,000 cars and foreclosing on 400 families for no reason.
The banks latest quarterly filing with the Securities and Exchange Commission dedicates more than 2,000 words to Additional Efforts To Rebuild Trust, listing automobile lending, mortgage interest rate lock extensions, consumer deposit account freezing/closing, certain activities within wealth and investment management, foreign exchange business, fiduciary and custody account fee calculations, mortgage loan modifications, and add-on products as areas where the company may have been improperly seizing large sums of money that belong to other people. That section is followed by over 4,250 words on major legal liabilities the bank is currently facing.
Wells Fargo is even scamming rich people now, according to recent Yahoo Finance reporting, by intentionally steering high-net-worth clients into unnecessary products with high fees.
To any reasonable person, Wells Fargo is a rolling disaster ― a ripoff, wrapped in a swindle, inside a bank. And yet to a Wall Street investor, Wells Fargo looks like a pretty good bet. The bank has reported a combined $39.1 billion in profit since the final quarter of 2016. The Federal Reserve recently approved a 10 percent increase in the quarterly dividend the bank pays to its shareholders, allowing those profits to be converted into straight cash for its owners.
Wells Fargos very existence, not to mention its continued profitability, is an indictment of two decades of embarrassing regulatory oversight from four separate administrations...
(Excerpt) Read more at huffingtonpost.com ...
The only bank worse than Wells Fargo is every other one.
I remember reading that WF didn’t have nearly as much involvement in the prime mortgage fiasco and I was impressed. But I’ve come to realize that while all of the other banks made billions WF sat out not because they saw the coming disaster but because they were incompetent.
hP wants every corporation to fail and give their products away for free
I have never had reason to think about Wells Fargo. Never done business with them.
I did have vague recollection of something unsavory from a few years ago, but this was buried back in my mind. Why would I care?
And then a few days ago I heard a radio ad for Wells Fargo which basically said, “We’ve reinvented ourselves. We’re not as sleazy as we used to be. We know we abused your trust and stole your money, but that won’t happen again. Really. Trust us.”
And I thought: “Stay the hell away from those guys!”
Bank of America is a LOT worse than Wells Fargo. I can name a dozen banks which are a LOT better without breaking a sweat. BB&T is one.
Wells Fargo has ALWAYS been one of those companies that preys on people. I liken them to ... title loan companies. They really, really suck. And I’m SURE that Obama got a payoff that allowed them to survive the 2009 debacle.
“Wells Fargo is even scamming rich people now, according to recent Yahoo Finance reporting, by intentionally steering high-net-worth clients into unnecessary products with high fees.”
Pretty much what every bank does. Rich people generally know better. That’s why they’re rich. Caveat emptor, baby.
I remember Dennis Miller saying, on his radio show, that he was having problems with BOA, and he fled to WF.
Reminds me of that Facebook ad that came out after the Congressional hearing with whatshisname, the FB CEO (Chairman?).
I wonder if the same PR firm did both ads?
And HuffPost’s ideological biases somehow excuse Wells Fargo’s fraud?
Instead of fines, there should have been jail time. Heck, their charter could justifiably be revoked.
I don’t know WF has helped me out massively no problems at all. Now BOA I Ieft them to go the WF
My point is, Wells Fargo sucks. So do all the others.
WF bought the bank that I was using in ‘88. Been with WF since then. Been two or three instances where I needed temporary help and they were there. Can’t say anything bad about ‘em. And yes I’m aware of all the scandals and WF ads trying to remake their image.
One wonders why Huffington Post came out with an article slamming Wells. Perhaps Wells stiffed some liberal cause? Or maybe Huffington Post just smells blood in the water.
They ripped us off several years ago, retracted a promise they made about returning funds. I then pulled every penny from my accounts and went across the road and opened up an account at the local competing credit union.
WF still owes me over 12K.
You beat me to the punch with:
“The only bank worse than Wells Fargo is every other one.”
I know it would be at great expense for Jim, but it would be great if we had a button for “Like” on a post.
Whenever Wells Fargo is mentioned, a certain song from The Music Man pops into my head.
If Huffpo says Wells Fargo is bad, that’s all the evidence I need that they are not.
The Left has been out to smear Wells Fargo ever since Wells Fargo broke with Bank of America and Citibank in acting as surrogate gun grabbers. Wells Fargo said they weren’t going to do that and instead were going to focus on - make sure you are sitting down before reading this - banking rather than pushing a political agenda.
When Bank of America came out in support of Gun Grabbing, I closed my accounts of more than 10 years and went to Wells Fargo which does not support gun grabbing.
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