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.
Worth repeating. I am still trying to close out my account at Citi.
As someone who actually works at Wells Fargo (albeit in an entirely separate line of business from consumer banking and auto lending), all of the fraud that WF has engaged in blows back on everyone.
Just earlier this week, a bunch of people at our site (and others) got laid off. Why? To cut costs. Why did they need to cut costs? Because the customer volume for our particular line of business hasn’t been where it was forecast for this year.
This wasn’t mentioned in the ‘call’, but EVERYONE knows the real reason why volume hasn’t been where it is: Wells Fargo’s reputation has taken a dumpster dive, because of all these incidents of fraud and all the fines we keep hearing about in the news. And because of that, people who had nothing to do with it get impacted.
We’re talking about people who, in many cases, have been with the company for years. Many for more than 10, quite a few for more than 20, and at least one for 30. Yet they had the gall to talk about increasing customer loyalty when employee loyalty was all but cast aside.
Did I laud Wells Fargo for not bowing to the gun-grabbers? Yes. That doesn’t excuse their fraud. (And on other social issues, they’re BIG on ‘diversity’, aka catering to the LGBT crowd.)
As far as I’m concerned, Wells Fargo’s charter should be revoked, its assets bought out by local firms, and some of the executives should see jail time. Maybe then you’ll see REAL reform in the financial industry, when the threat of actual jail time - instead of mere ‘fines’ that get passed along to the customer anyway - is actually legitimate.
And while we’re on the subject of pipe dreams, I’d like for Glass-Steagal and Riegle-Neal to be repealed as well.