Saturday, August 5, 2017

Wells Fargo: Too Big to be Called a Bank

     Well, here we go again: Wells Fargo, the old horse-drawn freight line out West somewhere that earned its reputation delivering gold nuggets to banks in California and other places, has been slepped again with a sizeable fine.   Not a wall Street-sized fine, but enough to turn a few heads back within the Beltway Merry-Go-Round.   How about $85 millions, to start?   Hmmm.  Must have been something more than the office coffee fund gone astray.   How about 600,000 private retail customers being hit with auto insurance policies they didn't need, didn't know about, and ended up having their vehicles repossessed by the Repo Guy?
     Seems a bit unsavory.  Seems a bit illegal.  Seems a bit wacko.  Seems a bit like a business model from Russya or Belarus or Minsk.  Management says(of course) that it was a rogue unit now brought to heel.   Customers will be made whole.  Ha, ha, ha, ha,ha,ha,ha, ha.  What about the customers credit rating?  How will those ratings be fixed and corrected in their lifetimes?
    The OCC will take care of it.  Oh, but wait,  isn't the OCC run by a recently appointed Wall Streeter?  Hmmmmm.
     Calling Elizabeth Warren.  Please call the OCC on the nearest White Telephone.
Time for Wells Fargo to be broken up into little state supervised piggy banks.
     Updated figures now place the number of customers with considerable damages is 800,000.  No doubt the Board of Directors have additional items on their next agenda. 

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