I don't understand why anyone still does business with Wells Fargo.
I refuse to ever use their products, after their numerous scandals.
Wells Fargo to pay $3.7B for mistreating customers
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Re: Wells Fargo to pay $3.7B for mistreating customers
#12I feel so much cognitive dissonance realizing that there are hard working people literally losing their home and shelter wrongly while I might be sitting across from them at any time, expecting them to behave within normal social boundaries. Imagine a family with a new born, working 50+ hours at a physically demanding job, making $80k/yr combined, and then losing their home for no reason... and then being expected to…
The fact that people experience this and then somehow don't say "burn it all down" is miraculous.
Re: Wells Fargo to pay $3.7B for mistreating customers
#13My father taught me that if you are going to steal from someone you never steal his tools or his vehicle, because those are the means he uses to make a living and you dont want to be responsible for his kids going hungry. Given this history of Wells Fargo this isn't a one off accident. It's often said but people really need to go to prison for this, not club fed either, send them to be with the other carjackers.
Re: Wells Fargo to pay $3.7B for mistreating customers
#14I don't understand why anyone still does business with Wells Fargo.
They also buy loans, sometimes you just end up with them.
Re: Wells Fargo to pay $3.7B for mistreating customers
#15WIth two massive scandals within 5 years I think this bank should be broken up as part of its punishment. It's clearly too big to run an honest consumer safe business.
It's assets should be liquided. Shareholders should be given exactly nothing. Let people consider that when choosing who to do business with.
Re: Wells Fargo to pay $3.7B for mistreating customers
#16I feel so much cognitive dissonance realizing that there are hard working people literally losing their home and shelter wrongly while I might be sitting across from them at any time, expecting them to behave within normal social boundaries. Imagine a family with a new born, working 50+ hours at a physically demanding job, making $80k/yr combined, and then losing their home for no reason... and then being expected to…
The fact that people experience this and then somehow don't say "burn it all down" is miraculous.
I was unable to obtain a government backed mortgage for a decade because LexisNexis Risk Solutions was reporting a judgement inaccurately on my risk profile that they would not remove until I had a lawyer file suit against them and notified the CFPB. I received a $600 check as part of a $21M class action settlement [1]. I was lucky, and had the means to obtain creative financing (non-QM) when needed. Others are not so lucky.
I share this story because once you have experienced something like this, it is totally understandable why people want to burn parts of the system down. Sometimes, they’re not wrong. There is a special place in hell for the people behind these corporate transgressions, who seemingly never face sufficient punishment for the harm they cause.
Re: Wells Fargo to pay $3.7B for mistreating customers
#17Why is it -always- Wells Fargo. There are thousands of banks out there, and Wells Fargo is not even close to being the biggest. But why are they in the news every year for some illegal dealings? It feels like they should be broken up or something at this point.
Re: Wells Fargo to pay $3.7B for mistreating customers
#18Why is it -always- Wells Fargo. There are thousands of banks out there, and Wells Fargo is not even close to being the biggest. But why are they in the news every year for some illegal dealings? It feels like they should be broken up or something at this point.
Leadership (or lack of).
Re: Wells Fargo to pay $3.7B for mistreating customers
#19WIth two massive scandals within 5 years I think this bank should be broken up as part of its punishment. It's clearly too big to run an honest consumer safe business.
> WIth two massive scandals...
Oh, honey
Re: Wells Fargo to pay $3.7B for mistreating customers
#20WIth two massive scandals within 5 years I think this bank should be broken up as part of its punishment. It's clearly too big to run an honest consumer safe business.
What about the 268,000 employees who work at Wells Fargo, 99% of whom had nothing to do with this?
Most of those employees are just normal people trying to make a living, and it would be wrong to screw them because their bosses, who they never met or had anything to do with, did something wrong.
Shutting down a company is the nuclear option -- it hurts many people who did nothing wrong, including most of the employees and the shareholders. It is not justice.