WF needs to go away. They pretend to be good and do good, and they just can't help but scam everyone.
Wells Fargo to pay $3.7B for mistreating customers
81–90 of 465 posts
Re: Wells Fargo to pay $3.7B for mistreating customers
#82Earlier quoted context omitted.
The other banks are better at not getting caught. Wells Fargo has more scrutiny too, because of some previous times they got caught. BofA or Citi or Chase are no different, they are just better at getting away with it.
The last time they had a big-ticket punishment [0] for their psychotic corporate behavior, it was because they had created millions of fraudulent accounts. There is no way to keep that quiet or "get away with it," they just assumed they would not be meaningfully punished. What you've posted is completely wrong, but it's the answer to a question I had, which was why the fuck does anyone still bank with Wells Fargo? Th…
In the previous case, the company was fined $185Million. The CEO was personally fined $20M in a later lawsuits.
The former CEO's total compensation was > $130M. That sounds much more like a cost of doing business, and a great risk. Heck, fines are classified as an expense for taxes.
Re: Wells Fargo to pay $3.7B for mistreating customers
#83I 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…
I agree, but why do we need to make it 50+ hours? What if they only worked 35 hours a week with horrible shifts at different times and no consistency at a non-physically demanding job? Work is still work unless you’re living your passion, the mainstream outside of tech work to put food on the table and they put up with a lot compared to the worst days we have in tech. Anyway just frustrated lately with this idea you have to work 60 or 80 hours a week instead of strategically.
Re: Wells Fargo to pay $3.7B for mistreating customers
#84I 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 just watched a younger man bring his elderly and handicapped father into a Planet Fitness to take a shower because they were both homeless.
I am homeless as well.
That fine should all go to ending homlessness. And if you vote for the D or R you are voting for the same party; the O Party, as in Oligarchs.
Re: Wells Fargo to pay $3.7B for mistreating customers
#85Yet they can STILL operate as a bank I cannot get a loan because I have outstanding medical debt?????
(looking for my pitchfork...)
Re: Wells Fargo to pay $3.7B for mistreating customers
#86That's awesome that WF is paying $3.7B. Unfortunately the victims will likely never see any of that. That money will just go into the treasury.
I would personally like to see the CPFB have the power to sue banks on behalf of customers to get financial redress. This money needs to get back to the people who suffered the most.
Hell, paying only $3.7B with a pinky promise you won't do it again would still be profitable if you made $5B on the scheme.
Re: Wells Fargo to pay $3.7B for mistreating customers
#87My 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.
A hierarchy of things to steal is a weird father-son lesson I must say.
There are greater sins: we have a military, you know. Raising a child means teaching nuance in ethics. I've had similar conversations with my kid, arising from questions like "why do robbers exist?" "Why are some people homeless?" "Why do murderers exist?"
Ethics is full of gray areas, and refusing to engage in hard conversations increases the risk that your kid will make the wrong call if they ever find themselves in a shitty situation.
Re: Wells Fargo to pay $3.7B for mistreating customers
#88My 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.
A hierarchy of things to steal is a weird father-son lesson I must say.
Not really. It was probably a father telling his son, "I got you. Someone steals my means of taking care of you, don't be surprised I go stomp some ass."
Re: Wells Fargo to pay $3.7B for mistreating customers
#89Earlier quoted context omitted.
The last time they had a big-ticket punishment [0] for their psychotic corporate behavior, it was because they had created millions of fraudulent accounts. There is no way to keep that quiet or "get away with it," they just assumed they would not be meaningfully punished. What you've posted is completely wrong, but it's the answer to a question I had, which was why the fuck does anyone still bank with Wells Fargo? Th…
In the previous case, the company was fined $185Million. The CEO was personally fined $20M in a later lawsuits. The former CEO's total compensation was > $130M. That sounds much more like a cost of doing business, and a great risk. Heck, fines are classified as an expense for taxes.
I agree that management wasn't taking the punishment seriously, but the CFPB's fine was just part of what the company suffered. I'm pretty sure they've been attacked via pretty much every means of civil or criminal enforcement there is, deservedly so.
Nothing that should keep you from banking with them, mind you... ahem.
Re: Wells Fargo to pay $3.7B for mistreating customers
#90Earlier quoted context omitted.
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 s…
I agree 100%; what can a layman like me do to fix it?
You’re not going to like my answer. I don’t like my answer. It’s never ending work.
Always vote, run for office if you can, and/or become and stay engaged as a citizen activist. See something? Report it to regulators. Think something’s up? Go digging. Engage with other folks who are doing the same and provide logistical support if able to.
I spend thousands of dollars a year on FOIA fees and attorney opinion and correspondence costs, but I have the means and the time. Overarching thesis is “Find someone to help and help them.” -DeviantOllam [1] of “Lawyer. Passport. Locksmith. Gun.” Saintcon talk fame [2].