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Wells Fargo to pay $3.7B for mistreating customers

finance.yahoo.com

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Re: Wells Fargo to pay $3.7B for mistreating customers

#421

Post by refurb »

Eisenstein wrote: post #418
refurb wrote: post #356

Earlier quoted context omitted.

> This is exactly his point. If he can't make it with what he has going for him, who can? Presumably they are living in a HCOL area, so definitely not indicative of life in America in general. I know a few folks who live in the mid-west (typically derided as "fly over country") who have blue collar jobs making $70,000 who bought a house in their twenties. You're not going to get too much sympathy from them when you'r…

> You're not going to get too much sympathy from them Why not? That someone makes much more than someone else and endures a higher cost of living does not establish anything other than that the people who work those kinds of jobs want to live in those kinds of places (or the companies want to be there but it is hard to disentangle the two). Lack of sympathy because someone is in a different situation seems somewhat c…

> Because they are different does not mean they are less impactful to quality of life.

No, sorry.

Both might be "struggling", but there is a massive difference between "I make $500,000 per year and can't buy a $3M home" and "I make $60,000 per year and can't afford a $300,000 home."

The person making $500,000 per year in another stratosphere of economic wealth that someone who makes $60,000 can't even fathom.

It's like someone who makes $1M per year complaining they can't afford a private jet. Sure, they are experiencing an "impact to their quality of life", but no, it's nowhere close to the same situation, hence they get no sympathy from people who have actual financial difficulties.

Re: Wells Fargo to pay $3.7B for mistreating customers

#422

Post by selfmodruntime »

Godel_unicode wrote: post #412
sweezyjeezy wrote: post #411

Earlier quoted context omitted.

Student loans though...

State schools, not living on campus, and community college though. You are going to college to learn, not to party, right?

Okay. You now have a harder time at being accepted at the highest paying companies because you didn't graduate from a select few universities. Hell, in law, most companies where you can really earn a good wage don't even hire outside of harvard.

Re: Wells Fargo to pay $3.7B for mistreating customers

#423

Post by selfmodruntime »

esoterica wrote: post #347
sizzle wrote: post #139

Earlier quoted context omitted.

I can’t even afford a home right now on a tech salary with sky high rent paying off my landlords 2% refi’d mortgage and student loans making it impossible at 6-7% fed interest rate hikes and inflated home prices after the insane COVID housing price bubble increase. I feel like life won’t start for another 5+ years for people like me, unless we gamble on being underwater on an inflated mortgage entering at the peak of…

Why do you think your life won't start until you buy a house? It's psychotic how much psychological weight people put on homeownership.

No, it's psychotic that you think one should learn to live with the fact that half of their wage vanishes into a black hole at the end of the month, without any value to show for it.

Re: Wells Fargo to pay $3.7B for mistreating customers

#424

Post by selfmodruntime »

FollowingTheDao wrote: post #257
azemetre wrote: post #120

Earlier quoted context omitted.

I'm sorry but if one thing America should have learned over the last six years is that the two parties are nothing alike, equating them as the same and making a poor faith effort that voting is useless is extremely moronic.

The parties are different in all the ways that don’t matter.

This is an insane statement. Abortion rights do matter. Voting for veterans and 9/11 firefighters to get healthcare matters. Restricting voting right matters [0]. Not giving in to radical christians (as a christian myself) matters.

[0]https://www.reddit.com/r/politics/comments/2pwhvt/the_differ...

Re: Wells Fargo to pay $3.7B for mistreating customers

#425

Post by Eisenstein »

refurb wrote: post #421
Eisenstein wrote: post #418

Earlier quoted context omitted.

> You're not going to get too much sympathy from them Why not? That someone makes much more than someone else and endures a higher cost of living does not establish anything other than that the people who work those kinds of jobs want to live in those kinds of places (or the companies want to be there but it is hard to disentangle the two). Lack of sympathy because someone is in a different situation seems somewhat c…

> Because they are different does not mean they are less impactful to quality of life. No, sorry. Both might be "struggling", but there is a massive difference between "I make $500,000 per year and can't buy a $3M home" and "I make $60,000 per year and can't afford a $300,000 home." The person making $500,000 per year in another stratosphere of economic wealth that someone who makes $60,000 can't even fathom. It's li…

Comparing a home to a private jet is not valid. Of course life in HCOL areas is 'better', that is one reason why they are so expensive, but to compare someone who cannot afford a home in the city they work in with a millionaire ($500K/year is kind of ridiculous, I think $100 - 300K is more realistic) is not fair. Please open your mind a bit more and consider that treating people without sympathy tends to get you no sympathy in return, and I would wager mid-westerner's could use some as well.

Re: Wells Fargo to pay $3.7B for mistreating customers

#426

Post by FollowingTheDao »

selfmodruntime wrote: post #424
FollowingTheDao wrote: post #257

Earlier quoted context omitted.

The parties are different in all the ways that don’t matter.

This is an insane statement. Abortion rights do matter. Voting for veterans and 9/11 firefighters to get healthcare matters. Restricting voting right matters [0]. Not giving in to radical christians (as a christian myself) matters. [0] https://www.reddit.com/r/politics/comments/2pwhvt/the_differ...

Don’t you see the game they’re playing with you? All those things listed in the thread they haven’t passed. It’s not because one party wants it any other party doesn’t. It’s because they both don’t want them and they play the game of “we don’t have enough votes“. It’s like how Obama could’ve codified roe versus wade in the law, but never did.

Re: Wells Fargo to pay $3.7B for mistreating customers

#427

Post by snake_doc »

bob1029 wrote: post #177
runako wrote: post #150

Wells Fargo is the worst repeat offender in American consumer financial services. There should be serious discussions around withdrawing their banking license. It's incredibly difficult to get a banking license in this country, and it does not serve the public good to have this predatory institution operating under the aegis of the American government. Pull their license, let some new entrants into the market.

I agree their charter should effectively be revoked at this point. A de novo bank (i.e. being granted a new charter) is a near impossibility in the US. Something this difficult to obtain should be just as easy to lose. Unfortunately, the FDIC can't just waltz in and shut down the whole damn bank without causing a nation-wide panic attack. Similar to failed banks, something like this would need to be dealt with using…

De novo banks open all the time. 13 new de novo started business in 2022 [1]

New management is important, and in this case Wells Fargo has had 4 CEOs since the scandal, and multiple board chairpersons. There has been significant turnover on its board and executive team. [2]

[1] https://www.spglobal.com/marketintelligence/en/news-insights...

[2] https://www.reuters.com/business/finance/wells-fargos-long-r...

Re: Wells Fargo to pay $3.7B for mistreating customers

#428

Post by bumby »

hnfong wrote: post #404
bumby wrote: post #108

Earlier quoted context omitted.

I agree that they main point of ethics is providing a decision framework in the grey areas (if they were clear-cut, there would be no discussion). But that seems off-place here. It leads to the question about "when is it okay to steal?" There's an obvious "defense of necessity", but that doesn't stop at stealing someone's means to a living. If it's legal to steal food in a disaster, it doesn't matter if that food com…

> It leads to the question about "when is it okay to steal?" There are certainly situations where it is _morally_ OK to steal. You're confusing the question with when it is _legal_ to steal, which by definition there is none. > If it's legal to steal food in a disaster See above. > The colloquialism described seems like one of those heuristics that feels true at first glance but quickly breaks down on further inspect…

The OP is making a moral case, not a case that it's legal to steal as long as it's not someone's vehicle or tools.

>which by definition there is none.

This is not true, if you consider stealing to be theft of property. See my comment below, where it is not illegal to steal in times of necessity. Legally, you are allowed to takes someone else's property to protect life or seriously bodily harm. This is because we recognize a hierarchy of legal rights. If you consider stealing to be whatever the law says is a crime of theft of property, then it's a begs-the-question fallacy.

>Slippery slope?

No. This is quite literally what ethicists do. The point of finding use-cases where a maxim breaks down is to find the limits of an ethical framework and to determine the first principles. E.g., if you say it's illegal to steal, full-stop, and I show you an instance where it is not illegal to take someone's property, it is a demonstration that your first principle is incorrect.

Re: Wells Fargo to pay $3.7B for mistreating customers

#430

Post by toomuchtodo »

aprdm wrote: post #363
toomuchtodo wrote: post #263

Earlier quoted context omitted.

I’m leaving for Western Europe, all of the tools I need for advocacy and accountability work just fine from over there (laptop and mobile device are all that is required). I’m unable to run for office, I am not an ideal candidate for various reasons. I want the country improved long term, but am unwilling to suffer in the short term because of, for lack of a better words, the malevolent and troglodytes. In the case o…

What's your opinion on Canada jurisdiction ?

Solid jurisdiction to consider but too cold for my tastes and parts are expensive. If you can afford Vancouver or Toronto, or don’t mind living in Calgary or Montreal (one of my favorite places on Earth when warm, also the safest city in North America) instead, it’s a fine place to expat to while remaining close to US soil.
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