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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

#111

Post by johnny_b_g »

_skel wrote: post #36
Analemma_ wrote: post #10

Earlier quoted context omitted.

Example number ten thousand of why the "vote with your dollars and don't do business with them" defense of capitalism fails completely in practice.

> Example number ten thousand of why the "vote with your dollars and don't do business with them" defense of capitalism fails completely in practice. Example number ten thousand of how everything bad is blamed on "capitalism." It's a lazy, shallow, knee-jerk reaction that is plaguing this site and ought to be forbidden by the guidelines. When you apply for a mortgage you are informed in advance that it might be sold.…

> "When you apply for a mortgage you are informed in advance that it might be sold. In fact, when I got mine I was told it would be sold. This information is given to every applicant as a legal requirement and people who don't like it don't need to go through with the application."

Ah yes, the good ol' American practice of victim blaming: "Well, we specifically told you we'd screw you over; look, it's in paragraph 151, subsection 15, article G of the document you signed as we hovered over you impatiently that time you came in when we didn't tell you we were closing 10 mins after that appointment we setup the day before the deadline to sign... so it's really YOUR fault!"

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

#112

Post by bombcar »

feet wrote: post #67
mrtksn wrote: post #58

Earlier quoted context omitted.

I have a question, do people really protest in designated areas in the US? I know sometimes there are riots but from what I can see on the media it looks like people gather somewhere close to the subject and chant and wave banners. I find it strange because in Europe the norm is to disturb the daily life. Farmers spray policemen with milk, train operators stop working, the younger and more anarchist ones burn cars an…

In the US I bet any farmer who sprays police with milk would be instantly shot

Considering the inability of US police to successfully shoot farmers who spray police with bullets I think your bet might fail.

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

#113

Post by Arrath »

bushbaba wrote: post #94
Tempest1981 wrote: post #23

So what's the least-evil bank that has a network of cash machines everywhere? (Yes, still need cash for certain things) Edit: also with a non-buggy mobile app? My credit union has the worst app. They don't seem capable of improving it... probably outsourced.

Bank of America. That is if you have 20k+ of funds with them to get their preferred rewards. https://promotions.bankofamerica.com/preferredrewards/en

https://abcnews.go.com/blogs/politics/2011/11/feds-bank-of-a...

I'd hardly call BofA a good group.

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

#114

Post by klyrs »

googlryas wrote: post #100
klyrs wrote: post #87

Earlier quoted context omitted.

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 i…

You can teach these lessons without engaging in an explicit discussion of "If you're going to steal, steal X and not Y". Just the intersection of "stealing is very bad unless absolutely necessary" and "some things are more important to people than other things" seems good enough to understand this. I've never stolen anything, except for a few hearts, and was taught to never steal, and yet I can somehow piece together…

Teach kids to connect the dots. But on the important stuff, connect the dots. Repetition is also important, and jarring imagery is a memory aid.

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

#115

Post by willcipriano »

googlryas wrote: post #100
klyrs wrote: post #87

Earlier quoted context omitted.

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 i…

You can teach these lessons without engaging in an explicit discussion of "If you're going to steal, steal X and not Y". Just the intersection of "stealing is very bad unless absolutely necessary" and "some things are more important to people than other things" seems good enough to understand this. I've never stolen anything, except for a few hearts, and was taught to never steal, and yet I can somehow piece together…

First off so far I haven't had need to steal something so it hasn't come up in the literal sense. But I have found wisdom in the general principle there. Let's say we are playing cards and I'm winning, I'd walk away rather than let you put the deed to your house on the table. Sometimes in life you may need to hurt someone, before you do think about everyone else who is going to be hurt as well and make sure it's worth it.

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

#116

Post by bb88 »

nequo wrote: post #97
bb88 wrote: post #86

That'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…

> That money will just go into the treasury. My reading of the article is different. This reads as though $2bn of the $3.7bn was to go directly to the consumers whom Wells Fargo harmed: a $3.7 billion settlement with federal regulators, including a record $1.7 billion fine [...] The agreement with the Consumer Financial Protection Bureau includes more than $2 billion in “redress to consumers” [...] The CFPB is orderi…

And that will be pennies on the dollar for what consumers lost. There should be 1:1 redress + damages. Not just "refunds".

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

#117

Post by johnfn »

droopyEyelids wrote: post #92
mbg721 wrote: post #31

Earlier quoted context omitted.

I agree 100%; what can a layman like me do to fix it?

I don't know if this is what you intend, but it sounds like you're baiting an answer about vigilante style "justice" to the executives/board members of these misbehaving corporations. That would be counterproductive and probably only cause them to treat us with less empathy than they do already.

I'm not advocating for "vigilante justice" either, but if that's the clearest / first thought you have when someone authentically asks "what can I do," that's probably a problem :P

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

#118

Post by bombcar »

googlryas wrote: post #56
willcipriano wrote: post #13

My 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.

It's probably more along the lines of "never mess with a man's means of providing for his family, because that will be when you push him so far he has nothing left to lose."

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

#119

Post by calibas »

Some good reading on Wells Fargo: https://www.theroot.com/ghetto-loans-for-mud-people-17908695...

And a little story from my own experience. I was completely broke, and they slapped me with a big fine for not having enough money in my account. Then the teller smugly explained that I should be thankful because they could have fined me even more if they wanted to... I closed my account at that point.

And for people who don't know what it's like being poor, here's an article on how expensive it actually is: https://finmasters.com/cost-of-being-poor/

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

#120

Post by azemetre »

FollowingTheDao wrote: post #84
mbg721 wrote: post #12

Earlier quoted context omitted.

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.

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.
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