Is Wells Fargo "a criminal enterprise"?

Discussion in 'Off-Topic' started by nsaspook, Sep 30, 2016.

  1. nsaspook

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  2. jpanhalt

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    Yes, WF is slime.

    Long-story short, it tried to foreclose for delinquency on a mortgage I never had. Its lawyers filed an affidavit that was utterly false -- I never had a mortgage with WF and had a receipt for my check to it in the full amount shown on the closing statement. Trouble is, even when you are right, suing WF is extremely costly and the costs are most likely not recoverable.

    If you or I filed such a false claim in a court, we would be in deep trouble. WF is untouchable and acts like it. What is going on in Congress is just show. Nothing will happen to its CEO.

    Edit: Clarification for Post#3 (below): The last sentence refers to a criminal conviction. The BOD may effect changes, e.g., firing.
     
    Last edited: Sep 30, 2016
  3. GopherT

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    I'm willing to take a bet against that statement.
     
  4. tcmtech

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    Not any less than the Student Loan banking system. :rolleyes:

    Okay, maybe they're not deliberately criminal in intent but more criminally stupid/inept in how they handle their account info and general operations. :mad:

    On the plus side s my local bank loan management department has told me on several occasions now they have been so overwhelmingly bad at it for so long that most regular banks don't even take what the student loan banking systems say about a person on their credit history serious any more.
    I know my credit card credit scoring reports doesn't either. It lists them as old closed accounts. :p

    I still get letters from the student loans bank system collections dept saying I owe $10 - 15K (yea they can't even keep that number straight from on letter to the next) every few months for my old accounts that were paid in full years ago that have the paperwork to prove it. :oops:
     
  5. jpanhalt

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    That was a debacle in its own right in 2008 and involved all of the big players.* UBS was a leader of the pack and faced criminal indictments in MA and NY. The indictments and evidence were posted on the Internet by the respective AG's. It was a real eyeopener about how seedy the operations were, and the evidence was overwhelming. UBS quickly settled out of court and made the small investors almost whole, as did many of the other investment banks. I am not sure of how WF settled, as my money was with UBS. I was in good company, though. TI had a few billion more than me with UBS, as did Bank of Canada. Not sure what happened to the big guys (i.e., Institutional accounts).

    It is not surprising the mess continues for those who had loans.

    John

    *If interested, look up Auction Rate Securities and Student Loan ARS. Here's a Wikipedia summary: https://en.wikipedia.org/wiki/Auction_rate_security
     
  6. wayneh

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    WF has given Clinton over a quarter million, so it'll be interesting to see what kind of insurance that buys them.
     
  7. GopherT

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    It seems like WF didn't spread the money to all members of Congress - he has not been treated like he gave each of them a quarter million. Also, $250,000 doesn't buy the loyalty it used to buy and, money is kind of a relative thing - she may be felling "under-compensated" when she realizes that the WF board is withholding $41,000,000 of Stumpf's pay. Notice how many fewer zeros are in $250,000 vs. 41,000,000?
     
  8. nsaspook

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    I have a Wells Fargo (it started as a First Interstate Bancorp account many moons ago) account that's only used for a federal deposit every month. I've never had a problem with them but I handle all my regular banking duties at a CU.

    Those were the days when the 'Bank Heist' was the stuff of movies instead of congressional investigations on banks.
    http://articles.latimes.com/2009/dec/27/local/la-me-then27-2009dec27
     
    Last edited: Sep 30, 2016
  9. dannyf

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    the answer depends on how you define "criminal enterprise".
     
  10. JoeJester

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    Some can define the U.S. legislature branch as a criminal enterprise.
     
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  11. GopherT

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    Seems like a lot of work and risk for 6 guys for less than $50k payout each.
     
  12. tcmtech

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    Yea considering HP would probably toss anything less than that in the trash so as to not have to deal with driving all the way to the bank to deposit it. :p
     
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  13. GopherT

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    Now, now. She was accused of being an Elitist for saying that. Now that you blast her, we have to accuse you of being, well, um...
    let me look of the antonym of "elitist"....umm...
    ...well, here are the results. They only have the opposite of ELITE, so here is the best they have...

    In the same line of our accusations of elitism, we will accuse you of being: ORDINARY
    upload_2016-9-30_13-57-13.png
     
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  14. nsaspook

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    The cash looks silly for the work but the true value of a safe-deposit box contents could really be anything to a very interested party.
     
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  15. GopherT

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    The cashless society is making bank robberies (bank burglary in this case) and holdups of all kinds - less and less rewarding.
     
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  16. nsaspook

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    I miss the 90's. What happened to the days when you didn't need an MBA to rob a bank for millions?

    http://cabinetmagazine.org/issues/49/manaugh.php
     
  17. dannyf

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    that's a little tough to show.

    But the federal government is no doubt the biggest violator of federal laws. for example. aiding and abetting illegal aliens is a federal crime....
     
  18. shortbus

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    All types of financial and banking will get better after 1/20/17. When Trump and his minions do away with the CFPB. I'm counting the days till no regulation is involved in such things.
     
  19. djsfantasi

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  20. wayneh

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    It's very easy to show, if you agree that congress should be held to the same laws we are – all of them. The fact that they exempt themselves from insider trading laws is criminal on the face of it.
     
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