Is Wells Fargo "a criminal enterprise"?

jpanhalt

Joined Jan 18, 2008
11,088
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.
 
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tcmtech

Joined Nov 4, 2013
2,867
Is Wells Fargo "a criminal enterprise?
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:
 

jpanhalt

Joined Jan 18, 2008
11,088
Not any less than the Student Loan banking system. :rolleyes:
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
 

wayneh

Joined Sep 9, 2010
16,817
WF has given Clinton over a quarter million, so it'll be interesting to see what kind of insurance that buys them.
 

GopherT

Joined Nov 23, 2012
8,012
WF has given Clinton over a quarter million, so it'll be interesting to see what kind of insurance that buys them.
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?
 

Thread Starter

nsaspook

Joined Aug 27, 2009
7,999
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
 
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GopherT

Joined Nov 23, 2012
8,012
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
Seems like a lot of work and risk for 6 guys for less than $50k payout each.
 

GopherT

Joined Nov 23, 2012
8,012
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
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
 

GopherT

Joined Nov 23, 2012
8,012
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.
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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Thread Starter

nsaspook

Joined Aug 27, 2009
7,999
The cashless society is making bank robberies (bank burglary in this case) and holdups of all kinds - less and less rewarding.
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
In the 1990s, Los Angeles held the dubious title of “bank robbery capital of the world.” At its height, the city’s bank crime rate hit the incredible frequency of one bank robbed every forty-five minutes of every working day. As FBI Special Agent Brenda Cotton—formerly based in Los Angeles but now stationed in New York City—joked at an event hosted by Columbia University’s school of architecture in April 2012, the agency even developed its own typology of banks in the region, most notably the “stop and rob”: a bank, located at the bottom of both an exit ramp and an on-ramp of one of Southern California’s many freeways, that could be robbed as quickly and as casually as you might pull off the highway for gas.
 

shortbus

Joined Sep 30, 2009
8,330
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.
 
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