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Ouch. Wells Fargo ordered to pay 3.7 in repayments and fines.

Maggot

Maggot

"For we wrestle not against flesh and blood"
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Minuteman
    • Jul 27, 2007
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    Wells was ordered to repay $2 billion to consumers by the Consumer Financial Protection Bureau, which also enacted a $1.7 billion penalty against the San Francisco bank Tuesday.
    Click to expand...
    The .Gov gets nearly half of that as a "fine". So...
     
    "trend"? I'd say it is "standard practice" as well as "industry standard" at the same time. They may have started out as a legitimate business, back before they invented colour. But they have definitely delved into the realm of shysters, money-launderer's, bookies, and loan-sharks.

    Just think "for how long this has been going on" as well as "how much money has been bilked from folks"? This is a case where "two wrongs make a syndicate".

    And don't get me wrong, I've said for years that companies such as these, and processes such as these, should be outlawed. (shipping money out of the country....)

    But yeah, that's just my opinion. Not worth anything.
     
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    Nothing burger. These fines equal a tiny fraction of the profits made from illicit practices. This is a regular occurrence both in banking, finance, and securities exchange. The regulation enforcement is so slow and reacts disproportionately so that practically speaking, there is no enforcement. Once in a while they'll throw out one of these bones to provide the illusion of regulation.
     
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    It gets paid by stockholders while the guilty keep their bonuses and their retirement...

    Should be paid by the Employees of Wells Fargo. From the CEO to the lowest secretary... commensurate with their income. Split it up...

    Then they would have an incentive to not be crooked. And an incentive to stop those who try.

    And the stockholders, the innocents in this, don't get punished. Oh and who are those stockholders? Generally anyone with a 401K or an retirement investment or a Union Pension Fund... It's not all Scrooge McDuck clipping coupons. It's everyone.

    Sirhr
     
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    Theyre not alone. Prior to the 2008 crash BOA was 'strongly influencing' people to take out low interest loans on their homes, minimalizing to extra small print that in 5 years it would balloon to 29.9%.

    I have on of their credit cards in case Im stuck somewhere but fuck them and WF. Youre better off to deal with your local bank or credit union.
     
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    sirhrmechanic said:
    It gets paid by stockholders while the guilty keep their bonuses and their retirement...

    Should be paid by the Employees of Wells Fargo. From the CEO to the lowest secretary... commensurate with their income. Split it up...

    Then they would have an incentive to not be crooked. And an incentive to stop those who try.

    And the stockholders, the innocents in this, don't get punished. Oh and who are those stockholders? Generally anyone with a 401K or an retirement investment or a Union Pension Fund... It's not all Scrooge McDuck clipping coupons. It's everyone.

    Sirhr
    Click to expand...
    Won't ever happen. Too many under the covers together. I'd say that they are all scratching each other's backs but I think they are applying lotion.
     
    Getting sued is a normal Tuesday for Well Fargo. They'll just up the premiums on the customers, sell off some bad loans to nieve investors, pay off lawsuit next month, and give management raises next quarter.
     
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    Wells Fargo has over $300 billion cash on hand and still clears over $3B net profit a quarter over this last very down and dismal year, this fine is a blip and far and away from anything that can "sink the company". What a laugh...

    Next time, take a peek at a company's financials before you shout about how big and damaging some fine is. https://www.macrotrends.net/stocks/charts/WFC/wells-fargo/net-income
     
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