Wells Fargo Just Made The Case For Warren’s Bank Agency (Full Version)

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Lucylastic -> Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 6:13:28 PM)

Wells Fargo just proved, again, that no scam is beneath America’s financial institutions. And no institution is above being watched by a federal agency.

On Thursday, the Consumer Financial Protection Bureau ― the watchdog group proposed by Sen. Elizabeth Warren (D. Mass.) in the aftermath of the financial crisis ― announced that Wells Fargo would pony up a total of $185 million for perpetrating a huge scam on its customers.

Over at least the past five years, Wells Fargo employees created more than 1.5 million sham checking accounts and applied for 565,000 credit cards, using customer names and money. Customers were charged unnecessary fees, saw their credit scores fall or were simply confused when debit and credit cards they never asked for showed up in the mail.

“Was the Great Financial Crisis so long ago that all chasteness and propriety are already out the window? This scam has been apparently going on for five years,” writes Josh Brown, a financial blogger. “These people are fearless.”

We never take for granted the trust our customers have placed in us.
Prominent display text in the Wells Fargo 2015 annual report
The CFPB has come under intense criticism from Republicans, who say it’s a drag on business. Many ― including presidential hopeful Donald Trump and his running mate, Indiana Gov. Mike Pence ― have said they would like to see the agency abolished as part of their intended dismantling of the 2010 Dodd-Frank legislation passed to prevent another economic meltdown.

But every time the agency exposes wrongdoing in consumer banking ― as it did on Thursday ― the CFPB offers a strong counterpoint to those arguments.

The job of the CFPB, now headed by Richard Cordray, isn’t to regulate the hot new derivative investment banks are peddling to hedge funds. It’s to protect ordinary people from the kind of everyday scams that financial institutions have shown again and again that they will commit if no one is watching. The agency oversees a myriad of businesses like consumer banking, debt collection and payday loans that hundreds of millions of Americans use every day.

It’s had an impact. Last year, the CFPB fined Citibank for illegal credit card practices after the bank was found to be charging customers for benefits they didn’t receive. It’s uncovered student loan fraud and financial products that take advantage of the elderly, and is looking to crack down on the payday loan industry.

http://www.huffingtonpost.com/entry/wells-fargo-fraud_us_57d2d237e4b03d2d459a083c?



mnottertail -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 6:16:17 PM)

I wonder about the nutsuckers who say we need less regulation.



Lucylastic -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 6:20:45 PM)

well obviously you do...dammit, they would have been honest if their hands weren't tied so much.
Im so glad Warren didnt run, she is much better suited to what she is doing.



JeffBC -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 7:22:50 PM)

quote:

ORIGINAL: mnottertail
I wonder about the nutsuckers who say we need less regulation.

Yeah, no doubt. I'm glad Hillary is on the job with "cut it out" and I am relieved to know that she'll consider further regulation if some problem crops up.

Damned if you do and damned if you don't on the banking thing... which is too bad since that is very definitely one of the crushing problems of our time.



servantforuse -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 7:33:27 PM)

Isn't this the same Elizabeth Warren that said she was part Indian so she could get admitted to Harvard ? Another lying liberal.



Lucylastic -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 7:35:44 PM)

You dont understand the topic, do you Servant.



servantforuse -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 7:40:56 PM)

I understand the topic. Elizabeth Warren wants a watchdog group. A woman who is an admitted lyer..



Lucylastic -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 7:45:37 PM)

bangs head on desk



servantforuse -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 7:46:01 PM)

I understand the topic perfectly. Elizabeth Warren is an admitted lyer. You also forgot to mention in your initial post that 5300 employees were fired for what they did.



Lucylastic -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 8:05:50 PM)

I didnt forget to mention it...its at the link I posted. If you had read it instead on focusing on Warren you would have known that.



servantforuse -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 8:09:28 PM)

The point is. We do not need more regulation. Especially from the likes of Warren.



Real0ne -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 8:18:11 PM)

quote:

ORIGINAL: Lucylastic

bangs head on desk



ok if the gist of your point is that we need more regulation they havent even scratched the surface of the way the monetary system fucks you every day of your life through inflation and a multitude of other means.

I once did a little exercise for people,

you put a million bucks in the bank in 1933
collect 6% interest every year (yeh I know not happening today)
pay 20% tax on profits only
how much would you have in I think I used 2009.

less than 1/2 million.

Now had you bought gold even with the volitility you would still have our million after all costs of doing busuness with the fraudulent banking system were deducted.

The present day monetary system was brought in by corrupt bankers and the gubmint that was supposed to protect lined their pockets instead.

Now we are stuck with it. the whole system needs to be torn down and transferrred back to the treasury as there is no reason what so ever that we should pay interest on every fucking transaction to pay the rapist bankers who make over 4000 bucks profit on every dollar that the create out thin air merely by making an entry in the book.

Sorry lucy reread it.



Lucylastic -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 8:22:39 PM)

oh noes, a bank and its workers scammed people out of how much and you think its braindead propaganda, damn both of you are complete dipsticks.
so very very sad,





Lucylastic -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 8:41:38 PM)

LMAO nice edit,

let me reiterate for the other stupid idiot
the CFRB was found back in 2011.
Elizabeth Warren,proposed and established the CFPB,
The CFB just fined wells fargo...
the CFRB is an entity and ferreted this shit out.
Im glad you are fine with them scamming people.
Im not




Real0ne -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 8:42:09 PM)

oh and by the way neither can you write off inflation and the devaluation of your dollar you have in your pocket 10 years later. Biggest rip off I have ever seen and its built right into the system, but someone is making shit loads of money on that deal, but it aint you! [8D]



Termyn8or -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 9:39:14 PM)


quote:

ORIGINAL: Real0ne

oh and by the way neither can you write off inflation and the devaluation of your dollar you have in your pocket 10 years later. Biggest rip off I have ever seen and its built right into the system, but someone is making shit loads of money on that deal, but it aint you! [8D]


They do not understand how that works and probably never will.

Fukit.

T^T



MrRodgers -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 11:28:43 PM)

quote:

ORIGINAL: servantforuse

Isn't this the same Elizabeth Warren that said she was part Indian so she could get admitted to Harvard ? Another lying liberal.

She never willfully deceived anybody about her heritage to gain any advantage in her education or career, put white on all of applications to school and never attended Harvard. Everything she has ever said about her heritage was what she got from family.

HERE

Maybe she's a good cook though.

Why the Ivy League universities were providing false information to the federal government and describing Warren as a “woman of color” has never been resolved, but that doesn't necessarily implicate the senator.

After years of controversy, the most concrete evidence that Warren benefited from claiming to be Native American is her contribution of several recipes to a 1984 Native American cookbook called Pow Wow Chow. Is that proof that “her whole life was based on a fraud,” as Trump put it? Okay, maybe — if anyone knows culinary chicanery, it’s the man behind Trump Steaks.



MrRodgers -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/9/2016 11:38:14 PM)

quote:

ORIGINAL: Real0ne

quote:

ORIGINAL: Lucylastic

bangs head on desk



ok if the gist of your point is that we need more regulation they havent even scratched the surface of the way the monetary system fucks you every day of your life through inflation and a multitude of other means.

I once did a little exercise for people,

you put a million bucks in the bank in 1933
collect 6% interest every year (yeh I know not happening today)
pay 20% tax on profits only
how much would you have in I think I used 2009.

less than 1/2 million.

Now had you bought gold even with the volitility you would still have our million after all costs of doing busuness with the fraudulent banking system were deducted.

The present day monetary system was brought in by corrupt bankers and the gubmint that was supposed to protect lined their pockets instead.

Now we are stuck with it. the whole system needs to be torn down and transferrred back to the treasury as there is no reason what so ever that we should pay interest on every fucking transaction to pay the rapist bankers who make over 4000 bucks profit on every dollar that the create out thin air merely by making an entry in the book.

Sorry lucy reread it.

One problem, taxes on interest income is found in the same tax tables as ordinary income from salaries, tips and wages. Which could be zero to now 40% depending on where total income lands a taxpayer on that tax table.

Oh and at compound interest calculator $1,000,000 @ 6% compounded annually from 1933 until 2009 would yield $83,800,336.03

HERE

Even minus taxes which would need to have been $83,300,336.03, in your example, one would have to conclude it would be quite a bit more than $500,000 in 2009.



MrRodgers -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/10/2016 12:08:30 AM)


quote:

ORIGINAL: Real0ne

oh and by the way neither can you write off inflation and the devaluation of your dollar you have in your pocket 10 years later. Biggest rip off I have ever seen and its built right into the system, but someone is making shit loads of money on that deal, but it aint you! [8D]

I can write off all actual costs of doing business in after-inflation dollars, so where's the beef ?



bounty44 -> RE: Wells Fargo Just Made The Case For Warren’s Bank Agency (9/10/2016 4:46:21 AM)

quote:

ORIGINAL: mnottertail

I wonder about the nutsuckers who say we need less regulation.


and I wonder about statist comrades who see government regulation as the first and foremost answer to the majority of problems.








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