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Wells Fargo Pays $1 Billion to Federal Regulators
NYslimes ^ | 4/20/2018 | MATTHEW GOLDSTEIN

Posted on 04/20/2018 9:18:30 PM PDT by catnipman

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To: catnipman

1. I would prefer the COMPANY OFFICIALS be PROSECUTED (if laws were broken and the law is transparent and not merely a matter of “regulators interpretation) rather than extracting working capital from companies; and if any customers be defrauded of money, those customers actually defrauded be compensated by the company. Merely in affect shaking down the stock holders of a company for $1 billion does not seem like true “justice” for anyone.

2. I would actually prefer that no such settlements be allowed. The government should have to prove its case in court, before a judge, with all the protections afforded a defendant provided, and with federal law changed to require “loser pays” (the other party’s court costs) and loser allowed to be the government as well, if that’s the case.

3. Instead we have laws that are not transparent and the DOJ in affect manufacturing law by way of “settlements” that establish legal and illegal behavior going forward, with all in that industry taking notice and modifying their behavior lest they get hung on the same “law” (actually the terms of the settlement) that the executive branch has just authored, judged and prosecuted all by itself.


41 posted on 04/21/2018 6:07:59 AM PDT by Wuli
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To: AbolishCSEU

It’s a private deal, with a relative, and, I live in Georgia.


42 posted on 04/21/2018 6:15:33 AM PDT by FrankR (An armed society is a polite society.)
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To: catnipman

Use the money to build the wall!


43 posted on 04/21/2018 6:32:57 AM PDT by GOPe Means Bend Over Spell Run
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To: FrankR

“DEPOSIT MONEY INTO ANYONE’S ACCOUNT UNLESS YOU ARE A WELLS FARGO ACCOUNT HOLDER, OR, HAVE WRITTEN PERMISSION FROM THE ACCOUNT HOLDER.”

Those rules would likely be an attempt to prevent money laundering or some other illegal activity.
Plus why wouldn’t you write a check so you have record of what you are paying?
What stops the owner saying that you never paid them anything?


44 posted on 04/21/2018 6:40:04 AM PDT by HereInTheHeartland (I don't want better government; I want much less of it.)
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To: HereInTheHeartland
Because if you deposit a check to your spouses account with the same bank they put a hold on the funds. Sometimes you want to deposit cash for a spouse or a dependent.

Or maybe just because you friggin' WANT to do what you want with your own damn money.
45 posted on 04/21/2018 6:45:02 AM PDT by VA40
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To: catnipman

Glad to hear they were able to buy off the regulaters instead of giving the money to the folks they stole it from. There are now more banks than grocery stores in my tiny town.. now I see why. Regulatory collusion.


46 posted on 04/21/2018 6:46:14 AM PDT by momincombatboots (No Wall, No Way 2018)
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To: PeterPrinciple

ah, bankers. Definitely an honorable crowd. Who paid the fines? Who WILL BE paying the fines? interest paying customers? ok.


47 posted on 04/21/2018 6:49:52 AM PDT by huldah1776 ( Vote Pro-life! Allow God to bless America before He avenges the death of the innocent.)
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To: HereInTheHeartland

The “owner” is my son. A check takes process time, cash is an instant deposit. He lives out of town, I would have to send it to him, he’d have to take it to his bank, etc. He travels a lot for work, and this was just the easiest and fastest way to get it done.


48 posted on 04/21/2018 7:18:23 AM PDT by FrankR (An armed society is a polite society.)
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To: FrankR

IF she works right next door- she can deposit CHECKS just as easy as she can deposit cash.

However-—More & more banks are trying to say they won’t accept cash deposits.

As a life=-long bookkeeper/accounting person, I don’t know how much business they are going to lose-—Gas stations —restaurants—grocery stores-—all high cash deposit clients.

I have done bookkeeping for over 55 different clients since 1980. Even the smallest one man shop deposited cash. I did books for 3 different engine builders. Spend a week building a racing engine & you get paid CASH. PERIOD.

Are you going to force a 14 year old kid who is mowing lawns for a summer job to not get paid in cash? A babysitter? That is nuts. Learning how to budget your money is about the most important thing a teenager learns—a life long lesson. Having the CASH in your hands after working hard is a reward in itself.

And you think drug dealers will accept your ‘electronic charges’ on their phones??? GROW UP!!!

This will only force businesses to cheat on their taxes-—they will keep the CASH & not deposit it. Pay their payroll in Cash & not report it. Buy supplies in cash & not report it.

The younger people want a cashless society, but that really doesn’t work. I don’t have a cell phone & I refuse to have one. I pay cash as much as I can, particularly for eating out, which I don’t do often. It is a bit of a luxury for me to do so on Soc Sec, and if I pay cash, I am more aware of only doing it when I can afford to do so.

IF you cannot pay for anything except electronically-—then Big Brother knows exactly what you are doing every minute of the day. It is a complete invasion of all of our privacy.

I have raised horses for over 30 years. When I sell one, I only take cash-—and I only paid cash for ones I bought. I would NEVER turn over the registration papers & a grown, trained horse for a check. They can disappear with the horse & stop the check.

This is nuts. Banks are trying to dictate how we all will live. They can pound sand.


49 posted on 04/21/2018 7:21:48 AM PDT by ridesthemiles
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To: ridesthemiles

Good info, thanks for the post.


50 posted on 04/21/2018 7:31:54 AM PDT by FrankR (An armed society is a polite society.)
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To: FrankR

That makes sense.
I have seen people do crazy things including paying cash like that to someone they aren’t related to.


51 posted on 04/21/2018 7:37:24 AM PDT by HereInTheHeartland (I don't want better government; I want much less of it.)
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To: Keyhopper
My settlement from the last fiasco was $1

Don't spend it all in one place.

52 posted on 04/21/2018 7:47:24 AM PDT by CommerceComet (Hillary: A unique blend of arrogance, incompetence, and corruption.)
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To: mac_truck
CFPB was just one of the federal regulators involved and if it were not in existence Wells Fargo would still be on the hook to the other.

The CFPB was the lead in this so perhaps not.

53 posted on 04/21/2018 7:56:55 AM PDT by DoodleDawg
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To: catnipman

Too big to fail? From *2009*:

Following The Bailout Money To Wells Fargo

By Sharyl Attkisson CBS February 9, 2009, 6:26 PM

https://www.cbsnews.com/news/following-the-bailout-money-to-wells-fargo/


54 posted on 04/21/2018 8:07:46 AM PDT by haffast (Watch therefore, for ye know neither the day nor the hour wherein the Son of man cometh.)
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To: DoodleDawg
The CFPB was the lead in this so perhaps not.

An assertion not supported by evidence as this was a 'joint investigation' and the penalty imposed is being split evenly between the CFPB and the OCC.

But please tell us more about why you think Liz Warren's CFPB is an indispensable do-gooder organization.


55 posted on 04/21/2018 8:52:33 AM PDT by mac_truck (aide toi et dieu t'aidera)
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To: Jim 0216
And Federal Regulators screw America AGAIN by taking $1 Billion from Wells Fargo thus making the feds $1 Billion richer and the rest of us poorer as prices get forced up because of the feds AGAIN.

At least Elizabeth Warren didn't get the money.

56 posted on 04/21/2018 10:14:47 AM PDT by Vince Ferrer
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To: DoodleDawg

“Isn’t that the bureau that Elizabeth Warren championed and that Mick Mulvaney was put in charge of to kill off? Tough luck for Wells Fargo I guess. If only they had been able to hold out a little longer.”

yep. and its sole purpose was to levy bogus fines and then funnel them into leftist organizations that could then “contribute” to the Dems.

now the joke is on them! Legit fines for bad actors, AND the money doesn’t go to leftist front-groups ...


57 posted on 04/21/2018 10:39:39 AM PDT by catnipman ( Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: mac_truck
But please tell us more about why you think Liz Warren's CFPB is an indispensable do-gooder organization.

When did I say it was an indispensable organization. I merely pointed out that if Wells Fargo could have dragged this out a little longer they could have saved themselves a billion bucks.

58 posted on 04/21/2018 10:40:37 AM PDT by DoodleDawg
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To: catnipman

I had always thought that B of A was the most corrupt institution, until my mortgage was sold to Hell Fargo.


59 posted on 04/21/2018 11:03:23 AM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: FrankR

I’ve never heard of a bank that won’t take cash, or, let you deposit money into any account.


They are all pulling these illogical stunts. Right now if you deposit CASH into an ATM after early evening, it won’t be good any more until the next working day. CASH. The machine knows it is cash, and it’s still not good enough so that you can use your debit card that evening. Ridiculous.


60 posted on 04/21/2018 1:38:38 PM PDT by Yaelle
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