Posted on 09/20/2016 11:07:57 AM PDT by um1990
Elizabeth Warren unleashed a verbal barrage at Wells Fargo CEO John Stumpf on Tuesday, calling the embattled bank boss "gutless" and demanding he step down. "You should resign...You should be criminally investigated," Warren told Stumpf during a fiery one-sided exchange at the Senate Banking Committee's Wells Fargo hearing. Warren, a vocal critic of big banks like Wells Fargo, demanded both the Department of Justice and SEC criminally investigate Stumpf for his "gutless leadership." Last week, a U.S. official told CNN that the DOJ has issued subpoenas to Wells Fargo.
(Excerpt) Read more at money.cnn.com ...
Move to a credit union. Banks can’t take over credit unions.
“Wells Fargo employees were setting up fake bank accounts, using the names of real customers. Those customers were paying fees on accounts they didn’t know they had.”
And the people above them were getting bonuses, not reprimands. Lock em all up. We’re destroying faith in ALL the institutions possible, I guess. How long before the real coup starts?
Suppose a Wells Fargo customer has two accounts, and he's paying, let's say, $50 in fees annually. Then Wells Fargo opens up a third account for him, without his knowledge. Now he's paying $75 in fees annually.
I can see that customer (if he even reads his statements) saying, "Oh, I guess the fees went up. Just like my gas bill and everything else."
As I noted before, this is theft. People should be doing serious prison time for this. But they won't.
In the 30’s, Uncle Joe Stalin called these managers ‘wreckers’ and either shot them or sent them to the gulag.
Beware the demonization of business.
“I’m no fan of Warren. She is an opportunistic liar and a fraud. But she is right about Wells Fargo.”
Yeahhh, but it doesn’t take a whole lot of talent or brains to say what she said to the guy. What if it turned out to be a woman instead? Would she have gone off on a woman like that? I sincerely doubt it.
More or less why I made no comment on the Wells Fargo side of this.
Point is, Hillary, her choice for the highest office in the land, should share the same fate she is calling for here... But Hillary is measured with a different ruler.
Liberal fascism attack on the banking system.
We apparently do not need a free market economy.
And how dare Wells Far(t)go invest their depositor’s money, even with permission!
Warren is a tightly wound clock short of more than one tick.
Poke-a pokeyhontis!
Funny thing is when Trump something like this...CNN labels him as vulgar, rude, and arrogant.
A ten billion dollar fine......and how much of that would go directly into government coffers, and how much to the people defrauded? This is the way the notorious class action suits work -—they are “legal” machines set up to disseminate money to a few dozen lawyers rather than a few or several thousand plaintiff.
BINGO!! But more likely a position within the new Clinton Administration.
Soros: “Liz, I want you to lay into the CEO of Wells Fargo. Drive the stock price way down so I can get a bunch cheap.”
Elizabeth Warren: “Yes sir! But you don’t want us to take any real action right?”
Soros: “No. Just a lot of bluster. Real action would keep the price low and I wouldn’t make millions in profit when I resell!”
Elizabeth Warren: “Yes sir! I’m on the job sir! The idiots will love it sir!”
Wells Fargo - top down crooks.
They used to hassle me when I tried to make deposits. I could understand if they made it difficult to take money out, but they are the only bank that didn’t want to accept deposits into an account at their bank. When I didn’t need that account any more, I closed it out and never looked back.
Before that, they bought a bank where I had a home mortgage. They made it really difficult to pay off the loan - had to get a payoff date for a future date (after holding a while on the phone), and mail them a check - the local branch wouldn’t quote the payoff and take a check.
They might have found it easier to cross sell products if they had been a bit more customer friendly.
Warren’s shlick has long lost its shine. Pocahontas is a fraud in her own right, so her camera scramble to be seen berating the pathetic Wells Fargo schlub really needed to be done by somebody else.
It's uncommon, in part because it is a difficult, multi-step process. But it can be done.
The most likely path would be
1)Charter conversion from credit union to mutual thrift. This would enable the institution to make more commercial loans and its board of directors to start getting paid.
2)Conversion from mutual thrift to a stock institution. This would enable some of the largest depositors to make a windfall if handled right.
3)Merger of the stock institution into the megabank.
The panelists want for John Stumpf to accept responsibility while they themselves never accept responsibility for their misdeeds. Will they accept responsibility for the next muslim mass murder in this country? They could have prevented it if they had not allowed the large number of these barbarians to immigrate. The hearings were totally hypocritical in nature. What a bunch of BS congress critters.
Pepsi, you have it exactly right, Warren is a nationalist socialist of the first order. What we today call liberal fascist.Public control of private business dedicated to a socialist defined end through nationalization, which already is happening via investment bank regulation requiring certain money market funds to be invested in US treasury Bonds. .
Inside of every one of today’s so called liberals is a totalitarian screaming to get out. Warren clearly is one of these. She cannot statutorily manage Wells Far(t)go, making him fire anyone. Its interesting to watch this POS Warren go into reach too far mode.
Investments? Happened to us in 2010.. Got away from them.
She makes it sound like she’s exposing an evil Republican.
Oh, was Fauxcahontas shaking her little poofy haircut at someone?
Who cares.
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