Posted on 03/20/2019 10:20:50 AM PDT by John Semmens
Rep. Maxine Waters (D-Calif), Chairperson of the House Financial Services Committee, asked Wells Fargo CEO Tim Sloan if the scandals that have plagued his bank "might prove that it is too big to manage. We see a pattern here. Customers have been abused and money has been wasted or misspent. Where's the accountability?"
Waters wondered "whether the idea that banks can be trusted is no longer valid for our modern economy. Greed has gotten us into this mess. Maybe it's time the government steps in to run all the banks and replaces the profit motive with a more socially just way of doing things. Unlike the private sector, the government isn't bound to earn a profit. It can manage businesses free of the constraints of focus on the bottom line. Loans could be given based on need without concern about whether the borrower can make payments. This is how they do it in Cuba and we never hear of any scandals, defaults, or waste there."
if you missed any of this week's other semi-news/semi-satire posts you can find them at...
http://www.gopbriefingroom.com/index.php/topic,354804.0.html
so Congress Critters can help themselves to our money without asking
There is that. Of course the big banks are already nationalized in all but name only under the guise of "too big to fail."
Granted this is satire, but Waters had at one time made a veiled threat to nationalize the energy industry.
I trust my bank more than I trust Democrat politicians.
It’s all about power and money. Nothing else.
For openers, I have a visceral hatred for Maxine Waters. That said, Wells Fargo is a $hit bank ( and as of this writing, my $hit bank again, but not for long). When we were first married, and looking for a lender for our first home, my father introduced us to Wells Fargo. So we started processing a mortgage with them. They pulled the rug out from under us at the eleventh hour by reneging on an 80% loan and dropping their offer to 66%, forcing us to seek alternative financing elsewhere. Over the past 50 years, we have been unsuccessful in getting away from WF. Every time we have moved to a new local bank, WF has purchased it (that would be a total of three banks). They have been successful in “buying up” our mortgage from another lender, then refusing to renegotiate the loan’s rate when rates dropped, necessitating our seeking a new loan from a mortgage broker for two points under WF. But within 30 days, WF had managed to buy that loan at the lower rate, even though they would not consider a rate reduction directly. When my wife became executor of her aunt’s estate, WF f*cked up nearly all the wire transfers of money to heirs then dicked around fixing their mistakes. I could go on ad nausium.
So yes, Maxine Waters is a POS, but she is in good company with Wells Fargo. When I have to go into the local WF branch (which I try to avoid) and I get all this syrupy “glad to see you crap,” I look for a chair to sit on immediately because I fear a screwing is on it’s way. WF is really the bank that doesn’t give a $hit about its customers.
Here is an idea right out of a communist or socialist country! It figures a democrat would be putting it forward.
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