Yay Corporatism….Wells Fargo lies, cheats…you suffer

JayJay · 2021-07-08T19:35:44.811Z

Wells Fargo tells customers it’s shuttering all personal lines of credit

Wells Fargo CEO Charles Scharf has been forced to make hard decisions during the pandemic, offloading assets and deposits and stepping back from some products.

They’re ending a popular revolving credit offering and shutting down all existing accounts in that offering so they can fix their bottom line.

This stems from the penalty they suffered after their fake accounts scandal when they were barred from growing their balance sheets until it fixed all their compliance issues.

The best part of this of course is where the customer could suffer with a hit to their credit score.

Corporatism…where the gains are privatized and the risks are socialized.

Yay!

hwyflier · 2021-07-08T19:40:01.085Z

JayJay:

This stems from the penalty they suffered after their fake accounts scandal when they were barred from growing their balance sheets until it fixed all their compliance issues.

Well Fargo should have collapsed from that. It’s the worst company I’ve ever dealt with.

The best part of this of course is where the customer could suffer with a hit to their credit score.

Which was already part of the problem of their pretending to close accounts and making fake accounts scam.

Local credit unions ftw.

Bill.in.PA · 2021-07-08T19:46:09.705Z

Yes, the US banking system has a history of corruption and bailouts.

Back in 2008, the government ended up sending roughly trillion dollars to prop up the banking system after the collapse of all kinds of shady loans. Virtually no bankers went to prison. In contrast Iceland with .1% of the US population actually sent more bankers to prison after similar problems there.

Are Icelandic bankers really that much more corrupt than Americans?

MintPress News – 23 Oct 15

Iceland Has Sentenced 26 Bankers To Prison While US White Collar Prosecutions...

Iceland Has Sent 26 Bankers To Prison While US White Collar Prosecutions Hit Record Low

JayJay · 2021-07-08T19:46:48.962Z

I have had good experiences with their mortgage group.

I was hoping they’d write off the remainder of my mortgage.