fargo

Top FTC official is so such a corporate shill that he has conflicts of interest for 100 companies, including Equifax and Facebook

Andrew Smith is Trump's chief of the FTC Consumer Protection Bureau, in charge of investigating companies that abuse Americans -- but he can't, because he has previously provided services for over 100 of America's largest companies, including Facebook, a whack of payday lenders, Amazon, American Airlines, Amex, BoA, Capital One, Citigroup, John Deere, Equifax, Expedia, Experian, Glaxosmithkline, Goldman Sachs, Jpmorgan, Linkedin, Microsoft, Paypal, Redbubble, Twitter, Sotheby's, Transunion, Uber, Verizon, Visa, Disney and Wells Fargo. Read the rest

Wells Fargo blames "computer glitch" for its improper foreclosure on 545 homes

According to Wells Fargo, a "computer glitch" caused the improper denial of 870 loan modification requests, which led to 545 foreclosures in which Wells Fargo customers lost their homes; the bank is now offering those former homeowners -- some of whom saw the breakup of their marriages as the result of the stress of foreclosure -- insultingly small sums, like $25,000. Read the rest

New York City's municipal debt collectors have forged an unholy alliance with sleazy subprime lenders

New York City's "marshal" service is a throwback to the Dutch colonial days; the 35 marshals are appointed by the mayor, draw no salary, and earn their livings by skimming a percentage off of the debts they collect, operating with impunity and reaching around the world. Read the rest

US tax shortfalls have our public schools begging for donations

Between Trump's massive tax-breaks for the super-rich and rules like California's disastrous Prop 13, our cities perennially cash-starved and have led to the erosion of the same public services that make cities attractive to businesses (for example, the subway, public education, roads, grid and other public services that made NYC so attractive to tax-dodging Amazon for its second headquarters). Read the rest

Wells Fargo: We can't be sued for lying to shareholders because it was obvious we were lying

Wells Fargo has asked a court to block a shareholder lawsuit that seeks to punish the company for lying when it promised to promptly and completely disclose any new scandals; Wells Fargo claims that the promise was obvious "puffery," a legal concept the FTC has allowed to develop in which companies can be excused for making false claims if it should be obvious that they are lying (as when a company promises that they make "the best-tasting juice in America). Read the rest

Wells Fargo cuts 26,500 jobs, shutters branches, declares "excess capital" and drops $40.6 billion on stock buybacks

Wells Fargo is America's most scandal-haunted bank, which is quite an accomplishment in a heavily competitive field; now the bank has started closing its branches and cutting jobs (after pressuring employees to commit mass fraud on pain of being fired and blacklisted from the industry). Read the rest

The American right loves forms, paperwork and other bureaucracy

The American right spent generations lauding the "free enterprise" spirit of "cutting red tape," contrasting its private sector ethos with the stodgy, Stalinist ways of the USSR, where bureaucrats weaponize forms and other paperwork to oppress the citizenry. Read the rest

Wells Fargo closes account of Florida candidate for saying she’d take donations from medical marijuana industry

Nikki Fried is a Florida Democrat running to be the state’s agriculture commissioner. Medical marijuana is legal in Florida, but when Fried said she was going to accept campaign contributions from the medical marijuana industry, Wells Fargo terminated her account.

From The Washington Post:

At a news conference on Monday, Fried said that “Wells Fargo’s actions against my campaign are emblematic of what is wrong with our government and politics today," adding that she was “kicked out of a bank for voicing support of a law that is literally codified in the Florida constitution.”

In a statement, Wells Fargo spokeswoman Bridget Braxton declined to comment on the specifics of Fried’s case but said that “it is Wells Fargo’s policy not to knowingly bank or provide services to marijuana businesses or for activities related to those businesses, based on federal laws under which the sale and use of marijuana is illegal even if state laws differ.” By phone, she clarified that “activities related to those businesses” would include donations, to politicians or any other account holders.

Image: Rob Wilson/Shutterstock Read the rest

Wells Fargo: we stole houses and we're being investigated for dirty low-income housing credits

In its latest round of shareholder disclosures, Wells Fargo admitted that it "unnecessarily foreclosed" on 400-odd householders (that is, stole their houses) and failed to grant loan modifications to 625 qualified borrowers (this is just the latest revelation about Wells Fargo stealing houses); it's also being investigated for its practice of purchasing low-income housing credits. (via Naked Capitalism) Read the rest

An upcoming Supreme Court ruling could force all workers into forced arbitration, deprived of the right to class lawsuits

One of the cases that the Supreme Court heard this season was NLRB v. Murphy Oil USA, Inc. which rolls up several cases where employers are hoping to establish that they can force prospective employees to sign a mandatory arbitration waiver as a condition of employment; if they prevail, the majority of workplaces in America will likely adopt the practice. Read the rest

100 US Mayors sign a pledge to boycott ISPs that commit Net Neutrality violations

As states pass a wave of laws barred non-neutral ISPs from providing services to state agencies, more than 100 US mayors have pledged to disqualify non-neutral ISPs from getting city contracts as well. Read the rest

Trump's finance watchdog wants to make the taxpayer-funded database of crooked banks go dark

The Consumer Financial Protection Bureau is Elizabeth Warren's gift that keeps on giving -- one of the most effective US government agencies, handing out real punishment to banks that break the law, fighting loan-sharks that prey on poor people, and maintaining a database of vetted consumer complaints against banks that have ripped them off. Read the rest

Wells Fargo loses teachers' union business after it pledges its eternal loyalty to gun manufacturers

Last week, Wells Fargo defiantly announced that it would not follow its competitors' examples and cease lending to gun manufacturers; this week, the American Federation of Teachers dropped Wells Fargo as the preferred mortgage lender for its 1.7 million members. Read the rest

Wells Fargo fined $1B for stealing cars and jacking houses

Wells Fargo defrauded 800,000 car loan borrowers, forcing 274,000 of them into bankruptcy and stealing ("wrongfully repossessing") 25,000 cars; they also ripped off mortgage borrowers by failing to send them their paperwork until after the deadline for filing it and then fining them for not filing it on time. Read the rest

Wells Fargo: fyeah, we're going to lend money to gun manufacturers, now stfu before we shoot you

Wells Fargo, America's dirtiest bank, has proudly announced that it will continue to lend money to gun manufacturers, unlike its competitors at Citi and Bank of America. Read the rest

American banks' secret subprime exposure stretches into the billions

On paper, America's bailed-out banks learned their lessons from the crash of 2008 and got rid of their exposure to subprime debt, especially "deep subprime" loans to people who are so broke that it's basically impossible that they'll ever pay their loans back. Read the rest

Scammy phone company Centurylink: "No one can sue us because we don't have any customers"

Centurylink is a giant, scammy telco notorious for larding its customers' bills with fraudulent charges, and instructing its customer service reps to do everything possible not to waive those charges; they also open fake accounts in their customers' names, a la Wells Fargo, and then rack up charges against them. Read the rest

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