"wells fargo"

Wells Fargo admits it ripped off its customers, creates low-response-rate opt-in system for its victims to get paid back

Wells Fargo has admitted wrongdoing in defrauding 110,000 mortgage borrowers, and to make good on it, they're sending out letters that look like junk-mail, containing a form that customers have to fill in to confirm that they want their stolen money back; if Wells doesn't get a reply, it will assume that those customers are donating their settlements back to the bank's shareholders. Read the rest

Wells Fargo's punishment for fake account scandal: no more growth until Fed is "satisfied"

The Federal Reserve has concluded its investigation into Wells Fargo's decades' long practice of pressuring employees to open fraudulent accounts in the names of its customers to inflate its quarterly figures and rack up service charges. Read the rest

Wells Fargo's CEO told Congress that he wouldn't enforce binding arbitration, so Wells is getting sued in Utah

A class action suit by some of the 3,500,000+ Wells Fargo customers defrauded in the company's fake account scam was foundering in Utah, thanks to the company's insistence that its binding arbitration clauses also applied to the accounts it fraudulently opened (that is, by agreeing not to sue the company for defrauding you over the accounts you opened, you were also agreeing not to sue them if it opened a bunch more accounts and forged your signature on the papers). Read the rest

Wells Fargo CEO promises to spend not one cent of the GOP tax gift on investment or wages

Wells Fargo CEO Tim Sloan -- who inherited the most scandal-haunted bank of them all this year -- reassured his investors in a CNN Money interview that not one dime of the tax savings the GOP will deliver to his company will be reinvested or used to increase wages: instead, it will all go to buy-backs and dividends. Read the rest

Wells Fargo execs sealed their bonuses by gouging the bank's business customers

Wells Fargo didn't limit its fraud to robbing 2,000,000 ordinary depositors, struggling mortgage borrowers, 800,000 car loan borrowers, mom and pop businesses, and home owners -- the bank's top foreign-exchange desk bankers robbed hundreds of the company's large business customers, in a move that inflated the Fargo execs' annual bonuses. Read the rest

Wall Street and Trump are about to kill the CFPB, the only government agency that effectively polices bank scams, crimes and frauds

The Consumer Financial Protection Bureau (previously) is practically the only US regulator we can be proud of -- founded by Elizabeth Warren before she ran for the Senate, the CFRB is a consumer protection agency that has been at the forefront of reining in criminal activities like Wells Fargo's nationwide frauds and Equifax's dox attack on the USA, as well as being the best defense Americans have against predatory loan-sharks masquerading as "payday lenders," abusive debt-collectors, racial discrimination in lending, and the student loan racket. Read the rest

Those "heroic rogue GOP senators" just helped Trump shield Equifax and Wells Fargo from lawsuits

Senators Bob Corker, Jeff Flake and John McCain talk a big game about not letting the GOP be the handmaiden of trumpist corruption, but when the chips were down last night, they voted with their party and a tie-breaking vote from Vice President Handmaid's Tale to pass legislation that lets financial institutions take away your right to sue them when they defraud you. Read the rest

Corporations form coalition to ask a court to ban coalitions (of people the corporations have screwed over)

One of the major triumphs of Elizabeth Warren's Consumer Financial Protection Bureau was a rule that banned the finance industry from using binding arbitration clauses to prevent defrauded customers from joining in class action suits to sue crooked banks. Read the rest

Equifax will make hundreds of millions in extra profits from its apocalyptic breach (forever)

At yesterday's Congressional hearings on the Equifax breach, Senator Elizabeth Warren took a moment to enumerate all the ways that Equifax will benefit from doxing 145,500,000 Americans. Read the rest

"Monopoly Man" photobombs Equifax CEO's Senate hearing

Consumer rights advocacy group Public Citizen's Amanda Werner, dressed as Rich Uncle Pennybags from the Monopoly game, sat behind former Equifax CEO Richard Smith this morning during his testimony to the Senate Banking Committee about the company's breach of 45,500,000 Americans' private data . From Public Citizen's statement:

Make no mistake: Arbitration is a rigged game, one that the bank nearly always wins. Shockingly, the average consumer forced to arbitrate with Wells Fargo was ordered to pay the bank nearly $11,000. Bank lobbyists and their allies in Congress are trying to overturn the CFPB’s rule so they can continue to rip off consumers with impunity.

(The Hill) Read the rest

Predictably, Wells Fargo loves Equifax and suggests investing heavily in the company

Wells Fargo analyst William Warmington Jr has upgraded shares in Equifax to "outperform," predicting that the company will bounce back from the 30% haircut its market cap took when it was revealed that the firm committed the worst commercial data-crime in world history and then twiddled its thumbs for a couple of months before telling anyone and then allowing its CEO to resign. Read the rest

Pharma giant Allergan pays Mohawk tribe to serve as human shields against patent challenges

Allergan has disclosed that it transferred title to six of its contested eye drug patents to the St Regis Mohawk band in upstate New York, in a bid to use the band's sovereign immunity to prevent generic pharma companies from dragging the company into court to show that its patents are invalid. Read the rest

24 hours later, ANOTHER massive Wells Fargo fraud scandal

It's been a whole day since we learned about another example of systematic, widespread fraud by America's largest bank Wells Fargo (ripping off small merchants with credit card fees), so it's definitely time to learn about another one: scamming mortgage borrowers out of $43/month for an unrequested and pointless "home warranty service" from American Home Shield, a billion-dollar scam-factory that considers you a customer if you throw away its junk-mail instead of ticking the "no" box and sending it back. Read the rest

Wells Fargo also gouged small businesses on credit-card fees

The hits keep on coming for the largest bank in America: in addition to stealing millions with fraudulent overdraft fees, creating 2,000,000 fraudulent accounts, blackballing whistleblowers, defrauding mortgage borrowers, and stealing tens of thousands of cars with fraudulent repos, they also grossly overcharged America's struggling small businesses for processing their credit-card fees, according to a new lawsuit. Read the rest

Wells Fargo also defrauded 800,000 car loan customers and stole 25,000 cars

Wells Fargo didn't just steal millions from its customers with crooked overdraft fees, didn't just create 2,000,000 fraudulent accounts and threaten to blackball employees who tried to stop the frauds; didn't just defraud broke mortgage borrowers by the bushel-load -- they also defrauded 800,000 customers with car loans, forcing 274,000 of them into deliquency and "wrongfully repossessing" (that is, stealing) 25,000 of their cars. Read the rest

Not just savers! Wells Fargo also defrauded bankrupt mortgage borrowers

A class action suit against Wells Fargo alleges that the bank -- which is still embroiled in a scandal over creating literally millions of fraudulent accounts and firing and blacklisting low-level employees who blew the whistle or simply refused to break the law -- silently altered the mortgages of borrowers who were in bankruptcy to extend their repayment schedules by decades, so that they would pay tens -- or hundreds -- of thousands of extra dollars in interest. Read the rest

Wells Fargo woulda gotten away with it too, if it wasn't for that darn trade union

For decades, Wells Fargo pressured its employees to commit millions of acts of fraud against its customers, using threats and blackballing to terrorize low-level employees. Read the rest

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