When you look at the list of people that Wells Fargo stole from — ordinary depositors, struggling mortgage borrowers, 800,000 car loan borrowers, mom and pop businesses, medium businesses and home owners — a commonality emerges: they’re all poor people, or middle-class people, or slightly rich people.
But now it appears that WellsRead More
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.
The Fed has capped Wells Fargo’s capital growth, meaning the bank can’t grow, until the FedRead More
Stock indexes plunged on Friday, with the Dow Jones industrial average falling by more than 600 points mid-day.
“The S&P 500 and the Dow are both on track for their biggest one-week declines in more than two years,” Reuters reports. NASDAQ is on track to post the worst week since November 2016.
The Trump Administration just published a small notice in the Federal Register announcing that it would waive the outstanding criminal sanctions against some of the world’s largest banks, Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank.
The banks were facing sanctions stemming from a variety of wrongdoing, including the trillions’ worth of fraud inRead More
By Cory Doctorow In 2013, we learned that the world’s largest banks had spent years rigging LIBOR, an interest-rate benchmark that served as a linchpin in trillions of dollars’ worth of financial instruments, a fraud that could have cost the world $500 trillion, all to fatten the banks’ bottom lines and bankers’ pay-packets by paltryRead More
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 AmericanRead More