Reminder that Wells Fargo was caught opening millions of accounts without permission. This company should not be trusted with anything.
One of the rare cases where a company actually paid a huge $3 billion settlement.
this post was submitted on 22 Mar 2025
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It hardly made a dent, though.
Totally. It wasn’t close to being enough. The entire board should have been arrested for fraud, at the very least. At least it wasn’t some laughably low amount like we’re used to, I’m surprised it was even this high.
I really wish we'd start prosecuting and imprisoning leadership boards for really anything the company does wrong. It's really amazing the way we let companies just get away with every single thing, I mean how much more predictable could the slide to shittiness be?
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This is exactly why fees would be revenue based. A flat 1% of annual revenue per offense would very quickly get that shit to stop.
I was looking for this comment. ALL fines should run as a percentage of annual income or profits. This includes traffic tickets and other fines.
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Just an operating cost.
3B is peanuts to them. I want to see fines that cripple a company's yearly profits so that, in lieu of criminal investigations and repercussions, the execs at the very least get punished by their board of directors and shareholders. There's only one language they understand. Another poster called it "operating costs". That's what we need to get rid of; punitive fines need to regain their punitive nature in order to be anywhere close to effective.
Needs executive jail time of 1 year per million dollars too.
If a corporation is effectively a 'person' under the law, any corp that has caused death should receive the death penalty, and their executives executed by firing squad.
Also, as a legal entity as that of personhood, are corps even allowed to identify as anything under new anti dei 'laws'?
I don't know Wells Fargo's gender. That's illegal now.
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No doubt. If fines and settlements are all we can muster, then there needs to be real personal consequences for those responsible as well as the corporation taking responsibility. Until we fully decouple money and politics, I have a hard time imagining that kind of proportionate punishment ever being doled out.
Yep if there was any justice in the world this would have put Wells Fargo deep in the ground but fucking no
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This is true. At the time it sounded so serious. Hand slaps and finger wags. It’s totally ok to cheat steal and lie if you are rich. Rules don’t apply to you. It’s completely mad.
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And was banned from doing business in California
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We should do an uno reverse and nationalize wells fargo.
They should have been nationalized in 2009 instead of receiving $25 billion bailout loan.
Musk would just learn from them and open a bunch of bank accounts for everyone in the USA and have him control them all.
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For anyone thinking it. I can confirm it feels great to close your wf account.
I closed mine when they were still called Wachovia 🤗
What? Wells Fargo was founded in 1852.
Wachovia was a smaller bank that got bought out by Wells Fargo, iirc it was during the 2008 recession
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Seriously FUCK these guys who think everything should be run like a business
People, shall we plot to eliminate Wells Fargo as a banking entity? Sign up for a local credit union instead, perchance?
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They don't need to privatize the USPS, they just need to lobby for the government's monopoly on post, established by act of Congress in the 1800s, to be removed. Then they can create a competing postal system, like Lysander Spooner did with the American Letter Mail Company. If they really think they can make a profitable service that competes with the USPS, let them try.
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Democrats need to inject FUD into all privatization efforts, by saying they will investigate and reverse it if it happens.
Any entity that participated in privatization volunteers to be socialized.
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I'd like to privatize Wells Fargo, where I also mean "dismantle and leave behind an unrecognizable corpse"
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Guess who'll be affected the most?
Hint
It won't be the (mostly) urban leftists.
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Wells Fargo are thieves who steal from their customers. If you use them, you're about 15 years delayed in getting out. Security issue.
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Who more qualified than a company that is banned from doing business in some parts of the US due to being caught defrauding customers?
Meanwhile, in developed countries, post offices offer banking services.
It's gone so well for us in the UK, I can't imagine the entire organisation being asset stripped and then held for random at the taxpayer's expense.
Decades of bilking the elderly with unneeded services, imagine the fees they could charge for a real need. Ching Ching Ching
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