Is it Friday again? Must be time for another banking scandal!
Seriously– these banking scandals are happening with such regularity and predictability it would be almost comical. . . were it not for the millions of people who have had their lives turned upside down.
The latest transgression involves, once again, our old friends at Wells Fargo.
Bear in mind that the ink isn’t even dry yet on the $1 billion check that Wells Fargo wrote last week as a penalty to settle its previous scandal, where they defrauded 570,000 clients in a car insurance scam.
By the bank’s own estimates, as many as 20,000 of those clients may have had their vehicles repossessed as a result of their inability to pay for the car insurance that Wells Fargo illegally stuck them with.
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i was in the consumer lending business many years ago. this practice was normal. I would object, then my boss told me we got a great kickback on the insurance- credit life. Yeah, it protected the bank in the event of the death of the borrower, and the family would be able to keep the vehicle, but the cost per dollar of insurance was exorbitant.
ReplyDeleteI thought forcing a buyer to buy the insurance was made illegal in the late 90's.
Maybe Wells Fargo never got the memo.
I can't believe ANYONE would bank there.
May 1, 2018 at 7:58 PM
ReplyDeleteYou said it yourself, you worked in that field many years ago. Laws and rules have changed.
If you or I "we, the people" defrauded ..... wait for it ......
ReplyDeleteFIVE HUNDRED THOUSAND PEOPLE (!!) and caused at least 20,000 people to have their cars re-popped (running their credit and lives), and lied about it and tried to cover it up????
PRISON. We'd be in prison.
THEY pay a fine and get to say how terribly sorry they are. And buy another house on the coast of California. You fight for your life every day for the next 10 years.
TWO SETS OF LAWS.
With, literally, millions of cheerleaders.
Each and every one of them total dumbaces.
Start the revolution.