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I'm kinda sidestepping the actual topic here, admittedly, but: > It's not like Wells Fargo treats its workers badly but does well by everyone else. Remember, t

I'm kinda sidestepping the actual topic here, admittedly, but: > It's not like Wells Fargo treats its workers badly but does well by everyone else. Remember, those fake accounts existed as part of a fraud on the company's investors. The company went on to steal $76m from its customers on currency conversions. They also foreclosed on customers who were up to date on their mortgages, seizing and selling off all their possessions. They argued that when bosses pressured tellers into forging customers on fraudulent account-opening paperwork, that those customers had lost their right to sue, since the fraudulent paperwork had a binding arbitration clause. When they finally agreed to pay restitution to their victims, they made the payments opt-in, ensuring that most of the millions of people they stole from would never get their money back. .... They stole millions with fraudulent "home warranties." They stole millions from small businesses with fake credit-card fees. They defrauded 800,000 customers through an insurance scam, and stole 25,000 customers' cars with illegal repos. They led the pre-2008 pack on mis-selling deceptive mortgages that blew up and triggered the foreclosure epidemic. They loaned vast sums to Trump, who slashed their taxes, and then they fired 26.000 workers and did a $40.6B stock buyback. They stole 525 homes from mortgage borrowers and blamed it on a "computer glitch": In any kind of remotely just and sensible society, this corporation would be shut the fuck down by authorities, have it's assets liquidated, it's leadership imprisoned, and the trademark barred from use for 50 years. The sheer volume of horseshit a company of sufficient size can get away with here bends the mind.

hiatus 2y ago
> In any kind of remotely just and sensible society, this corporation would be shut the fuck down by authorities, have it's assets liquidated, it's leadership imprisoned, and the trademark barred from use for 50 years. The sheer volume of horseshit a company of sufficient size can get away with here bends the mind. Which society would act differently?
- alemanek 2y ago
  China: https://www.barrons.com/news/china-sentences-former-asset-manager-to-death-for-extremely-large-bribes-5c92fca8 https://www.barrons.com/news/china-sentences-former-asset-ma... Vietnam: https://www.bbc.com/news/world-asia-68778636 https://www.bbc.com/news/world-asia-68778636 Now both of those countries have their own issues but they know how to deal with corrupt bankers
  - blackeyeblitzar 2y ago
    It’s hard to know what is really true in those situations. Are those bankers actually corrupt? Or were they victims of political targeting? Or was their corruption authorized by a higher power until they were ready to be disposed of? I personally think rule of law is much greater in the US and most of Europe.
    - ToucanLoucan 2y ago
      He said, somehow forgetting that the reason we're even discussing this is the heinous and well documented corruption of a US-based bank.
      - jncfhnb 2y ago
        Not really. If a banker in China is taken down for political reasons, it’s not evidence that China is more adept at upholding banking corruption laws than the US.
        alemanek 2y ago
        They could just as easily have trumped up treason charges. Whether the charges are valid or not is irrelevant. Both of these countries are clearly sending a message. Get too greedy, corrupt, ..etc and we will kill you. Whereas in the US there are 0 real consequences. It is the message that is important here. The US needs to start putting executives involved in these crimes in federal prison with very long sentences. Fining them doesn’t work they need to lose their freedom.
        jncfhnb 2y ago
        No, that’s really not clear at all. You are still assuming corruption is the cause of these actions. China consistently ranks far worse in terms of corruption on pretty much all organizations that do such evaluations.
        2y ago
hulitu 2y ago
> In any kind of remotely just and sensible society, this corporation would be shut the fuck down by authorities, have it's assets liquidated, it's leadership imprisoned, and the trademark barred from use for 50 years. But you are living in a democracy (what am i saying, the best democracy, the land of the free, the american dream). Why not let democratic institutions do their job ? /s

hiatus 2y ago

> In any kind of remotely just and sensible society, this corporation would be shut the fuck down by authorities, have it's assets liquidated, it's leadership imprisoned, and the trademark barred from use for 50 years. The sheer volume of horseshit a company of sufficient size can get away with here bends the mind. Which society would act differently?

alemanek 2y ago
China: https://www.barrons.com/news/china-sentences-former-asset-manager-to-death-for-extremely-large-bribes-5c92fca8 https://www.barrons.com/news/china-sentences-former-asset-ma... Vietnam: https://www.bbc.com/news/world-asia-68778636 https://www.bbc.com/news/world-asia-68778636 Now both of those countries have their own issues but they know how to deal with corrupt bankers
- blackeyeblitzar 2y ago
  It’s hard to know what is really true in those situations. Are those bankers actually corrupt? Or were they victims of political targeting? Or was their corruption authorized by a higher power until they were ready to be disposed of? I personally think rule of law is much greater in the US and most of Europe.
  - ToucanLoucan 2y ago
    He said, somehow forgetting that the reason we're even discussing this is the heinous and well documented corruption of a US-based bank.
    - jncfhnb 2y ago
      Not really. If a banker in China is taken down for political reasons, it’s not evidence that China is more adept at upholding banking corruption laws than the US.
      - alemanek 2y ago
        They could just as easily have trumped up treason charges. Whether the charges are valid or not is irrelevant. Both of these countries are clearly sending a message. Get too greedy, corrupt, ..etc and we will kill you. Whereas in the US there are 0 real consequences. It is the message that is important here. The US needs to start putting executives involved in these crimes in federal prison with very long sentences. Fining them doesn’t work they need to lose their freedom.
        jncfhnb 2y ago
        No, that’s really not clear at all. You are still assuming corruption is the cause of these actions. China consistently ranks far worse in terms of corruption on pretty much all organizations that do such evaluations.
        2y ago

hulitu 2y ago

> In any kind of remotely just and sensible society, this corporation would be shut the fuck down by authorities, have it's assets liquidated, it's leadership imprisoned, and the trademark barred from use for 50 years. But you are living in a democracy (what am i saying, the best democracy, the land of the free, the american dream). Why not let democratic institutions do their job ? /s