24 hours later, ANOTHER massive Wells Fargo fraud scandal


Originally published at: http://boingboing.net/2017/08/12/american-home-shield.html


Deregulation is working, for the Banks.


Wonder what it’ll take for them to go the way of Enron. Or would Enron just get a slap on the wrist these days?


So if AHS can send letters that constitute a binding contract if you just throw it away, what’s to stop all of us from doing the same to them?

I’m going to send one that requires them to pay me $500 per month.

And even if AHS manages to send the letter back with the “no” box checked, if we spam them enough, there’s bound to be some that they miss.


Honestly, why anyone banks with Wells Fargo anymore is beyond me.


Two main things: friction and network effects. It’s a huge pain in the ass to change banks: you need to move all your money over (doing your best to avoid fees,) you need to fix all of your auto-billing, you need to get a new debit card, etc. Plus if you often transfer money back and forth, it’s easier if everyone’s using the same bank.


Too big to fail, right?

One wonders what connections they have to Trump or Sessions if nothing happens.


Tangible links aren’t needed, they know that no one who takes their money for elections wants to set the precedent. These scumbags know full-well that they are actively screwing over the general public. Remember when everyone thought Obama would actually reign them in? His election precipitated huge numbers of firearm sales in the financial community.


It’s a quintessential wild west bank. Why is anyone surprised? It’s in their DNA.


With this WH administration? Even a slap on the wrist would be in question.


You’d still need the cooperation of a massive and shamelessly corrupt partner that has zero qualms about fucking over their loyal customer (who likely is already under a lot of financial strain as it is) and is happy to help you bury your ill-gotten fee somewhere in a monthly invoice.

But where would you even find a piece of shit organization like that? That sort of nastiness only exists in far-fetched movie scripts. I think you’re out of luck.


More like a slap on the ass and an “at-a-boy!”


No, actually, it’s not. I own and operate two businesses and am on the boards of six more. The only pain in the ass changing any of them was getting the accounting people to get over their fear of change. The actual mechanics of getting it done are not that difficult!


You are peasants, they are not.


Well, give 'em a few years, and there will be only one bank.

Yeah changing banks is like changing an email address, or a credit card number. Lots of other things have to change too. Of course, if you’re rich, you have minions doing it for you.



We need a revised public service advertisement:
This is Your Bank. This is Your Bank on Deregulation. Any Questions?


I’m closing my account on Monday.


It’s not difficult, but it’s a lot of little fiddly stuff, the kind of stuff I mentioned.


Their symbol is a wild west stagecoach. Ironic since they’re more like the bandits that held up stagecoaches.