Originally published at: https://boingboing.net/2020/01/28/carrie-tolstedt.html
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There it is. I think we now have the real reason why Wells Fargo was punished.
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This is Jack’s total lack of surprise.
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These are crimes, and the ringleader is forfeiting what? 1% of his wealth? Except somehow in the end it won’t even be that much. And that’s that. If I stole $1000 from Wells Fargo, I would go to prison for years.
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At the height of the Big Recession, Wells froze my checking accounts, then proceeded to stonewall me for 5 years to gain access to my money, I fu@king hate Wells Fargo almost as much as I hate BofA…
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Just kidnap the son of the CEO and demand the money back:
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Nothing in the world of corporate graft will ever change until Fraud and Malfeasance bring some jail time to the table.
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I had a stretch of trouble with WF, too. Poorly executed web controls, horrid customer service, and they repeatedly failed to find a few IRAs when I needed to transfer them. Things like required non-faxed sigs on forms to slow … down … everything …
Lately that has had an about course on the phone customer service side, though. And their latest web-blahblah isn’t so horrific. They have made improvements there.
But it is still business that invested in a failed drug cartel bank if you need moral apprehension enough to avoid them.
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What about Conspiracy and Racketeering?
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My first bank account was with Crocker Bank, here in CA. The only reason I chose Crocker Bank was that they gave away free teddy bears with every new savings account. Shortly there after, Crocker was absorbed into Wells Fargo, much like an elf being devoured by a gelatinous cube. No free stuffed animals from Wells Fargo.
Ok, you can bring those to the table, too.
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The Office of Currency Control seems to be a little known entity. I had an experience with the bank holding my mortgage, when I eliminated my escrow for insurance and tax payments they refused to give me back my balance. They claimed that was the terms of my mortgage. I insisted they produce the clause from the mortgage agreement that stated that, and surprise - they failed to do so. A stout letter to the Office of Currrency Control yielded me the rest of my balance, and a letter from the bank claiming that they were right but were giving me my money anyway.
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If you are comfortable answering this question, I’d really like to know, after you regained access to what is rightfully yours, did you abandon Wells Fargo and/or Bank of America?
Seriously asking.
Completely understand if you prefer not to say. No offense meant.
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Yep, a 1% tax to get away with bank fraud. Seems like a decent risk. Like others here have said, it should be prison time, like real prison, not country club stuff. And for long stretches, 7 years minimum. And no more working in the financial industry, no more board seats, no more CxO positions. Tough shit, cry in your beer. You had a good run.
Wow, someone remembers Crocker Bank? My dad banked there, until he got smart and moved over to his company’s credit union. Don’t know why he switched, but maybe it was because of WF taking over.
There’s a WF museum in downtown San Francisco. Since today’s WF has absolutely nothing to do with the stagecoach heritage they still play up, I fantasize about going in there and calling fake on all that BS, hand out flyers on Montgomery Street outside of the fake museum with their fake stagecoach. Fnck WF.
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My Dear Wife and I only, and I mean o n l y use our local Credit Union, far from perfect, but as a financial institution our CU is light years better. The very day I had access to the funds from Wells, I withdrew it, and deposited it in our CU. What a f’ing mess they made of my life, and I won’t even go there with the BofA debacle, it was hell.
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I hear you.
Totally agree.
One of my gigs is office manager for several businesses/nonprofits. I got permission from all to drop BoA, Wells Fargo and a few other megabanks, to move all funds to one of the largest credit unions in Texas (>$2 billion in assets). Simultaneously got family members to also break up with their megabanks and start accounts at credit unions.
Minor yucky downside: upfront costs (reprinting all checks, deposit books, getting accounting programs updated, rerouting vendors, etc.), but mostly it was just time-consuming. For the nonprofits, I volunteered my time to get it done.
Yes, we can do so much better than to trust our money to places like Wells Fargo.
https://www.greenamerica.org/break-your-mega-bank-true-tales
https://anticorruptiondigest.com/news-topics/wells-fargo/#axzz6CNNZO4Jy
(2017:)
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2 billion in assets? Ouch, you kicked where the sun don’t shine. Good work!
I dumped BoA before 2002, when they started in with arbitrary fees for jack squat, then Wells Fargo around 2006 when I began reading about accusations about subprime mortgage hijinks and steering POC toward the worst of them before the real estate bubble burst.
I also am a member of a decent credit union.
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