Originally published at: https://boingboing.net/2018/04/20/2-trillion-in-assets.html
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And we’ll be the ones paying for it plus some:
“Net income applicable to shareholders rose to $5.74 billion, or $1.16 per share on GAAP basis, in the quarter ended Dec. 31, from $4.87 billion or 96 cents per share a year ago.”
“The quarter included a $3.35 billion one-time boost from writing down its deferred tax liabilities to reflect the new U.S. corporate tax rates.”
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And how likely is it that Mulvaney drops this action as “overly intrusive.”
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Here in Oz, we’re having a Royal Commission into the scummy dealings of the banks, and it’s kicking arse. Those dodgy bastards are being raked over the coals big time, and perhaps the best bit is how the neoliberal trickle-down filth that passes for a government around here are being tainted by it…
See, they were dragged kicking and screaming into it, all the while protesting there was nothing to see here. It only happened because the ‘Liberal’ filth are in coalition with the National party (hillbillies) who partially revolted in favour of the RC.
And now the Nats’ former leader has tweeted a mea culpa apologising for toeing the neoliberal line… I am rubbing my hands together with glee as an appreciable fraction of my countrymen begin to finally. wake. the. fuck. up.
BURN THE SCUM
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Wells Fargo (IT dept) was a customer of mine and they were some of the most incompetent and difficult clients I have ever worked with in 25 years. I vowed to never put one dime into one of their accounts as I saw first hand how inept their internal processes are. This fine does not surprise me.
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Let’s hope that someday, the same thing will happen over here in the States, and banksters like WF get what they deserve: Shutting them down with some of their execs serving prison time.
I work as a volunteer treasurer for a non-profit org, and I also support other non-profits. I look at checks that are written to my org, and I look at the endorsements on the back of checks I write to those orgs I support. It’s amazing how many people and organizations still do business with WF. I’m getting to the point of asking people, Why? Don’t you know they are criminals? Let me tell you all about credit unions!
ETA: That billion dollar fine will never be paid anyway. And if they do end up having to cough it up, it won’t affect their bottom line all that much, for all too long. Plus, it’s a tax deductible expense, so yay!
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I’ll take a check or money order, now please.
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Yes, I worked there briefly in their ‘Post-Closing’ department. that would be the department of “Oh, $#it…the loan officers had ONE JOB, and now we have to fix everything and re-record the corrected mortgage.”
If you like to look at trainwrecks, message me and I’ll tell you what some of my co-workers did to make your job harder.
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Mulvaney needs to be charged (in court) with malfeasance in office. The law is pretty clear on what the duties of the CFPB are; failing to carry them out should be grounds for prosecution.
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Yup! Fine them $1B and give them over $3B in tax breaks. That’ll teach em!
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I want to know why these assholes aren’t going to prison. The fines don’t come out of their salaries, they could not care less. Let them do some time when they commit these crimes and they will stop, or at least slow down a bit.
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Trick question, right?
In capitalism, the fines come out of the shareholder’s profits, and the shareholders are the ones who vote on the execs’ bonuses, so it should correct itself. Any day now… Then all that stolen wealth will trickle down to the rest of us, right?
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