Yeah, that’s what the Feds have sorta done with the $185M in fines for the fraudulent accounts thus far. I imagine what you’d prefer is for DOJ to march into their headquarters and arrest every executive and board member they can get their hands on, then charge them all with conspiracy to commit fraud and theft. I know I would find that preferable to a large-sounding fine which equates to a rounding error in WF’s earnings for the quarter they were levied.
Wells Fargo is successfully convincing judges that forged arbitration agreements are legally binding
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Let’s keep this in perspective. The Wells Fargo case is real news and a real crime (and I don’t get why being opposed to fraud is “left-wing”). Cory, as @thechuck_2112 pointed out, misstated and exaggerated the legal argument being made, and there are serious legal implications to that, but the outrage is that Wells is trying this tactic at all, and that a judge might actually consider it for more than two seconds.
However Well’s argument is phrased, the issue for the victims is simply whether the judge accepts it, in which case they are screwed.
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The SECs obvious preference for civil settlements with no admission of guilt, suggest that your statement is more wishful thinking than not.
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Well, I guess you’re technically correct when you say that they pay premiums, but 83% then get subsidies to help pay those premiums… and those subsidies come from you and I. But technically correct is the best kind of correct.
Anyway, why is universal healthcare a requirement for where Cory lives? If it’s just a matter of paying premiums and getting care, can’t he do that anywhere?
From what I understand, he’s mainly concerned about the possible revocation of the “pre-existing conditions” requirements of the ACA.
My own family’s move to the USA from the UK was only possible thanks to Obamacare; I have pre-existing medical conditions that made me uninsurable as a freelance writer, small business owner and novelist, and any move to the USA without some way to get healthcare would have put my whole family’s finances – from our home to our retirement to our daughter’s college savings – at risk (I’m pinning my hopes on California making good on its promise to lead the resistance to Trumpism, including the extension of a state healthcare plan that could even include single-payer healthcare or a public option).
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It’s not just technically correct. Those subsidies do not pay for 100% of the premiums. Obamacare is in no way at all any kind of “free healthcare”. Hell, it isn’t even universal healthcare.
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Isn’t that how the system is supposed to work: government department in charge of oversight notices obvious signs of criminal activity, steps in and charges wrongdoers with a crime?
If they can charge and convict Madoff, they can do the same for Wells Fargo execs.
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At what point to we being to insist that our federal prosecutors file criminal charges for this very open and public defrauding of millions of citizens?
When does the press start asking our president and president to be about criminal charges?
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On average, subsidies cover 75% of the premium cost. Being an average, some people get more, some less. I couldn’t find exact numbers, but I guarantee some people are getting enough in subsidies to cover the entire cost.
When will they stop rimming our president-elect?
Not even when he starts jailing journalists.
From the article you linked:
Ninety percent of those who will have the option of buying the no-cost plans make less than 250 percent of the federal poverty level, which is $28,725 for an individual, and $58,875 for a family of four.
As a bestselling author and consultant for the EFF, while I’m sure he has to be careful to live within his means, I doubt Mr. Doctorow is close enough to the poverty line to qualify for the no-cost plans.
And before you try to walk this back and say that you were claiming that this is about whether Obamacare offers some people free healthcare, here’s your original quote (which you still haven’t backed down from):
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The SEC has that kind of power, not sure about the bureaus which have levied the fines so far. For all we, the public know, the case may have been recommended to a bureau with the power to press criminal charges. Or not. We won’t know until or unless some arrests are made. I’m pessimistic that we’ll see any arrests, though, considering WF only received a fine for laundering drug cartel money.
They have the power but they won’t progress forward.
As we don’t know how much he makes, we’ll never know for sure. And as you pointed out, it’s likely the pre-existing condition clause. Which doesn’t change the fact that for some people, the ACA is in fact free.
You no have empathy?
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Living in a place with universal health care, I thought that was the point. If my premiums (taxes, call it what you will) go to prevent some freeloader dying in an alley on Xmas eve, I’m okay with that.
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“Some people”, but they still have to pay taxes on those subsidies.
I really don’t. Right, left, or otherwise, if you have to dissemble or outright lie to convince people of the righteousness of your cause, then perhaps your cause isn’t so righteous. (Related: I found this critique of activism from the hard left thought-provoking).
Yes, in my opinion. And you can criticize both. A duolithic conception of either/or is in large part what’s gotten us (collectively) into our current mess.
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would I have to sign the agreement again?
The point, again, is that the fraudulent accounts do not amount to an agreement.
The idea is that arbitration makes it easier for consumers to resolve disputes because it can be simpler and faster than going to court. In practice though, it’s incredibly consumer hostile and typically only benefits the company – that gets to pick the arbitrator, and where arbitrators will typically side with the company that employs them.
Despite this, the Supreme Court has upheld the Federal Arbitration Act or 1925 on numerous times overturning state’s rights.
This particularly dispute was particularly insidious as it allowed business to not only require individual mandatory arbitration, but also to prevent class action lawsuits:
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