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Rumor Mill News Reading Room, Current Archive

Major Problems Announced At One Of The Largest Too-Big-To Fail Banks (WELLS FARGO) In The United States

Posted By: NaturalWisdom
Date: Friday, 9-Sep-2016 13:19:19
www.rumormill.news/56159

In Response To: The Percentage Of Working Age Men That Do Not Have A Job Is Similar To The Great Depression (RumorMail)

Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States
By Michael Snyder,
The Economic Collapse Blog
Sep 8, 2016
Click here

[snip]

Do you remember when our politicians promised to do something about the “too big to fail” banks? Well, they didn’t, and now the chickens are coming home to roost. On Thursday, it was announced that one of those “too big to fail” banks, Wells Fargo, has been slapped with 185 million dollars in penalties. It turns out that for years their employees had been opening millions of bank and credit card accounts for customers without even telling them. The goal was to meet sales goals, and customers were hit by surprise fees that they never intended to pay. Some employees actually created false email addresses and false PIN numbers to sign customers up for accounts. It was fraud on a scale that is hard to imagine, and now Wells Fargo finds itself embroiled in a major crisis.

There are six banks in America that basically dwarf all of the other banks – JPMorgan Chase, Citibank, Bank of America, Wells Fargo, Morgan Stanley and Goldman Sachs. If a single one of those banks were to fail, it would be a catastrophe of unprecedented proportions for our financial system. So we need these banks to be healthy and running well. That is why what we just learned about Wells Fargo is so concerning…

FULL REPORT



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Articles In This Thread

The Percentage Of Working Age Men That Do Not Have A Job Is Similar To The Great Depression
RumorMail -- Friday, 9-Sep-2016 13:09:55
Major Problems Announced At One Of The Largest Too-Big-To Fail Banks (WELLS FARGO) In The United States
NaturalWisdom -- Friday, 9-Sep-2016 13:19:19
Reader: We're headed for 1938 all over again
RumorMail -- Friday, 9-Sep-2016 14:07:02
Reader: Do You Believe There is Food Price Deflation? Mish vs. Consensus
RumorMail -- Friday, 9-Sep-2016 14:20:36

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AN EXPLANATION OF THE FACTIONS