- cross-posted to:
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- cross-posted to:
- [email protected]
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Reminder that Wells Fargo was caught opening millions of accounts without permission. This company should not be trusted with anything.
One of the rare cases where a company actually paid a huge $3 billion settlement.
It hardly made a dent, though.
Totally. It wasn’t close to being enough. The entire board should have been arrested for fraud, at the very least. At least it wasn’t some laughably low amount like we’re used to, I’m surprised it was even this high.
I really wish we’d start prosecuting and imprisoning leadership boards for really anything the company does wrong. It’s really amazing the way we let companies just get away with every single thing, I mean how much more predictable could the slide to shittiness be?
Damn straight.
Just an operating cost.
This is exactly why fees would be revenue based. A flat 1% of annual revenue per offense would very quickly get that shit to stop.
I was looking for this comment. ALL fines should run as a percentage of annual income or profits. This includes traffic tickets and other fines.
3B is peanuts to them. I want to see fines that cripple a company’s yearly profits so that, in lieu of criminal investigations and repercussions, the execs at the very least get punished by their board of directors and shareholders. There’s only one language they understand. Another poster called it “operating costs”. That’s what we need to get rid of; punitive fines need to regain their punitive nature in order to be anywhere close to effective.
Needs executive jail time of 1 year per million dollars too.
No doubt. If fines and settlements are all we can muster, then there needs to be real personal consequences for those responsible as well as the corporation taking responsibility. Until we fully decouple money and politics, I have a hard time imagining that kind of proportionate punishment ever being doled out.
Yep if there was any justice in the world this would have put Wells Fargo deep in the ground but fucking no
Seriously. There’s no reasonable argument that they should have been allowed to continue to exist after that.
For anyone thinking it. I can confirm it feels great to close your wf account.
I closed mine when they were still called Wachovia 🤗
Seriously FUCK these guys who think everything should be run like a business
This sounds like a scheme hatched in 1887.
Right? I thought this was a side plot in The Music Man
Democrats need to inject FUD into all privatization efforts, by saying they will investigate and reverse it if it happens.
Any entity that participated in privatization volunteers to be socialized.
Guess who’ll be affected the most?
Hint
It won’t be the (mostly) urban leftists.
I’d like to privatize Wells Fargo, where I also mean “dismantle and leave behind an unrecognizable corpse”
Where’s a private equity firm when you need one??
People, shall we plot to eliminate Wells Fargo as a banking entity? Sign up for a local credit union instead, perchance?
It’s gone so well for us in the UK, I can’t imagine the entire organisation being asset stripped and then held for random at the taxpayer’s expense.
WELLS FARGO??
Stupidy, if Wells Fargo weren’t greedy dumbasses they could intergrat there banking into the Post Office.
Meanwhile, in developed countries, post offices offer banking services.
Less people, more money. Interesting business strategy.
Doubtless a certain type of USian voter will go for it.
The only mail I get is junk. They can keep that garbage.
Good for you. Lots of people depend on getting medication by mail, especially in rural areas.
The US Postal Service is a constitutionally-mandated service for all residents of the USA. It is not a for-profit business
If I was put in charge of a privatized Post Office I 'd start by stopping regular mail service and focus on packages. Just not profitable enough.
Thank you for articulating one of the many reasons that it should not be privatized.
It’s a public fucking service. It’s not supposed to be profitable. It was never intended to be profitable. Asking “but where’s the profit” about fucking EVERYTHING is literally the cancer that’s killing our civilization in general, and this country in particular.
And that’s what they mean when they want to run the government like a business… It’s been clear from the current administration that their goal is to get rid of everything that doesn’t bring in profit… Because the numbers must go up… It’s so frustrating… This is just another level… The business’s that lobby to make everything shitty are now trying to cut out the middle man I guess…
I agree. I am was just talking about a hypothetical privatized postal co. It is a service. Imagine how many people would send Christmas cards at $10 a card.
The vast, VAST majority of physical letters that are sent out these days are mass mailers from corporations or hard copy documents. I’d be willing to bet that the average zoomer has probably sent less than 10 actual letters in their life.
Some things -and I know this is wild- do not need to be profitable! Courts, fire departments, schools… There are segments of a functioning society that have nothing to do with making money! I know it sounds Cuckoo bananas and like some woke Marxist shit but those beloved Founding Fathers they talk about on Fox News wrote about weird ideas like “Common Defense” and “General Welfare” and “Pursuit of Happiness” Not so much on profitability.
They want to privatize schools too. They are morons whom probably drank to much lead as kids.
These are the folks that don’t understand King Midas is a cautionary tale.
Profit shouldn’t be the point
