A quick cut of @WellsFargo CEO John Stumpf answering my questions. He doesn’t seem to know a lot about how his company is run. pic.twitter.com/Oaf6AGAjtM
— Rep. Keith Ellison (@keithellison) September 29, 2016
Just as timely as it was 3.5 years ago – some things never change, do they?
“Sneaky” comes to mind to describe the government and the banksters regarding two settlements between US banks and government regulators who alleged that the banks were guilty of widespread abuse of the foreclosure system that allowed banks to seize homes from defaulting borrowers. The banksters agreed to pay out more than $20 billion on Monday to resolve claims arising from the mortgage crisis.
View original post 1,699 more words
Right on! Well, there goes Bank of America…cause they’re all joined at the hip.
Throughout Wells Fargo CEO John Stumpf’s rough day in front of the House Financial Services Committee, multiple representatives called for the bank to be broken up, suggesting that the megabank is simply too big to manage effectively.
But as the five-hour hearing neared its conclusion, the ranking member of the committee, Rep. Maxine Waters, D-Calif., went beyond her fellow representatives’ calls to break up Wells Fargo, stating that she is going to actually move to break up the bank.
“I’ve come to the conclusion that Wells Fargo should be broken up,” Waters said. “It’s too big to manage and I’m moving forward to break up the bank.”
According to a represenative from Waters’ office, Waters told reporters after the hearing that she plans to pursue legislation to break up the bank.
Wasn’t it Al Capone they took down on his IRS violations? Pick ’em a part bit by bit… Yup!
The Los Angeles city attorney has reached a $13.5-million settlement with U.S. Bank to resolve allegations that the nation’s fifth-largest bank operated as a slumlord and allowed hundreds of foreclosed properties to deteriorate, fostering crime and blight in L.A. neighborhoods slammed by the housing crisis.
The settlement, announced Thursday, requires the Minneapolis-based firm to maintain its foreclosed properties in “accordance with all applicable laws and standards for two years.” A full-time bank employee will work with city agencies to resolve code violations of foreclosed properties across Los Angeles, the city attorney’s office said.
U.S. Bank spokesman Dana E. Ripley said the bank would be working…
View original post 16 more words
Deadly Clear 