Wells Fargo

[mac]

I have banked with Wells Fargo for more than 40 years. But Bernie has it right when he says their business model is fraud. It is not just the relatively recent opening of nearly 2 million bank accounts and more than 500,000 credit cards. Apparently whistle blowers began complaining within the bank as early as 2005--to no avail, except some of the whistleblowers were fired.

So they were finally caught by the Consumer Financial Protection Bureau. https://www.washingtonpost.com/news/get-there/wp/2016/09/20/after-wells-fargo-how-much-can-you-trust-your-bank/ You know, the organization created by legislation that the GOP--including the Tea Baggers--fought. The organization that the GOP blocked Elizabeth Warren from running. The organization that the GOP is still fighting at every opportunity. Wells Fargo must repay any customer who was charged, and pay a whopping fine.

According to an article by Robert Borosage, Carrie Tolsdedt, the senior executive in charge of community banking, who was responsible for the 6,000 banks where the infractions took place, was paid $27 million (OMG!) over the past 3 years, and will have $100 million in stocks and options.

The Wiki leaks show that Obama was closer to the banks than I would like, as is Hillary. But if you think any Republican, including Trump, will do anything to rein in such behavior, you are smoking crack. The difference between the parties is dramatic.