Wells Fargo, The Deeper Issue

Along with the all of the lawsuits, and monetary penalties, and the loss of business from the States of California, Illinois, and now Massachusetts. On top of all of that I the $99 billion in deposits, $4 billion in revenue, and 30% of their customer base.  On top of a the Labor Department looking into the banks human resource dept. and a possible criminal investigation. This has gone far beyond damage control.  All of these investigations are sure to expose more dirt.
This situation has proven that the people should be frustrated with the banks, and the entire financial system as a whole.  The complete disregard Wells showed for it’s own customers is indicative of a much deeper problem.  Banks have been caught fixing the housing crisis, stealing homes with ILLEGAL foreclosure practices, rate manipulation, insider trading, etc… all they paid were fines.
Wells is about to be the example of what happens when banks ignore rules and regulations, and falsely believe they are above the law.  That they can just pay a fine and continue with business as usual.  This to me is a clear message that the banks must change their ways or in within the span of two months, they can be dismantled.  Meaning the consumers are going to put up with so much.
Within two months, the CFPB has completely dismantled and brought the bank to it’s knees by taking away the thing it loves above all else, PROFIT.  It was not until the profits were threatened that the bank really did something about it’s internal executive management problem.  Within two months, one of the oldest and largest banks has been put on the ropes.
The genius of this scandal is that it is understandable to the average consumer.  Not everybody understands insider trading, derivatives, or illegal foreclosure, but everybody understands “fraudulent accounts”.  That is clear, recognizable, and understandable.  Blaming low level employees is also understandable.
This scandal placed the business of banking on front street for all to see.  Now, the Comptroller of Currency has sent a letter to all of the large banks, letting them know that they too are about to be investigated for their sales practices.  Mark my words, this is only the beginning….
T.
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