Wells Fargo Caught In Yet ANOTHER Scandal! - What Now?
In this video, I talk with author and economic analyst John Sneisen about the latest scandal being reported about Wells Fargo, Warren Buffet's favorite bank.
As it turns out, Wells Fargo is being hit with a "Repeat Offender" formal enforcement action following an investigation which showed Wells Fargo went out of the way to gouge clients at the foreign exchange desk and that employees were encouraged to do this. One man was even demoted when he complained about it.
Of course Wells Fargo was caught earlier in the year creating about 3.5 million fake accounts and ripping people of for an unthinkable amount of money. The law suit ended with a 142 million dollar settlement.
Later, the bank was caught giving 570,000 customers auto insurance when they never asked for it. In most cases people already had car insurance and Wells Fargo started charging them on top of that insurance. When many people didn't pay they reposessed thousands of cars.
Tha bank has also been caught overcharging mortgage customers and a whole host of other shady dealings. The question is, when are people going to finally learn and turn their backs on this corrupt bank alongside the others who are likely up to similar deeds but simply being far more careful?
The banking system stemming from the central banking system and government is manipulating markets and of course the worthless fiat monetary system. Their entire prerogative is debt servitude. Control of the populace. For when you shove people down a bottomless pit of debt, you force them to ask for a ladder up from the government and banking system which puts them in perfect servitude and it plays right into the hands of the masters.
The solutions are simple. Financial responsibility. Self sustainability.
You cannot have freedom without responsibility. It's a core principle and we all must educate ourselves in order to be the change we wish to see in the world and take care of ourselves and our families or else we become dependent on the state and banking structure which depends on our dependence. It's a two way street and people have to block off that road.
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Hey joshsigurdson,
Thanks for the great content
Anyone who’s money is in Wells Fargo is a schmuck. Buffett needs to be seen for what he is, a corrupt sugar pushing debt lord sucking everything he can out of the American people & pretending to be a philanthropist. Give the man the legacy he deserves !
Your right about this my man
The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. Various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined $185 million dollars as a result of the illegal activity, and the company faces additional civil and criminal suits.
anyone surprised?
This bad news is neverending.
Pfff and we should “trust” these thieves, enough with that...they can try and fight and if they really manage to destroy bitcoin, we will use and develop a ton of other independent cryptocurrencies.
If you knew what fiat currency actually is you wouldn’t care for any banking system . If your money is in the bank , guess what ... it’s not your money . Smarten up young grasshopper. Paper to digital, digital to physical.
That is too many scandals. I don't believe it anymore.
If it was true, and we had regulation, then Wells Fargo would be closed.
But, instead, we have this agency that fines Well Fargone, which just passes all of that expense to their customers, and everything continues.
Well, at least Mt Gox tried.
Wells Fargone isn't even trying to stay legitimate
thats a fantastic news...thanks for your sharing..
Upvoted because someobody in my family got screwed by the jerks at WF. It's personal, so I don't want to discuss it here. Please find another bank.