Archive for the ‘finance’ Category

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Warren Buffett: Wells Fargo Customer Base

Posted by admin on Friday, September 30, 2016

Warren Buffett Money Quote saying the Wells Fargo customer base was growing steadily – however growth was due to fraud – making it much harder for Wells Fargo to make money on new customer growth. Warren Buffett said:

Wells Fargo … you can’t take away Wells’ customer base. It grows quarter by quarter. And what you make money off of is customers. And you make money on customers by having a helluva spread on assets and not doing anything really dumb. And that’s what they do.
— Warren Buffett

Warren Buffett: Banking Good Unless Dumb

Posted by admin on Thursday, September 29, 2016

Warren Buffett Money Quote saying about Wells Fargo that all a bank must do is avoid doing dumb things in order to be profitable – Wells Fargo went way dumb. Warren Buffett said:

In the end banking is a very good business unless you do dumb things. You get your money extraordinarily cheap and you don’t have to do dumb things. But periodically banks do it
— Warren Buffett

Maxine Waters: Wells Fargo to be Broken Up

Posted by admin on Thursday, September 29, 2016

Maxine Waters Money Quote saying as ranking democrat on House Financial Services Committee that she will move forward with action to break up Wells Fargo Bank. Maxine Waters said:

Wells Fargo should be broken up. It’s too big to manage. … some of the most egregious fraud we have seen since the foreclosure crisis. I’m moving forward to break up Wells Fargo bank.
— Maxine Waters

John Chiang: Wells Fargo Wanton Greed

Posted by admin on Wednesday, September 28, 2016

John Chiang Money Quote saying as California State Treasurer that Wells Fargo cheated and fleeced customers with disregard for institutional ethics and encouraged greediness. John Chiang said:

Wells Fargo’s fleecing of its customers by opening fraudulent accounts for the purpose of extracting millions in illegal fees demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed
— John Chiang

Bernie Sanders: Wells Fargo Business Fraud

Posted by admin on Sunday, September 25, 2016

Bernie Sanders Money Quote saying when Wall Street banks fraudulently open fake accounts to inflate stock prices, it is criminal behavior. Bernie Sanders said:

Business model of Wall Street is fraud. In my view, there is no better example than the recently-exposed illegal behavior at Wells Fargo
— Bernie Sanders

Bernie Sanders Wells Fargo business model fraud

Alan Furst: Treasuries & Paper Currency

Posted by admin on Tuesday, September 6, 2016

Alan Furst Money Quote saying the wheels of finance turn even while there is bankers wasting and the poor still in want. Alan Furst said:

The printing presses of the state treasuries cranked out reams of paper currency- showing wise kinds and blissful martyrs- while bankers wept and peasants starved
— Alan Furst

Maria T. Vullo: Money Laundering Bank

Posted by admin on Tuesday, August 23, 2016

Maria T. Vullo, New York Department of Financial Services Superintendent said:

“DFS will not tolerate the flagrant disregard of anti-money laundering laws and will take decisive and tough action against any institution that fails to have compliance programs in place to prevent illicit transactions. The compliance failures that DFS found at the New York Branch of Mega Bank are serious, persistent and affected the entire Mega banking enterprise and they indicate a fundamental lack of understanding of the need for a vigorous compliance infrastructure. DFS’s recent examination uncovered that Mega Bank’s compliance program was a hollow shell, and this consent order is necessary to ensure future compliance.” — New York Department of Financial Services Superintendent Maria T. Vullo

Giancarlo Bruno: Blockchain Beating Heart

Posted by admin on Thursday, August 18, 2016

Giancarlo Bruno Money Quote saying as head of finance at the World Economic Forum that Blockchain tech will control the pulse of global financial services. Giancarlo Bruno said:

Rather than to stay at the margins of the finance industry blockchain will become the beating heart of it
— Giancarlo Bruno

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