Posts Tagged ‘foreclosure’

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 Quote
 

“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

 

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Maxine Waters seems to be strongly criticizing Wells Fargo and calling for structural reforms due to its history of major scandals and misconduct. She argues that Wells Fargo is too large and complex to properly oversee or manage, as evidenced by “egregious fraud” on the scale of the foreclosure crisis.

Waters implies the bank’s bigness itself enables widespread abuse. By stating she will introduce measures to “break up” Wells Fargo, Waters appears to believe the bank must be dismantled into smaller pieces to effectively address issues of oversight, accountability and consumer protection. Her remarks portray structural separation as the necessary solution to curb further wrongdoing at such a massive and systemically important institution.

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