Posts Tagged ‘wells fargo’
Xavier Becerra: Wells Fargo Exploit
on Friday, December 28, 2018Xavier Becerra Money Quote saying in a statement as the Attorney General of California that Wells Fargo took advantage of customers and eroded trust in the banking system. Xavier Becerra said:
“Instead of safeguarding its customers Wells Fargo exploited them. This is an incredible breach of trust that threatens not only the customer who depended on Wells Fargo, but confidence in our banking system” — Xavier Becerra
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Andy Green: Wells Fargo Fraud & KPMG
on Saturday, August 19, 2017Andy Green Money Quote saying few have asked why outside auditors (KPMG) didn’t call attention to Wells Fargo fraudulent sales practices. Andy Green said:
![There’s been far too little attention since the [Wells Fargo] crisis on how the external auditors [KPMG] should be looking out for the public. They are not just bookkeepers, but the investors’, and the capital markets’ last defense against accounting manipulation and fraud Quote](https://itsamoneything.com/money/wp-content/uploads/Andy-Green-KPMG-Wells-Fargo-Fraud.jpg)
“There’s been far too little attention since the [Wells Fargo] crisis on how the external auditors [KPMG] should be looking out for the public. They are not just bookkeepers, but the investors’, and the capital markets’ last defense against accounting manipulation and fraud” — Andy Green
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Peter Cohan: CFPB Wells Fargo Scandal
on Monday, December 12, 2016Peter Cohan Money Quote saying the Consumer Financial Protection Bureau exposed the millions in fake accounts Wells Fargo created. Peter Cohan said:
“The CFPB is responsible for bringing to light the Wells Fargo fake account scandal. It is hard to defend what Wells Fargo did and hard not to respect CFPB for bringing it to light” — Peter Cohan
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Warren Buffett: Wells Fargo Customer Base
on Friday, September 30, 2016Warren 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
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Warren Buffett is praising Wells Fargo’s large and steadily growing customer base. He notes that banks primarily make money from their customers through interest earned on loans and fees. Specifically, Wells Fargo earns money from its “spread” – the difference between the interest it pays depositors and the higher interest it charges for loans.
As long as Wells Fargo lends responsibly and avoids risky or fraudulent behavior (“doing anything really dumb”), its large customer base will continue generating steady profits from this spread on assets like mortgages and credit cards. Overall, Buffett sees Wells Fargo’s expanding customer base as a key strength of the bank’s business model.
Maxine Waters: Wells Fargo to be Broken Up
on Thursday, September 29, 2016Maxine 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
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John Chiang: Wells Fargo Wanton Greed
on Wednesday, September 28, 2016John 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
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Bernie Sanders: Wells Fargo Business Fraud
on Sunday, September 25, 2016Bernie 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
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In this quote, Bernie Sanders is harshly criticizing the business practices of Wall Street banks like Wells Fargo. By stating their “business model” is “fraud”, Sanders is asserting that the core way these large financial institutions operate and generate profits is through fraudulent and illegal behavior. He cites the “recently-exposed illegal behavior” at Wells Fargo, which involved opening millions of fake accounts without customers’ consent, as evidence of this.
Overall, Sanders appears to be arguing that Wall Street culture systematically promotes deception and law-breaking in order to maximize earnings, and that Wells Fargo is just one example of a deeper problem across the industry. His language portrays the banking sector in an extremely negative light and suggests more stringent reforms are needed to curb fraudulent practices.
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