La Canada Flintridge & La Crescenta Real Estate | Harb & Co.

The Wells Fargo Debacle

Photo courtesy of Shahidulnews.com

I previously worked in the mortgage banking industry and know firsthand how corrupt and dishonest many bankers are. I followed the mortgage meltdown carefully and am trying to keep current on the recent Wells Fargo debacle.

Wells Fargo & Co. has agreed to boost its payout in a class-action settlement over unauthorized accounts to $142 million. It’s difficult to fathom how banks can absorb these kinds of penalties and remain solvent. In 2016, Stumpf, the former Chairman of the Board, made $21,000,000+ – I wonder how much they pay the tellers.

Do you remember the other Wells Fargo scandal? The one where Wells Fargo foreclosed on a Malibu home, while one of their top executives used the $12,000,000 beach home for her personal use. She threw lavish parties, while local Realtors claimed that the bank refused showings during this time. Read more here:

Don’t believe for a moment that Dodd Frank stopped the corruption…. and have you noticed dismantling of the larger banks, so there’s no more too big too fail??? Seems like the banks are just as big, powerful and greedy as ever.