Wells Fargo & Co., reeling from weeks of pummeling over fraudulent customer accounts, is now facing a Justice Department sanction over improperly repossessing cars owned by members of the military, according to two people with knowledge of the investigation.I'm somewhat surprised about the OCC's involvement, for they've been the agency that has long taken the lead in shielding banks from consequences of their financial fuckery.
Federal prosecutors and the bank’s regulator, the Office of the Comptroller of the Currency, are planning to punish the San Francisco-based lender for alleged violations of the Servicemembers Civil Relief Act, said the people, who asked not to be named because the investigation isn’t public. A penalty of as much as $20 million is expected from the OCC, one of the people said. That’s an unusually large fine for abuse of this law, which in most cases requires that firms obtain court orders before seizing vehicles from soldiers, sailors, airmen and Marines who are delinquent on their loans.
Speaking of bank fuckery, hedge-fund managers (otherwise known as "very wealthy psychopaths") are starting to flee Deutsche Bank. Which is bad news for Trump, as that's about the last bank that will deal with the short-fingered grifter.
The OCC should require that the fine be made as a clawback from Stumpf's equity...never mind his salary and bonuses, according to the Wicked Witch of Truth and Justice IIRC, his stock position rose 200 million during this.
ReplyDeleteOh please.
Screw reality TV, let's have a Judge Judy show with EW on the bench napalming the true evil-doers on Wall Street and the financial sector. Fines *and* jail time, with them being dragging kicking and sobbing from their gated communities. After all, it isn't any different from what they did in evicting and making homeless countless Americans.
The Irish curse: I'd give my cool corner in Hell to see them dastards pick shit with a wooden bill like the rest of us poor sinners