Now we know how Wells Fargo was able to afford their headquarters in San Francisco. Like all good Democrats, they stick it to the poor and make them think they care.
Scandal-plagued Wells Fargo is back in hot water for signing customers up for products that they didn’t need or want. This time it’s auto insurance, and the bank says it may have cost about 20,000 people their cars.
The New York Times reported that as many as 800,000 customers may have been affected, of which 274,000 fell into default because they could not afford the premiums and monthly payment and 25,000 of them may have had their vehicles repossessed.
“The constant drip drop of fraudulent activities coming out of Wells Fargo is absolutely outrageous,” said Rep. Maxine Waters of California, the top-ranking Democrat on the House Financial Services Committee. Sen. Elizabeth Warren of Massachusetts called for the Federal Reserve to remove Wells’ board of directors.
Just so you know, when I’m on the same side of any issue as Maxine Waters, I get real concerned.
If the stage coach bank has to play by the same rules as their competitors, perhaps they need to exit California for new digs with less overhead.
Hey X, does Buffett own stock in this bank? Fits his M.O.