Wells Fargo horror story- a fluke or the true face of corporatism

Anyone who knows me knows that I am very against corporatism and cutthroat capitalism. I think limited liability corporations should be abolished because they are immoral, corrupt, inhumane and dehumanizing, not to mention expensive. This article is a good example of the kinds of havoc these companies can wreak in their endless, futile question for more, and more and more profits. They have messed up a lot of peoples' lives for no good reason but for greed, selfishness, apathy and ideology. I don't think this is an aberation, it is the logical and unavoidable result of a faulty and illogical system.

money.cnn.com...

a reply to: CB328

The day after the scandal broke, the big wigs from Wells Fargo came into the high end

restuarant I worked in at the time, wearing their $5000 suits and Rolexes

and threw themselves a big party.

Wells Fargo is rotten to the core.

The whole company should be disbanded and none of them should be allowed to work in the industry again.

I think limited liability corporations should be abolished because they are immoral, corrupt, inhumane and dehumanizing, not to mention expensive.

Learn what the eff an LLC is before making asinine comments.

en.wikipedia.org...

i was going to put something educated in response to the business hate thing, as a business owner myself that employs 10 people (how many do you employ?)

Then I saw the Obama hope and change avatar logo, and realized I am better off not saying anything at all.

a reply to: SR1TX

How does employing ten people equate to a giant corporation with no accountability?

a reply to: SR1TX

Perhaps you should stick to the topic of the thread not political leanings? Mhmm. You employing 10 people does not a corporation make. Do not get too butthurt.

Wells Fargo is indeed rotten to the core. Corrupt evil bastards. Then trying to 'rebirth' themselves this year. What a joke. People see exactly what they are about.

Me and the member rep at my local credit union actually had a good laugh about Wells Fargo by name just yesterday.

originally posted by: Lightdhype
a reply to: SR1TX

Perhaps you should stick to the topic of the thread not political leanings? Mhmm. You employing 10 people does not a corporation make. Do not get too butthurt.

Wells Fargo is indeed rotten to the core. Corrupt evil bastards. Then trying to 'rebirth' themselves this year. What a joke. People see exactly what they are about.

Me and the member rep at my local credit union actually had a good laugh about Wells Fargo by name just yesterday.

The OP did two things in his opening thread. He both bashed Wells Fargo, AND summarily summed up all LLC's as evil and unjust. It takes only 2 seconds, to see why. So given that I own an LLC, I do not believe my responding to his notion that we are all "evil", is out of place. A corporation can consist of any number of people. 2 - 10 - 1000. Does not matter.

Then what term can one use to differentiate between small businesses and large, powerful, corrupt corporations?

originally posted by: CB328
Then what term can one use to differentiate between small businesses and large, powerful, corrupt corporations?

First, realize all humans are large, powerful, corrupt, and usually faceless (Especially these days).

Then understand, that it's just people that make up these companies. Flawed humans like you or I. The difference is, we have not had to make choices (yet presumably) that differentiate us from those who do harm to others like this company, Wells Fargo.

Now, if you REALLY feel like you need to get back at these A holes? Short their stock, buy other competitors stock, leave them bad reviews, and everything else you can do to hurt them where they think the most, their wallets. I read the story and trust me, they have uncle sams D up their anal cavity so far from this right now that I doubt they even know the difference between consensual sex and rape.

a reply to: CB328

firstly you dont call for the abolishment of all LLC's.

Small business LLC's employ the vast majority of workers and are drivers of the economy.

What you should be asking is why the Directors aren't held accountable for malfeasance.

Severe jail time would put a stop to some of these practices

a reply to: CB328

No accountability?

Read the GD article.

Wells Fargo (WFC) has since replaced longtime CEO John Stumpf, discarded the wildly unrealistic sales goals that led to the bad behavior and apologized for mistreating workers.

The CEO was fire as they should have been as it was poor management.,

Not surprisingly, the Federal Reserve has yet to remove the bruising penalties it imposed on Wells Fargo in February for "widespread consumer abuses."

They were sanctioned ,and still are.

Wells Fargo's stumbles have left its stock price badly behind rivals. Although Wells Fargo is up 16% since the scandal erupted two years ago, that's far behind the 47% rally for Citigroup (C) and 70% spike for JPMorgan Chase (JPM). Bank of America (BAC) has nearly doubled over that span.

WFC's competition is kicking their arses.

What more do you want other than what you already stated.

Corporations don't have a right to exist.

OF course getting rid of them would devastate the economy.

No accountability?

Yes, this is a very rare example of business being punished for doing illegal or immoral things, usually nothing happens.

originally posted by: CB328

No accountability?

Yes, this is a very rare example of business being punished for doing illegal or immoral things, usually nothing happens.

Well, if you punish the business as a whole, then the workers who had nothing to do with it suffer don't they?

I thought you cared about the little people.

i closed my accounts at Wells Fargo over 15 years ago when they bought out the bank i was a member of.

i being a veteran i moved my money to a navy federal credit union and got rid of over 70% of the fees Wells Fargo was charging me.

a reply to: CB328

Its too bad the President at the time majority of Wells Fargo shenanigans came to light didn't call for jailing the crooks at the helm. Fact is that guy let all the big banks sail away scott free after they ripped of the public, treasury, taxpayers and investors.

Wells Fargo is a criminal enterprise run by crooks.

You imply that socialism is the solution. Its not. Enforcement of Law is the solution.

originally posted by: CB328
Anyone who knows me knows that I am very against corporatism and cutthroat capitalism.

Then why the F would you think making bigger govt is the answer, as the left proposes ? The govt works for the biggest corporations not the other way around.

You make bigger govt , you give corporations more power to stick it to you. Its why BOTH Gop and dnc increase govt.

You Need to address govt corruption first before trying to address anything else such as healthcare,taxes ,immigration, and everything else.

Wells Fargo is a criminal enterprise run by crooks. You imply that socialism is the solution

Why isn't it a solution? Capitalism encourages this kind of criminality and abuse.

originally posted by: CB328

Wells Fargo is a criminal enterprise run by crooks. You imply that socialism is the solution

Why isn't it a solution? Capitalism encourages this kind of criminality and abuse.

Capitalism has nothing to do with it, corruption and big business influences over govt is the issue. Communism and socialism are not immune to corruption either.

Heck big business loves communism, it gives them cheap slave labor. Socialism cant work either until you minimise corruption.

Capitalism can work but the incentives to make money are all fd up. There is more money to be made with chaos,division,sickness, and an uneducated consumer base than with an healthy,educated,peaceful, united work force.

You need to minimize the corruption in govt before any "ism" will work and if you fix the corruption then you can fix the incentives

originally posted by: CB328
Anyone who knows me knows that I am very against corporatism and cutthroat capitalism. I think limited liability corporations should be abolished because they are immoral, corrupt, inhumane and dehumanizing, not to mention expensive. This article is a good example of the kinds of havoc these companies can wreak in their endless, futile question for more, and more and more profits. They have messed up a lot of peoples' lives for no good reason but for greed, selfishness, apathy and ideology. I don't think this is an aberation, it is the logical and unavoidable result of a faulty and illogical system.

money.cnn.com...

Wages use to be a lot higher for many jobs before we transitioned to state capitalism where the Big Corporations and Banks merged with the state.

It was around that time when the "Free Trade" with slave labor countries took off in order to enrich Wall Street. State Capitalism and Communism have much in common where you have the top beneficiaries of state capitalism and everyone else is poor or getting poorer.

A widening gap in inequality is a product of Communism.
In Capitalism, organized labor would keep the inequality from growing to large.

There are a lot of closet communists in the top 1%.