Reminder that Wells Fargo was caught opening millions of accounts without permission. This company should not be trusted with anything.
One of the rare cases where a company actually paid a huge $3 billion settlement.
It hardly made a dent, though.
Totally. It wasn’t close to being enough. The entire board should have been arrested for fraud, at the very least. At least it wasn’t some laughably low amount like we’re used to, I’m surprised it was even this high.
I really wish we’d start prosecuting and imprisoning leadership boards for really anything the company does wrong. It’s really amazing the way we let companies just get away with every single thing, I mean how much more predictable could the slide to shittiness be?
Damn straight.
Just an operating cost.
This is exactly why fees would be revenue based. A flat 1% of annual revenue per offense would very quickly get that shit to stop.
I was looking for this comment. ALL fines should run as a percentage of annual income or profits. This includes traffic tickets and other fines.
Didn’t a country do speeding tickets as a percent of income?
3B is peanuts to them. I want to see fines that cripple a company’s yearly profits so that, in lieu of criminal investigations and repercussions, the execs at the very least get punished by their board of directors and shareholders. There’s only one language they understand. Another poster called it “operating costs”. That’s what we need to get rid of; punitive fines need to regain their punitive nature in order to be anywhere close to effective.
Needs executive jail time of 1 year per million dollars too.
If a corporation is effectively a ‘person’ under the law, any corp that has caused death should receive the death penalty, and their executives executed by firing squad.
Also, as a legal entity as that of personhood, are corps even allowed to identify as anything under new anti dei ‘laws’?
I don’t know Wells Fargo’s gender. That’s illegal now.
No doubt. If fines and settlements are all we can muster, then there needs to be real personal consequences for those responsible as well as the corporation taking responsibility. Until we fully decouple money and politics, I have a hard time imagining that kind of proportionate punishment ever being doled out.
Yep if there was any justice in the world this would have put Wells Fargo deep in the ground but fucking no
Seriously. There’s no reasonable argument that they should have been allowed to continue to exist after that.
This is true. At the time it sounded so serious. Hand slaps and finger wags. It’s totally ok to cheat steal and lie if you are rich. Rules don’t apply to you. It’s completely mad.
We should do an uno reverse and nationalize wells fargo.
They should have been nationalized in 2009 instead of receiving $25 billion bailout loan.
Musk would just learn from them and open a bunch of bank accounts for everyone in the USA and have him control them all.
For anyone thinking it. I can confirm it feels great to close your wf account.
I closed mine when they were still called Wachovia 🤗
What? Wells Fargo was founded in 1852.
Wachovia was a smaller bank that got bought out by Wells Fargo, iirc it was during the 2008 recession
Whack off ova-ya.
Seriously FUCK these guys who think everything should be run like a business
People, shall we plot to eliminate Wells Fargo as a banking entity? Sign up for a local credit union instead, perchance?
Wait, is it possible to plot for good, or is all plotting nefarious?
I consider plotting to be value neutral!
This sounds like a scheme hatched in 1887.
Right? I thought this was a side plot in The Music Man
They don’t need to privatize the USPS, they just need to lobby for the government’s monopoly on post, established by act of Congress in the 1800s, to be removed. Then they can create a competing postal system, like Lysander Spooner did with the American Letter Mail Company. If they really think they can make a profitable service that competes with the USPS, let them try.
It’s not a monopoly, everyone collectively agrees USPS is shit compared to their competitors FedEx and UPS
everyone collectively agrees
Evidence of this?
USPS is shit compared to their competitors FedEx and UPS
At what? Packages or letters? Bulk shipping? International? Domestic?
Define, refine, and support your terms and arguments.
Then again you decided on @RoosterBoy@lemm.ee as a handle, so I suppose we should all expect nothing but “cock-a-doodle-doos” out of you.
How can you simultaneously ask for a source like a normal adult and resort to attacking the username of an account on the internet like a kindergartener? It detracts from your point regardless of validity.
also:
Because you’re blatantly wrong. If Fedex or UPS had to operate at the scale the USPS does they wouldn’t last a week and you probably wouldn’t receive your mail on time if you ever did.
And even if they absorbed the USPS that means shipping costs would skyrocket because they’re not operating with tax money
Fair; poking fun at your lemmy handle was admittedly unnecessary, but I thought it was a decent ribbing, given the name and what you claimed.
However, none of that still absolves you from providing where you get the information that “everyone collectively agrees that the USPS is shit” compared to FedEx and UPS and what it’s specifically “worse” at. You’re not claiming something axiomatic like “2+2=4”, you’re making broad generalizations about “everyone”.
Of course, you can make claims without evidence and post wojak memes all day, but then “everyone would collectively know” you’re full of shit.
You’re kidding, right?
That’s not really true. USPS isn’t a monopoly—it’s a public service with a legal obligation to deliver to every address in the U.S., no matter how remote or unprofitable. FedEx and UPS can cherry-pick the routes that make money and skip the rest. In fact, they often rely on USPS for the final leg of rural deliveries because it’s cheaper for them than doing it themselves.
Also worth noting: USPS doesn’t get taxpayer funding for operations and is saddled with ridiculous requirements, like pre-funding retiree benefits decades in advance—a rule no private company has to follow. Then people cut funding or impose restrictions and turn around to say, “See? Government doesn’t work.”
So yeah, it’s not perfect—but comparing it to FedEx or UPS without acknowledging the completely different rules they play by misses the point entirely.
Everybody?
I think you’re talking out your ass.
I have never had USPS leave a package half torn open, closer to the sidewalk than my gate. I know it showed up like that and in that position from camera footage.
Thanks FedEx ground, you fucking garbage collection of contractors.
We have the exact opposite experience in our area, USPS doesn’t even deliver to the correct houses half the time even if they somehow manage to get stuff here intact.
As someone who uses USPS to deliver mail or packages whenever I need to do that it definitely isn’t universally agreed on. It has reasonable prices compared to the other ones and I’ve never had issues with packages taking too long or getting lost.
I like my mail service. They did take the mailbox on the block during Trumps first term though, but people complained and we got it back.
I dislike my mail service, they deliver crumpled balls that used to be boxes to houses miles away with completely different numbers than the intended destination.
Tell you what, let’s have a contest: we each mail 100 letters, me from USPS and you from FedEx, and we track which ones arrive first
If you are using FedEx ground, you might wait forever on a decent percentage of those letters.
Democrats need to inject FUD into all privatization efforts, by saying they will investigate and reverse it if it happens.
Any entity that participated in privatization volunteers to be socialized.
They all volunteered to be socialized when they fucked up in 2008.
Why do you think the democrats are going to do anything?
They have been sitting on their hands the whole time time Trump is doing all of this shit just like they sat on their hands after Biden won.
Abandon democrats.
I’d like to privatize Wells Fargo, where I also mean “dismantle and leave behind an unrecognizable corpse”
Where’s a private equity firm when you need one??
Guess who’ll be affected the most?
Hint
It won’t be the (mostly) urban leftists.
I never even check the mail. I hope I didn’t miss jury duty.
Meanwhile, in developed countries, post offices offer banking services.
It’s gone so well for us in the UK, I can’t imagine the entire organisation being asset stripped and then held for random at the taxpayer’s expense.
Decades of bilking the elderly with unneeded services, imagine the fees they could charge for a real need. Ching Ching Ching
WELLS FARGO??
Stupidy, if Wells Fargo weren’t greedy dumbasses they could intergrat there banking into the Post Office.
