Decades of consolidation have made large financial institutions the primary partners for small businesses. Two case studies show how banks destroy businesses with automated systems, rather than personal relationships. Meanwhile, America’s relatively meager safeguards are being radically dismantled.
Wells Fargo
Posted inEconomic Policy
The Failure of Dodd-Frank
‘Too big to fail’ is more pervasive and regulation more captured than ever. What went wrong?
Posted inMoney, Politics, and Power
Organizing Wells Fargo
The campaign to unionize workers and rectify banking practices at America’s most notorious bank now reaches across the nation.
Posted inLaw and Justice
Former Wells Fargo Exec Could Do Prison Time
Does the plea bargain by Carrie Tolstedt, who led Wells’s corrupt fleecing of customers, suggest a belated criminal crackdown on corporate crooks?
Posted inMoney, Politics, and Power
Wells Fargo Wants to Buy Its Way Out of Trouble
CFPB director Rohit Chopra has other ideas.
Posted inEconomic Policy
Big Banks Charged Billions in Overdraft Fees During the Worst Months of the Pandemic
Recent financial disclosures show overdraft to be lucrative for commercial banks, and a burden on their most vulnerable customers.
Posted inMoney, Politics, and Power
Bank Regulator Could Block Disgraced Ex–Wells Fargo CEO From $20 Million Payout
Joe Biden has hesitated in naming someone to run the Office of the Comptroller of the Currency. The result could be a golden parachute for Tim Sloan.
Posted inCoronavirus
Unsanitized: Amazon’s Friend Network
Also, the shame of Wisconsin, and Wells Fargo’s pandemic lobbying. This is The COVID-19 Daily Report for April 7, 2020.
Posted inMoney, Politics, and Power
Useless Wells Fargo Settlement Shows the Rule of Law Ended Long Ago
A bipartisan tradition of no prosecutions and weak fines against big banks continues.
Posted inPolitics
Wells Fargo Attorney Moonlights as Buttigieg Campaign Policy Adviser
The campaign has also had advisers sign nondisclosure agreements, and in at least one case attempted to lock someone up with a noncompete agreement.