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Wells Fargo Reveals Up To 1.4 Million More Fake Accounts


Editor's Note: Wells Fargo has admitting massive amounts of fraud but it suffers ZERO CONSEQUENCES, as is the same for all the so-called "too big to fail banks."  It's time we stopped waiting for the gubermint to do something about it because they will not.  They are bought and paid for by the banks.  The solution is very simple.  We don't need anyone else to help us.  Simply take all your money out of these banks and put it into your local community bank or credit union.  Then the big banks will crash and burn as they should have a long time ago.

By Matthew Rocco
FoxBusiness.com

Wells Fargo on Thursday disclosed that its fake accounts scandal affected up to 3.5 million customers in total, far more than the 2.1 million accounts it previously said were possibly opened without customers’ knowledge.

The San Francisco-based bank first acknowledged in September 2016 that employees opened scores of unauthorized accounts since 2011. It subsequently revamped its pay structure and eliminated sales goals, moving away from policies that encouraged branch employees to open multiple accounts for customers. After news reports indicated that the problem dated back to 2009, Wells Fargo launched a new review of account data.

Wells Fargo said the third-party review revealed up to 1.4 million additional fake accounts, and the total number of accounts that incurred fees and charges grew to 190,000. The bank will provide another $2.8 million in refunds and credits on top of the $3.3 million it already refunded to affected customers.

Also, Wells Fargo said 528,000 customers were enrolled in its online bill pay service without signing up for it. Those customers will receive a combined $910,000 in refunds.

“We apologize to everyone who was harmed by unacceptable sales practices that occurred in our retail bank,” Wells Fargo CEO Tim Sloan said in a statement.

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Standard And Customery Fraudulent Banking Practices


Editor's Note: Wells Fargo has admitting massive amounts of fraud but it suffers ZERO CONSEQUENCES, as is the same for all the so-called "too big to fail banks."  It's time we stopped waiting for the gubermint to do something about it because they will not.  They are bought and paid for by the banks.  The solution is very simple.  We don't need anyone else to help us.  Simply take all your money out of these banks and put it into your local community bank or credit union.  Then the big banks will crash and burn as they should have a long time ago.

By Neil Garfield
LivingLies Weblog

The creation of fake accounts and fake services comes as no surprise to anyone who has been involved in foreclosure defense. As usual the response from Wells Fargo was a blatant lie. It wasn't 2.1 MILLION fake accounts that were opened, it is now 3.5 MILLION fake accounts and there is more to come. Oh, and another 528,000 customers of Wells Fargo also got signed up for BillPay when they didn't ask for it.

The point of all this is that Wells Fargo figured correctly that the penalty was worth the gain. By fraudulently expanding its reported portfolio of accounts and services, Wells Fargo had falsely represented a key indicator of its growth and health, causing its stock price to rise. The end result is a few million dollars in "refunds" while the increase in the stock price was worth billions.
 

Most people, whether they are Judges, lawyers or consumers, want to believe that the banks run on trust. But in fact, while the smaller and mid-sized banks run on trust, the large banks have made fraud a customary industry-standard practice. Let me put it this way --- it is industry standard practice to violate banking and lending laws.

Hence my admonition to avoid "admitting" anything the banks say in litigation --- even the representation that the lawyer has a client or that the plaintiff is the plaintiff. The banks correctly anticipated that judges would come to the conclusion that foreclosure defense was a scam. In order to "move their

The banks correctly anticipated that judges would come to the conclusion that foreclosure defense was a scam. In order to "move their docket" they ruled in ways that would virtually guarantee that the bank or servicer would get the foreclosure sale. Swamped by millions of foreclosures (which despite popular belief have not stopped or even slowed down) this was considered the best way to clear out the millions of foreclosures that "had to happen."

But if we start with the correct supposition that most of the documents used in collection and foreclosures are fake, then judges would return to the old style of scrutinizing the documents proffered by the banks and send the bank's lawyer packing because the chain of title did NOT match up. THAT would have cleared the dockets much faster as banks realized they would not be able to get their "get out of jail" ticket that came in the form of an official court judgment and an official forced sale of the property. The implication is that everything that preceded the foreclosure judgment and sale was indeed legal. But as we have seen, neither the judgments nor the sales should have been allowed.

It is understandable that judges would lean toward the banks. The logic of the existence of a loan and therefore the existence of a creditor certainly is more appealing than the logic of fake transactions starting with origination and continuing right up to the time of the foreclosure sale. So judges went with the easier, more logical inference that the banks could be trusted even if some of their paperwork was dubious. It may have seemed like the right thing to do, but they got it wrong.

Had judges exercised their inherent right and duty to scrutinize the documents submitted in a foreclosure action, even if the foreclosure was unopposed, there would never have been a foreclosure crisis, even if there might have been a crisis in the bond market where the nominal value of "derivatives" far exceeded their actual value. But if we ever want to truly get over this and not just think it is over because the banks pay for articles announcing the end of the foreclosure crisis, then we must start with fundamentals.

The fundamentals are that in virtually all cases where there are transfers and originations of loans, there was no actual event in the real world. The documents represent a fictional story --- and the people who paid for it are all the investors in such derivatives (worthless) and all the millions of homeowners who were trapped by fraudulent lending practices, fake representations, and appraisals.  Secondarily the rest of society paid for it with entire neighborhoods crashing and in many tens of thousands of cases demolished after the alleged "bank" or "servicer" told the homeowner that they didn't qualify for a settlement (modification) or that the "investor" had rejected the modification.

The truth is that the investor never heard of the homeowner and the homeowner never heard of the investor. It was all in the province of intermediaries acting as though there was a person behind the curtain when the space was void. The Trusts are empty and no amount of "re-securitizing" into new trusts (whose existence is only suggested on paper with no property entrusted to the "Trustee") will change the fact that, as between the homeowner and the party named on the note and mortgage, nothing ever actually happened.

Thus the Wells Fargo practice of creating false accounts for their own reasons was merely the outgrowth of the creation of fake loan accounts, fake servicing, and fake foreclosures.

 

Also See: Wells Fargo Reveals Up To 1.4 Million More Fake Accounts

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Give Wells Fargo the Corporate Death Penalty


Editor's Note: All the aleged to-big-to-fail banks need to be shut down, assets distributed to the thousands of local community banks and credit unions!

 

The bank is a serial corporate criminal that has screwed over millions of Americans. Here's what the government should do about it.

Wells Fargo continues to tangle itself in scandal. Last week, the bank admitted it forced redundant car insurance on more than 800,000 car-loan borrowers, earning the company $73 million in ill-gotten gains while causing a quarter-million delinquencies and 25,000 wrongful auto repossessions. This comes as Wells tries to manage the fallout of its 2016 fake account scandal, where it generated 3.5 million unauthorized accounts to meet high sales goals. In the past month, Wells has also been accused of secretly changing the loan terms of mortgage borrowers in bankruptcy, falsifying records to charge mortgage applicants for its own delays in application processing, and stealing from mortgage bond investors to pay legal fees in lawsuits filed by those very same investors.

If Wells Fargo wanted to rehabilitate its image, it failed miserably. Senator Elizabeth Warren wants the board of directors removed. Congresswoman Maxine Waters says she’s writing a bill to break up big banks that abuse consumers. And there have been some real consequences for Wells over the past year, beyond threats: They lost tens of millions of dollars when cities and states curtailed business with them after the fake account scandal. Senior managers have been sacked, and even the CEO stepped down, a rarity in an age of fleeting corporate accountability.

None of this is good enough. We habitually allow giant corporations to harm customers, employees, and the economy with relative impunity. That’s despite the fact that we, the public, give corporations the ability to exist. Every legal corporation must obtain a corporate charter, a written contract detailing the company’s structure and objectives. And the same government that grants charters can take them away, and should, if the corporation repeatedly violates the law.

Though politicians of all stripes claim to support corporate accountability, and those on the left frequently campaign on the issue, calls for a corporate death penalty are extremely rare. But the modern enforcement regime makes a mockery of the law, as governments feign powerlessness against an entity they themselves created by granting it a charter. Simply put, if Wells Fargo keeps using its power as a bank to rip off customers, it shouldn’t be a bank anymore.

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Congress To Force Citizens to Register Cash and Bitcoin

Violators Get 10 Years in Prison


Editor's Note:
I don't think President Trump would ever sign a bill like this even if it passed but this shows you precisely why we need to clean house in Congress ASAP.  They are the worst kind of snakes.

 

 

Congress submits bill making it illegal to hold cash, Bitcoin, or other assets outside of a bank without informing them in writing

Just as the War on Drugs was never actually about slowing down or stopping the import and use of illegal narcotics, so too was the spurious War on Terror not about stopping individuals or groups from inciting violence for political means.  In fact, we already know that U.S. agencies have funded, trained, and armed the very terror groups that are supposedly on the FBI’s Terror Watch List when they supported them in the taking over of Libya, and in the attemp to take over Syria.

So the question then has to be asked… what are the purposes behind the ideological wars against drugs and terror really all about?  Well, since the real victims going back to the 1970’s when the War on Drugs was instituted by President Richard Nixon have been the millions of Americans incarcerated for victimless crimes, and the billions of dollars seized without a trial in what is known as Civil Forfeiture, then it is fairly obvious who these wars were really focused against.

And since the advent of the Patriot Act, which hasn’t stopped a single terrorist or terror event following the terror attacks on 9/11, the ability of Americans to do as they please with their own money has been stymied in the government’s attempt to monitor and regulate every single transaction individuals choose to conduct.

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Hillary Emails Reveal NATO Killed Gaddafi to Stop Libyan Creation of Gold-Backed Currency


Editors Note:
Every war is a banker war. 

~~~~~~~~~

Hillary’s emails truly are the gifts that keep on giving. While France led the proponents of the UN Security Council Resolution that would create a no-fly zone in Libya, it claimed that its primary concern was the protection of Libyan civilians (considering the current state of affairs alone, one must rethink the authenticity of this concern). As many “conspiracy theorists” will claim, one of the real reasons to go to Libya was Gaddafi’s planned gold dinar.

One of the 3,000 Hillary Clinton emails released by the State Department on New Year’s Eve (where real news is sent to die quietly) has revealed evidence that NATO’s plot to overthrow Gaddafi was fueled by first their desire to quash the gold-backed African currency, and second the Libyan oil reserves.

The email in question was sent to Secretary of State Hillary Clinton by her unofficial adviser Sydney Blumenthal titled “France’s client and Qaddafi’s gold”.

From Foreign Policy Journal:

The email identifies French President Nicholas Sarkozy as leading the attack on Libya with five specific purposes in mind: to obtain Libyan oil, ensure French influence in the region, increase Sarkozy’s reputation domestically, assert French military power, and to prevent Gaddafi’s influence in what is considered “Francophone Africa.”

Most astounding is the lengthy section delineating the huge threat that Gaddafi’s gold and silver reserves, estimated at “143 tons of gold, and a similar amount in silver,” posed to the French franc (CFA) circulating as a prime African currency.

And here is the section of the email proving that NATO had ulterior motives for destroying Libya (UPDATE: The link has since been killed, but here is the web cache):

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Video: JP Morgan Chase $9bn Post-Fraud

Matt Taibbi on JPMorgan Chase's Worst Nightmare


The attention that Taibbi is receiving for the Rolling Stone essay, The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare, may push forward a serious debate on the systemic corruption that is common knowledge among informed observers of the financial structure. Zero Hedge can always be depended upon to incisively sum up the issue.

“In reality, there is nothing surprising in Matt Taibbi's latest piece since returning to Rolling Stone from the Intercept, as it tells a story everyone is by now is all too familiar with: a former bank employee (in this case Alayne Fleischmann) who was a worker in a bank's (in this case JPM) mortgage operations group, where she observed and engaged in what she describes as "massive criminal securities fraud" and who was fired after trying to bring the attention of those above her to said "criminal" activity.

The story doesn't end there, and as Carmen Segarra already showed, when she revealed that Goldman runs the NY Fed, once Alayne was let go and tried to "whistleblow" on the house of Jimon from the outside, she found the that US Department of Justice headed by Eric Holder is just as, if not more, corrupt, and in his desperate attempt to prevent discovery and bring JPM et al to justice, he would stretch the statue of limitations on frauds committed during the crisis long enough to where nobody had any legal recourse any more, up to and including the US taxpayer.”

Well, that is a sober and tragic assessment. Even more heartbreaking is the statement made by Ms. Fleischmann as reported in Straight Line Logic.

“And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. “I could be sued into bankruptcy,” she says. “I could lose my license to practice law. I could lose everything. But if we don’t start speaking up, then this really is all we’re going to get: the biggest financial cover-up in history.”

The only coherent response that regular citizens can exert, when dealing with the mega financial houses, is to avoid entanglements whenever possible. What good is it to establish accounts, whether as loans, savings or investments, when the rules of survival are stacked against main street customers?  

 

 

 
 
 
 
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FREE Video Library: Banking and Currency


  • Meet Goldman Sachs - The Vampire Squid
    We all know Goldman Sachs is the very embodiment of evil...or do we? What is Goldman Sachs? What does it do? Where did it come from and where is it going, and is there anything that can be done to stop it? Buckle in for this edition of The Corbett Report where James dares to take on the vampire squid itself.
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  • FRONTLINE - The Untouchables
    More than four years since the financial crisis, not one senior Wall Street executive has faced criminal prosecution for fraud. Are Wall Street executives "too big to jail"?
  • Inside Job
    This is a look at the film 'Inside Job' provides a comprehensive analysis of the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. 
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    The new shorter film by the Director/Writer of the Money Masters.
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  • Zeitgeist: Part 3 - How The Multinational Bankers Control the World (45 min.)
    This is part three of the documentary Zeitgeist.  The word zeitgeist means "the defining spirit or mood of a particular period of history as defined by the ideas and beliefs of the time."   Part three details the global elites, those that own and control the central banks and as a result, just about everything else of consequence.  It goes into who they are and what they've done and are doing to this planet to achieve their maniacal goals to control all of mankind.  These are not kind beneficent people.  They are the ones that cause all wars and are behind all the raping and pillaging going on throughout the world.
  • Zeitgeist Addendum
    This is a follow up film by the makers of Zeitgeist focused primarily on presenting info on how the banking system really works and what money really is and how those that control is are making the world in their own sick image.
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    This is a fairly old presentation that is as accurate and relevant today as is was so long ago.  It details exactly who control this world and how, as well as what we can do to stop what they are doing.
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    Find out why some feel the Federal Reserve's practices are a violation of the U.S. Constitution and others feel it's simply "a bunch of organized crooks." Discover why experts agree the Fed is a banking cartel that benefits mainly bankers and their corporate clients as well as a Congress that would rather increase the National Debt to $9 trillion than raise taxes. Find out how the corporate media facilitates the partnership between the Fed and Congress and why it fails to disclose what's going on. Lastly, find out how the Federal Reserve member banks are owned and controlled by an elite group of insiders.
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Video: Meet Goldman Sachs - The Vampire Squid


We all know Goldman Sachs is the very embodiment of evil...or do we? What is Goldman Sachs? What does it do? Where did it come from and where is it going, and is there anything that can be done to stop it? Buckle in for this edition of The Corbett Report where James dares to take on the vampire squid itself.

 
 
 
 
 
 
 
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Citigroup: The Original Gangsta


By Robert Scheer
truthdig.com

 

Radu Bercan / Shutterstock.com

 

Barack Obama’s Justice Department on Monday announced that Citigroup would pay $7 billion in fines, a move that will avoid a humiliating trial dealing with the seamy financial products the bank had marketed to an unsuspecting public, causing vast damage to the economy.

Citigroup is the too-big-to-fail bank that was allowed to form only when Bill Clinton signed legislation reversing the sensible restraints on Wall Street instituted by President Franklin Roosevelt to avoid another Great Depression. 


Those filled with Clinton nostalgia these days might want to reflect back on how truly destructive was his legacy for hardworking people throughout the world who lost so much due to the financial shenanigans that he made legal.

“Today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority,” a beaming Clinton boasted after signing the Financial Services Modernization Act into law in 1999.

Called the Citigroup authorization act by some wags at the time, those antiquated laws, the Glass-Steagall Act primarily, had put a safety barrier between the high rollers in Wall Street investment firms and the staid commercial banks charged with preserving the savings of ordinary folk. The new law permitted them to merge.

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Video: IT’S REAL: The War on Cash Enters Final Phase


21stCenturyWire.com

Forcing everyone to spend only by electronic means from an account held at a (government-linked) bank gives technocrats far better tools of social, political and economic control over individuals and communities. This is the war against cash.

 

Governments, at least modern western governments, have always hated cash transactions. Cash is private, and cash is hard to tax. So politicians trump up phony reasons like drug trafficking and money laundering to win support for bad laws like the Bank Secrecy Act of 1970, which makes even small cash transactions potentially reportable to the Feds.”
“Today cash is under attack like never before. Ultra low interest rates are the norm for commercial bank accounts. In Europe, as the ECB ventures into negative nominal interest rates, certain banks threaten to charge customers for depositing cash. Meanwhile, certain European bonds now pay negative yields, effectively turning them into insurance products rather than financial assets. And some economists now call for the outright abolition of cash, which shows just how far some will go in their crazed belief that economic prosperity can be commanded by forcing us to spend rather than save.


The War on Cash is real, and it will only intensify from here on out. Dr. Joe Salerno delivers a powerful and comprehensive breakdown of how it’s happening…

 
 
 
 
 
 
 
 
 
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