Taking Care Of Business
Here’s the start of good news …
The Consumer Financial Protection Bureau, the US government’s top consumer watchdog, hit Wells Fargo with a $1 billion fine on Friday for improperly charging thousands of customers for auto insurance they didn’t need — it’s the agency’s second-largest fine in its history …
… that quickly turns to stink worse than a goat on a crawfish diet because the Republican’s tax “reform” bill, but corporate tax rates from 35% to 21%.
According to a Goldman Sachs report from December, the tax cut will boost Wells Fargo’s profits by $3.7 billion this year.
We fine Wells Fargo a billion dollars so the Republicans wink and give them $3.7 billion for the trouble.
When you make ripping off consumers so damn profitable, we’re not gonna stop crooks.
Which may be the whole point.
Additionally, as with all fines like this, they will write it off on their taxes as a business expense, so in effect we will pay it.
1If you can rip off each American for $0.10, it comes to $32.5 million dollars. Wells Fargo et alia do it to fewer, but for more money. I cancelled my accounts with the years ago, due to them screwing over servicemen.
2Just look at the cartoon from the article before this one. Ethics and morals are no longer a directive, just an option…
3snacilbupeR want to destroy the CPB because it picks on their owners. Poor babys.
4Unfortunately, the bank we originally mortgaged the house with sold that mortgage to Wells Fargo. I have been trying to find a way out of that con every since but find that it will cost me money I don’t have. I think the only justice that might be done is for some other even bigger bank to buy up WF and take their name off the front door.
5@Maggie
The final act of divorcing WF was re-financing our house with BofA. This amid the fact that my childhood best friend’s number 1 son is a WF branch manager. I no longer feel the love.
6It is accurately described as money laundering.
Corrupt congress varmints cannot simply give public money to their masters, but they can give big tax cuts to big businesses owned by those same masters. So they do.
Those masters cannot simply give tons of money to the Congress varmints they own, but they can give campaign contributions in large amounts, so they do. And hunting trips, and jobs to their spouses, children, etc. So they do. The amounts of money given to congress-jerks will, of course, be much less than the masters get through tax cuts.
And what does the public get from this back-scratching? Screwed, of course.
7