Current Events > The Federal Reserve cracks down on Wells Fargo over scandal

(+) Yeah! (+)

The Federal Reserve levied an unprecedented penalty against Wells Fargo on Friday, blocking its ability to grow larger and pressuring the mega bank to replace four board members following widespread consumer abuses.

Wells Fargo will not be allowed to grow its $1.95 trillion in assets until the Fed approves its remediation plan. The San Francisco bank will still be able to take deposits from customers and make loans, but cannot grow bigger through a merger or another major transaction until the Fed is satisfied the bank has sufficiently reformed itself.

https://www.washingtonpost.com/news/business/wp/2018/02/02/federal-reserve-orders-wells-fargo-to-halt-growth-oust-four-board-members-after/

This is why were all gonna die

ItsYourFault posted...

This is why were all gonna die

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God bless. This has been a Warren thing; glad she made it happen
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Still too light a penalty, but at least it's an actual punishment. That's progress.

ElatedVenusaur posted...

Still too light a penalty, but at least it's an actual punishment. That's progress.

Yea I think jail time

And the German skank who ran that division bailed back to Europe

She should be rotting here

Nothing a good ole "donation" can't fix down the road and the chucklefucks responsible for this aren't going to jail and these guys are still allowed to do business. Where's the justice?
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I really need to close my Wells Fargo account

clearaflagrantj posted...

I really need to close my Wells Fargo account

I did a few days after the scandal broke