Thursday, July 22, 2010

LA RAZA DONOR CRIMINAL BANKSTER WELL FARGO (CA MORTGAGE LICENSE REVOKED!) MAKING GOOD MONEY OFF FUCKING OVER MORTGAGE HOLDERS! How'd That Happen?

A few more facts on the crime wave that is Wells Fargo!

1. Dianne Feinstein takes money hand over fist from WELLS FARGO ( Opensecrets.org). She was their front whore for the BIG BANKER’S BANKRUPTCY BILL that became law and prevented people victimized by dishonest sub-prime mortgage products to obtain help in Court.
The so called “foreclosure” aid bill now before Congress has will not fix this. Big Bankers said HELL NO! WE PILLAGE FOR PROFIT!

2. At the time whore Dianne Feinstein fronted for the bankruptcy bill, WELLS FARGO had already had their CALIFORNIA MORTGAGE LICENSE REVOKED. The bank continues to operate WITHOUT a license. The revocation was due to corporate fraud and maleficence with their mortgage products.

3. WELLS FARGO continued operating their dishonest mortgage products all over the country. There are many municipalities that have filed lawsuits against this bank as a result. WELLS FARGO particularly gears its marketing to non-English speaking illegals and minorities. They’re easier prey.

Currently the Cities of Cleveland and Baltimore have filed lawsuits against WELLS FARGO for the devastation their mortgage products have caused.

4. WELLS FARGO illegally opens bank accounts for illegals using the phoney Mexican consulate ID’s. In other words NO ID! Of the billions from the American economy that WELLS FARGO wires back to Mexico, about 20% is Mexican drug cartel money.

5. WELLS FARGO and BANK OF AMERICA are major La Raza party donors. La Raza... “The Race” is the Mexican supremacist racist party advocating no laws or borders apply to Mexicans invading. Dianne Feinstein is an OPEN BORDERS advocate while sending the same letter to her legal constituients suggesting she’s “concerned” about the Mexcian invasion. Feinstein is a member of La Raza and is quoted as saying publically “Americans are stupid to want to closes the borders.”

6. WELLS FARGO is the biggest financial backer of PAY DAY LOAN SHARKS. An attempt by Congress to limit the interests rates of these products, which hover around 450% was defeated by BIG BANKERS and Dianne Feinstein.

7. WELLS FARGO does not hire American born employees. They are all H-1 visas. Primarily Chinese, Indians and middle-easterners. The Big Banks had too many Americas file Class Action suits against them and now only want “temporary” employees that will keep their mouths shut about the miserable conditions they work under.


8. The profit margin of WELLS FARGO and BANK of AMERICA bank cards is so massive even the oil industry salivates. Any attempt to reduce the outrageous terms which the banks may unilaterally change at a whim were destroyed with the FEINSTEIN BIG BANKER’S BANKRUPTCY law.

9. WELLS FARGO pioneered the universal bank card rate increases. They snoop your credit report and if they ever find you’ve been late on ANYTHING, they hike your interests rate up the ass! Yours!

9. While Dianne Feinstein was servicing WELLS FARGO, her colleague, HILLARY CLINTON sat right next to her, hand and hand, and voted for the same BANKER’S BANKRUPTCY BILL.

HILLARY CLINTON, along with Barbara Boxer, Ted Kennedy, John Kerry, and of course Joe Lieberman have all taken campaign bribes from Feinstein’s pimp-husband, white collar criminal, and long time customer of WELLS FARGO, RICHARD C BLUM, to keep their mouths shut about Feinstein’s massive war profiteering.

And you wondered why WALL ST is so eager to have Hillary and Billary back???

Wells Fargo Discrimination (San Francisco)


Reply to: info@wellsfargoinjustice.comDate: 2008-04-16, 6:16AM PDT
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Wells Fargo, Morgan Stanley earnings top others
Michael J. Moore,Dakin Campbell, Bloomberg News
Thursday, July 22, 2010

Wells Fargo & Co., the top U.S. home lender, and Morgan Stanley, owner of the world's largest brokerage, led financial stocks higher after reporting second-quarter earnings that beat analysts' estimates.
Wells Fargo, whose net income of 55 cents per diluted share surpassed estimates of 49 cents, gained as much as 6.5 percent. Morgan Stanley, which said revenue from trading stocks surpassed all five of its bigger competitors, rose as much as 10.6 percent, the biggest gain in more than a year.
"The economy is doing modestly better, and the credit issues aren't getting worse," said Malcolm Polley, who oversees $1 billion as chief investment officer at Stewart Capital Advisors in Indiana, Pa.
Wednesday's results from San Francisco's Wells Fargo and Morgan Stanley, headquartered in New York, were at odds with banks that reported in the past week. Goldman Sachs Group Inc.'s earnings on Tuesday missed analysts' estimates as trading revenue fell 36 percent from the first quarter. Bank of America Corp. and Citigroup each plunged more than 6 percent Friday after saying profit fell from a year earlier.
Wells Fargo said net income declined 3 percent to $3.06 billion (55 cents per share), from $3.17 billion (57 cents) in the same period a year earlier. The average estimate of 25 analysts surveyed by Bloomberg was 49 cents, adjusted for one-time items.
"Credit quality has indeed turned the corner," Chief Financial Officer Howard Atkins said in a statement. "We expect this positive trend will continue over the coming year."
Analysts and investors are looking at the largest U.S. banks for confirmation that credit losses are shrinking. Bank of America, the biggest U.S. lender, told investors last week that credit quality is improving, and June credit-card write-offs fell at five of the six largest card issuers.
Wells Fargo has said consumer loan losses peaked in the first half, and commercial loan losses will crest in the second half. The bank's largest stakeholder is Berkshire Hathaway Inc., the insurance and industrial company controlled by billionaire Warren Buffett.
Chief Executive Officer John Stumpf is increasing fee revenue as the bank works to cut expenses and counter sluggish consumer and business lending. Some parts of the financial overhaul passed by Congress may have "unintended negative consequences," he said in the statement.
At Morgan Stanley, net income rose to $1.96 billion ($1.09 per share) from $149 million, a loss of $1.10 per share, in the second quarter of 2009. Earnings from continuing operations were 80 cents per share, which included a 20-cent tax benefit, compared with the 47-cent average estimate of 21 analysts surveyed by Bloomberg.
Chief Executive Officer James Gorman has added employees to Morgan Stanley's sales and trading unit to close a gap with competitors. Stock-trading revenue surged 82 percent from a year earlier, and the 12 percent decline in overall trading revenue from the first quarter was smaller than the drop at bigger banks.
"Quite impressive compared to Goldman Sachs," said Gary Townsend, chief executive officer of Hill-Townsend Capital LLC in Chevy Chase, Md., which owns Morgan Stanley shares. "Morgan has just not had as pronounced a view as Goldman has had, it has generally been taking less risk over the past several quarters, and that helped it here."
Revenue at Morgan Stanley rose to $8 billion from $5.2 billion a year earlier
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June 30, 2009
States Can Investigate National Banks, Justices Rule
By THE ASSOCIATED PRESS
The Supreme Court paved the way on Monday for states to enforce fair-lending laws and other consumer protection measures against the nation’s biggest banks, striking down a rule that limited such powers to federal banking regulators.
The court concluded that rules issued by federal banking regulators under the National Bank Act — a law passed in 1864 — could not block, or pre-empt, efforts by the states to enforce their laws.
The case began with letters sent in 2005 by the New York attorney general at the time, Eliot Spitzer, to several national banks, including Citigroup, JPMorgan Chase and Wells Fargo, inquiring about their lending practices to minority customers.
The letters referred to “troubling” disparities that suggested black and Hispanic borrowers were charged disproportionately higher interest rates on mortgages compared with those for whites.
The letters asked for the information “in lieu of subpoena” but strongly suggested that subpoenas might follow if the requests were not fulfilled. A banking trade group and the Office of the Comptroller of the Currency brought suit to block Mr. Spitzer’s request, contending that the National Bank Act and rules issued by the Bush administration in 2004 gave that kind of law enforcement authority to the comptroller and prohibited such efforts by the states. A federal district court ruled against the states, and the United States Court of Appeals for the Second Circuit affirmed the lower court’s decision.
Writing for a 5-to-4 majority, Justice Antonin Scalia concluded that the attorney general had not been engaged in the broad “visitorial powers” reserved by the federal government, in which the government acts like a supervisor with free access to bank records on demand. The court, he wrote, has always understood that visitorial powers are “quite separate” from the power to enforce the law, and Mr. Cuomo was acting in the role of “sovereign-as-law-enforcer” in seeking the information.
Normally, Justice Scalia wrote, the court would defer to an agency’s interpretation of the law when the terms in dispute are ambiguous. But in this case, which turned on such terms as “visitorial powers,” he stated that even though the term was “somewhat ambiguous,” the court could discern “the outer limits” of the term, “even through the clouded lens of history.” The meaning that could be wrestled from the phrase, Justice Scalia wrote, did not include restrictions on “ordinary enforcement of the law” by the states.
The decision brought together an unusual coalition of jurists. Justice Scalia, one of the court’s most conservative members, was joined by the court’s more liberal wing of John Paul Stevens, David H. Souter, Ruth Bader Ginsburg and Stephen G. Breyer.
A decision concurring in part and dissenting in part was written by Justice Clarence Thomas and was joined by Chief Justice John G. Roberts Jr. and Justices Anthony M. Kennedy and Samuel A. Alito, Jr., who did not share Justice Scalia’s view through the clouded lens of history. “The statutory term ‘visitorial powers’ is susceptible to more than one meaning,” Justice Thomas wrote, “and the agency’s construction is reasonable” and thus should be deferred to.
In a statement, New York’s current attorney general, Andrew M. Cuomo, called the decision “a huge win for consumers across the nation.” In a reference to the nation’s economic crisis, Mr. Cuomo added, “the court has recognized that fair lending and consumer protection — the cornerstones of a sound economy — require the cooperative efforts of both the states and the federal government.”
Seth Galanter, a lawyer in Washington who wrote a brief on behalf of former comptrollers, said that the worst case envisioned by federal regulators had not come to pass. While the decision does not block the attorneys general from enforcing state laws, he noted, it does require judicial approval to gain access to records. “Our concern was really the establishment of 50 state supervisory regimes, where states could come in and look at the books whenever they wanted to,” he said.
The federal regulators had argued that their informal approach worked quietly with banks to address issues like fair lending in a “prophylactic way” that protected consumers.
John Cooney, a lawyer in Washington who specializes in bank regulation and a former assistant solicitor general, said that the decision upholds the theme of federalism that has run through several important cases of this just-ended Supreme Court term, but added that the banking decision would now require action by the legislative branch. “People are going to go to Congress and say, ‘You need to give us a functioning principle’ to define the boundaries of state and federal law,” he said. “The ultimate court of appeal will be Congress.”
James E. Tierney, director of the national state attorneys general program at Columbia University law school, said that a line-drawing exercise by Congress was unlikely to put state enforcers on the sidelines again. In the absence of tough regulation of the banking industry by the federal government, he said, state attorneys general have stepped up to provide consumer protection and to fight discrimination. He called the case “a stinging defeat for the large banks and federal regulators who have worked for years to stop states from enforcing state consumer protection and anti-discrimination laws.”
Senator Patrick Leahy, Democrat of Vermont, agreed, calling the decision “a check against the former Bush administration’s attempt to prohibit state law from protecting consumers.”

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WELLS FARGO IS SIMPLY A CRIME WAVE AND WELFARE CHEAT!
State sues Wells for $1.5 billion
James Temple, Chronicle Staff Writer
Thursday, April 23, 2009
(04-23) 13:58 PDT San Francisco -- Attorney General Jerry Brown filed a securities fraud lawsuit against Wells Fargo & Co. on Thursday, accusing the San Francisco bank of deceptively marketing a type of financial instrument and seeking to recover around $1.5 billion for thousands of California investors.
The Superior Court suit claims that three affiliates of the company falsely proclaimed so called auction-rate securities "as safe and liquid as cash," even though about 2,400state residents who invested in the financial instruments have been unable to recover their money for more than year.
An ARS is a long-term debt tool that in normal times functions like a short-term one, because it trades regularly through auctions. Until recently, people could get their money out in a matter of days and earned slightly higher returns than on a savings account. But the auction market collapsed in February 2008 as the economy weakened and credit markets tightened, freezing up the assets.
"More than 2,000 California investors who thought they could get their money back when they needed it, now can't," Brown said at a press conference in San Francisco. "What we're seeing today is another example of the complicated financial transactions, the so-called financial products, that have been part of this massive financial bubble that burst and caused so much suffering and continues to cause so much havoc in individual people's lives."
Wells Fargo, which announced record quarterly profits of $3.05 billion on Wednesday, disputed the allegations.
"We fully understand and deeply regret the effects this prolonged liquidity crisis has had on our clients," said Charles Daggs, chief executive officer of Wells Fargo Investments LLC, in a prepared statement. "Wells Fargo could not have predicted these extraordinary circumstances, and even with the benefit of hindsight is not responsible for them."
Brown said an economic downturn is a foreseeable event that doesn't excuse marketing the product as safe and highly liquid in the first place.
"It's misleading, it's a fraud and it violates the securities laws of California," he said.
The Wells Fargo statement didn't address the promotion of the products, the core issue in the complaint, and the company didn't immediately respond to a follow-up inquiry.
Across the country, nearly 5,700 investors purchased $2.9 billion worth of auction-rate securities from the Wells affiliates, according to Brown's office. Several major banks, including UBS and Merrill Lynch, compensated their customers for the securities in the months following the market lock up.
Senior Assistant Attorney General Mark Breckler, who met with Wells Fargo, said of the bank: "To date, they've taken the steadfast position that they're not liable." He declined to otherwise discuss the talks.
In addition to the cash value of the securities, the suit seeks the relinquishing of any profits tied to them and civil penalties potentially totaling hundreds of millions of dollars.
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