“I’m not here to punish banks.” BARACK OBAMA FROM THE FLOOR OF THE SENATE IN THE FACES OF THE AMERICAN PEOPLE… IT MAY BE THE ONLY HONEST THING HE EVER SAID!
THE BANKSTERS LOVE OBAMA, THAT’S WHY THEY INVESTED IN HIM MORE THAN EVEN GEORGE BUSH!
NOW AS THE BUDGET DEALS ARE HAMMERED OUT TO SEE WHO WILL PAY FOR THE RAPE AND PILLAGE OF THIS NATION BY WALL ST AND THESE BANKSTERS, PROFITS ARE SOARING.
WELLS FARGO IS ONE OF THE BIGGEST CRIMINAL BANKSTERS IN HISTORY.
THIS BANK HAD THEIR CA MORTGAGE LICENSE REVOKED IN 2003 FOR CORPORATE FRAUD AND MALFEASANCE. THAT’S RIGHT, WELLS FARGO HAS NO CA MORTGAGE LICENSE!!!
WELLS FARGO SIMPLY DECLARED ITSELF ABOVE THE LAW AND WENT ON FUCKING OVER A NATION WITH THEIR SHADY MORTGAGE DEALS WHICH HAVE DEVASTATED COMMUNITIES ALL OVER THE NATION.
IT’S HARDLY WELLS FARGO’S ONLY CRIME.
WELLS FARGO ARE BANKSTER TO THE MEXICAN DRUG CARTELS, AND MAJOR DONORS TO LA RAZA, THE MEXICAN FASCIST PARTY OF AMERICA.
WELLS FARGO IS THE BIGGEST FINANCIERS FOR PAY DAY LOAN SHARKS.
WELLS FARGO WAS GOOD AT HANDING OUT MORTGAGES TO ILLEGALS USING FRAUDULENT DOCS AND STOLEN I.D., KNOW THAT IT WOULD BE THE AMERICAN PEOPLE THAT WOULD REWARD THIS CRIMINAL BANK.
NOW NEARLY THREE YEARS INTO OBAMA’S CORRUPT PRESIDENCY, NOT ONE BANKSTER HAS GONE TO PRISON… IN FACT BANKS LIKE WELLS FARGO ARE MAKING MASSIVE PROFITS FUCKING OVER THE NATION STILL. THEY CAUSED A NATIONAL MELTDOWN IN FORECLOSURES AND ARE PROFITING FROM THEM ON THE OTHER SIDE!
YOU CAN THANK SEN. DIANNE FEINSTEIN. SHE’S LONG BEEN OWNED BY WELLS FARGO AND BANK of AMERICA. BOTH BANKS KNOW A GOOD PAID WHORE WHEN THEY SAW FEINSTEIN, AN OBAMA DONOR AND ONE OF THE MOST CORRUPT POLITICIANS IN U.S. HISTORY!
Wells Fargo posts record quarter profit of $3.73 billion, topping Wall Street view
By George Avalos
Oakland Tribune
Posted: 07/19/2011 04:57:48 PM PDT
Updated: 07/19/2011 05:24:54 PM PDT
Wells Fargo reported record earnings Tuesday, but confronted by an erosion in revenue, the giant bank disclosed it has embarked on a cost-cutting push likely to eliminate jobs.
San Francisco-based Wells Fargo earned $3.73 billion in the second quarter, up 29.5 percent from the year-ago quarter. The bank's per-share profit was 70 cents, better than analysts' expectations of 69 cents.
The bank's top executive, though, expressed concerns about the economy.
"The economic recovery continues to be slower than expected," CEO John Stumpf said.
As a result, the bank told analysts during a conference call that it is pushing ahead with an initiative titled "Project Compass."
The bank hopes to reduce expenses by $1.5 billion, or 12 percent, by the end of 2012 through the effort.
"It makes a lot of sense to focus on cost reductions," said Walter Mix, a director with Emeryville-based Berkeley Research Group, a consulting and analysis firm.
That's because revenue has begun to slump at Wells.
The bank generated revenue of $20.39 billion in the second quarter, down 4.7 percent from a year ago.
"Wells Fargo is ahead of its peers in recognizing that expense control might be the only way to combat revenue weakness in the near term," said Shannon Stemm, an analyst with Edward Jones.
In addition, the bank set aside $1 billion less in reserves to cover loan losses. That release contributed to the profit total. Wells
has been releasing money from reserves since the second quarter of 2010.
"Our business fundamentals were strong with increased revenues, loans and deposits, lower operating costs, improved credit quality and higher capital levels," Stumpf said.
Bank officials acknowledged that focusing on reducing expenses could lead to job cuts.
"We expect there will be some job reductions as a result," said Holly Rockwood, a Wells Fargo spokeswoman. "But we don't have a staff reduction target." The bank has more than 18,000 employees in the Bay Area.
The bank has consolidated its automobile business and reorganized its wealth management operation. Wells also had eliminated jobs from its Wells Fargo Financial stores, had exited the reverse-mortgage business and announced the sale of H.D. Vest Financial Services.
Despite the fears over revenue, analysts embraced the overall quarterly results.
"The report looks great," said Karen Dorway, president of Bauer Financial, a banking analysis firm. "It's encouraging to see improved profitability."
The bank has so far dodged the obstacles presented by the dreadful economy in California.
"Wells Fargo has been very prudent in how it has managed its business, despite being in California," said Michael Yoshikami, chief investment strategist with Walnut Creek-based YCMNet, an investment firm. "They have done the best they possibly could to live with the reality of the real estate market."
Contact George Avalos at 925-977-8477. Follow him at Twitter.com/george_avalos.
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TWO OF DIANNE FEINSTEIN’S BIGGEST DONORS ARE WELLS FARGO and BANK of AMERICA. IS THIS WHY SHE VOTES FOR ANY AND ALL THAT WOULD KEEP THE BANKSTERS UNREGULATED AND PUT NO STRINGS BAILOUTS IN THEIR GREEDY CORRUPT POCKETS???
Wells Fargo paying record
fine of $85 million over
alleged loan practices
By George Avalos
Contra Costa Times
Posted: 07/20/2011 10:48:00 PM PDT
Updated: 07/21/2011 07:05:53 AM PDT
Wells Fargo agreed to pay a record $85 million fine
amid allegations that the bank steered customers
into more costly loans and falsified information in
mortgage applications.
San Francisco-based Wells Fargo didn't admit
wrongdoing in its settlement with the Federal
Reserve.
The settlement also requires Wells Fargo to
compensate affected borrowers. The number of
people who may have been harmed could exceed
10,000.
"The $85 million civil money penalty is the largest
the Federal Reserve Board has assessed in a
consumer-protection enforcement action," the Fed
said in a prepared release.
"We are glad to see the federal government
becoming more active on these sorts of things," said
Bruce Mirken, a spokesman for the Berkeley-based
Greenlining Institute. "It's encouraging that this sort
of thing is getting attention."
"The alleged actions committed by a relatively small
group of team members are not what we stand for at
Wells Fargo," Wells Fargo Chief Executive Officer
John Stumpf said in a prepared release.
The bank promised to work closely with the Fed in
the ongoing efforts to remedy the alleged
mistreatment of borrowers. The alleged actions
occurred at Wells Fargo Financial, a now-defunct
unit of the bank.
Wells Fargo Financial sales personnel steered
borrowers who were potentially eligible for prime
interest rate loans into loans at higher, subprime
interest rates, resulting in greater costs to
borrowers, according
to the allegations outlined by the Federal Reserve.
In addition, according to the allegations, Wells
Fargo Financial employees falsified information
about borrowers' incomes. The purpose, the Fed
alleged, was to make it appear that the borrowers
qualified for loans when they would not have
qualified based on their actual incomes.
Wells Fargo Financial was closed in July 2010, a
move that erased 3,800 jobs at the bank. Wells also
disclosed at the time that it had ceased making
subprime loans.
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WELLS FARGO IS BANKSTERS TO THE MEX DRUG CARTELS.
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“Wells Fargo, for instance, which has leeched $25 billion in bailout money, bought an inadvertently hilarious full-page ad in The Times to whine about the junkets to Las Vegas and elsewhere it was forced to cancel because of public outrage.” --- Maureen Dowd, NTimes
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Lou Dobbs Tonight
Monday, November 12, 2007
Mortgage giants Wells Fargo and Bank of America are accused of slapping dubious fees on homeowners struggling to save their homes. With fewer new mortgages being written, these
companies appear to be leaning on these lucrative fees to stay profitable—with devastating consequences for homeowners. We’ll have that report.
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HOW MUCH OF THIS NATION’S MELTDOWN IS DUE TO BANKSTER CRIME?
AND THEY’RE STILL BUYING POLITICIANS, AND STILL RAKING IN MASSIVE PROFITS ON TOP OF THE NO-STRINGS WELFARE BAILOUTS THEY USED TO BUY OTHER BANKSTERS.
BOTH BANKSTERS WELLS FARGO and BANK of AMERICA ARE GENEROUS DONORS TO LA RAZA, THE MEXICAN FASCIST PARTY of AMERICA!
BOTH BANKS ILLEGALLY OPEN BANK ACCOUNTS FOR ILLEGALS.
BOTH BANKS HANDED OUT THEIR HIGHLY PROFITABLE MORTGAGE SCAMS TO ILLEGALS ILLEGALLY AND THEN DUMPED THAT PRODUCT ON UNSUSPECTING INVESTORS.
BOTH BANKS HAVE CAUSED MASSIVE FORECLOSURES AND THE PROFITED FROM THESE FORECLOSURES ON THE OTHER END.
BOTH BANKS OWN SEN. DIANNE FEINSTEIN, ONE THE MOST CORRUPT AND SELF-SERVING POLITICIANS IN AMERICAN HISTORY. SHE FRONTED FRO THEIR BANKSTER WRITTEN “BANKRUPTCY REFORM”, VOTED ON WITH BOXER, BIDEN, AND CLINTON. WHERE THERE’S A PO, THERE’S A BANKSTER BOUGHT HO!
WELLS FARGO IS THE BIGGEST BACKER OF PAY DAY LOAN SHARKS, WHICH PARTICULARLY VICTIMIZE ILLEGALS AND BLACK AMERICA!
IF YOU’VE BEEN IN SILICON VALLEY, YOU WON’T FIND AN AMERICAN BORN EMPLOYEE AT WELLS FARGO OR BANK of AMERICA. THEY’RE CHINESE AND INDIANS IMPORTED IN TO TAKE OUR JOBS!
THESE ARE MONSTER CRIMINAL ORGANIZATIONS! THE FACT THAT THEY’RE SERVICING NARCOMEX IS HARDLY SURPRISING!
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United States banks' key role in Mexico's drug gangs and dirty money
By Michael Smith
Bloomberg News
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Just before sunset on April 10, 2006, a DC-9 jet landed at Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
They found 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million. The stash was supposed to have been delivered from Caracas to drug traffickers in Toluca, Mexican prosecutors later found. Law-enforcement officials also discovered something else.
The smugglers had bought the DC-9 with laundered funds they transferred through two of the biggest banks in the U.S.: Wachovia and Bank of America. This was no isolated incident. Wachovia, it turns out, had made a habit of helping move money for Mexican drug smugglers. Wells Fargo, which bought Wachovia in 2008, has admitted in court that its unit failed to monitor and report suspected money laundering by narcotics traffickers. The admission came in an agreement that Wachovia struck with federal prosecutors in March, and it sheds light on the role of U.S. banks in contributing to Mexico's violent drug trade.
Wachovia admitted it didn't do enough to spot illicit funds in handling $378.4 billion for Mexican-currency-exchange houses from 2004 to 2007. That's the largest violation of the Bank Secrecy Act, an anti-money-laundering law, in U.S. history — a sum equal to one-third of Mexico's current gross domestic product.
"Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations," says Jeffrey Sloman, the federal prosecutor who handled the case.
Since 2006, more than 22,000 people have been killed in drug-related battles. Among the dead are police, soldiers, journalists and ordinary citizens. The U.S. has pledged Mexico $1.1 billion in the past two years to aid in the fight against narcotics cartels.
Behind the carnage in Mexico is an industry that supplies hundreds of tons of cocaine, heroin, marijuana and methamphetamines to Americans. The cartels have built a network of dealers in 231 U.S. cities from coast to coast, taking in about $39 billion in sales annually, according to the Justice Department.
Twenty million people in the U.S. regularly use illegal drugs, spurring street crime and wrecking families. Narcotics cost the U.S. economy $215 billion a year — in overburdened courts, prisons and hospitals and lost productivity, the department says.
"It's the banks laundering money for the cartels that finances the tragedy," says Martin Woods, director of Wachovia's anti-money-laundering unit in London from 2006 to 2009. Woods says he quit the bank in disgust after executives ignored his documentation that drug dealers were funneling money through Wachovia's branch network.
"If you don't see the correlation between the money laundering by banks and the 22,000 people killed in Mexico, you're missing the point," Woods says.
Cleansing dirty cash
Wachovia is just one of the U.S. and European banks that have been used for drug- money laundering. For the past two decades, Latin American drug traffickers have gone to U.S. banks to cleanse their dirty cash, says Paul Campo, head of the financial-crimes unit of the U.S. Drug Enforcement Administration (DEA).
American Express Bank paid fines in 1994 and 2007 after admitting it had failed to spot and report drug dealers laundering money through its accounts. Drug traffickers used accounts at Bank of America in Oklahoma City to buy three planes that carried 10 tons of cocaine, according to Mexican court filings.
Federal agents caught people who work for Mexican cartels depositing illicit funds in Bank of America accounts in Atlanta, Chicago and Brownsville, Texas, from 2002 to 2009. Mexican drug dealers used shell companies to open accounts at London-based HSBC Holdings, an investigation by the Mexican Finance Ministry found.
Those two banks weren't accused of wrongdoing. Bank of America spokeswoman Shirley Norton and HSBC spokesman Roy Caple say laws bar them from discussing specific clients. They say their banks strictly follow the government rules.
A Mexican judge on Jan. 22 accused the owners of six money changers in Culiacán and Tijuana of laundering drug funds through their accounts at the Mexican units of Banco Santander, Citigroup and HSBC, according to court documents. The money changers are in jail while being tried. Citigroup, HSBC and Santander weren't accused of any wrongdoing. The three banks say Mexican law bars them from commenting on the case, adding that they each carefully enforce anti-money-laundering programs.
HSBC has stopped accepting dollar deposits in Mexico, and Citigroup no longer allows noncustomers to change dollars there. Citigroup detected suspicious activity in the Tijuana accounts, reported it to regulators and closed the accounts, Citigroup spokesman Paulo Carreno says.
On June 15, the Mexican Finance Ministry announced it would set limits for banks on cash deposits in dollars.
Mexico's drug cartels have become multinational criminal enterprises.
Some of the gangs have delved into other illegal activities such as gunrunning, kidnapping and smuggling people across the border, as well as into seemingly legitimate areas such as trucking, travel services and air-cargo transport, according to the Justice Department's National Drug Intelligence Center.
These criminal empires have no choice but to use the global banking system to finance their businesses, Mexican Senator Felipe Gonzalez says.
"With so much cash, the only way to move this money is through the banks," says Gonzalez, who carries a .38 revolver for personal protection. "I know this won't stop the narcos when they come through that door with machine guns," he says, pointing to the entrance to his office. "But at least I'll take one with me."
No bank has been more closely connected with Mexican money laundering than Wachovia.
After a 22-month investigation, the Justice Department on March 12 charged Wachovia, now owned by Wells Fargo, with violating the Bank Secrecy Act by failing to run an effective anti-money-laundering program.
Five days later, Wells Fargo promised in a Miami federal courtroom to revamp its detection systems. Wachovia's new owner paid $160 million in fines and penalties, less than 2 percent of its $12.3 billion profit in 2009.
Bank's regrets
If Wells Fargo keeps its pledge, the U.S. government will, according to the agreement, drop all charges against the bank in March 2011.
Wells Fargo regrets that some of Wachovia's former anti-money-laundering efforts fell short, spokeswoman Mary Eshet says. Wells Fargo has invested $42 million in the past three years to improve its anti-money-laundering program and has been working with regulators, she says.
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WELLS FARGO FUCKING OVER BLACK AMERICANS
From the Los Angeles Times
HOUSING
NAACP suits claim African Americans were targeted for subprime mortgages
Subsidiaries of Wells Fargo and HSBC are accused of steering blacks into higher-price loans even if they qualified for better terms.
By E. Scott Reckard
March 14, 2009
The NAACP sued subsidiaries of two major banks Friday for allegedly steering African American borrowers unfairly into costly subprime mortgages.
The suits -- against Wells Fargo Bank and Wells Fargo Home Mortgage Inc., owned by Wells Fargo & Co., and against HSBC Mortgage Corp. (USA) and HSBC Bank USA, owned by HSBC Holdings -- arrive at a time when the housing crisis and soaring unemployment already are causing disproportionate harm in black neighborhoods, leaders of the rights group said.
The lawsuits, filed in U.S. District Court in Los Angeles, add to a long list of lenders that the National Assn. for the Advancement of Colored People has accused of "systematic, institutionalized racism" in litigation that began in 2007.
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