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Thread: Wells Fargo: Celebrating 160 Years of Exploiting Customers and Taxpayers for Profit

  1. #1

    Thumbs down Wells Fargo: Celebrating 160 Years of Exploiting Customers and Taxpayers for Profit

    Wells Fargo is America’s biggest tax-dodger. Wells Fargo put taxpayers on the hook for $43 billion in bailout funds[i], made record profits, and paid negative federal income taxes over the last three years. While we struggle to save our homes and schools, Wells Fargo refuses to pay its fair share.

    Wells Fargo made a three-year US profit of $49.3 billion[ii], with an additional $1.6 billion stashed in offshore tax-havens.[iii] The corporation received $17.96 billion in tax breaks over those 3 years – more than any other company.[iv]
    Wells Fargo didn’t pay any federal income taxes on its billions in profit. Instead, the corporation received a refund of $681 million on federal taxes from 2008 to 2010.[v]
    Despite taxpayer bailout funds and record profits, Wells Fargo slashed 6,385 jobs.[vi] Meanwhile, the top five Wells Fargo executives raked in almost $50 million in one year.[vii]

    http://massuniting.org/2012/03/19/wellsfargo/



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  3. #2
    Member opal's Avatar
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    Sidebar - read the thread title too fast.. thought it said exfoliating
    Disclaimer: any post made after midnight and before 8AM is made before the coffee dip stick has come up to optomim level - expect some level of silliness,

    The problems we face today exist because the people who work for a living are out numbered by those who vote for a living !!!!!!!

  4. #3

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    My mortgage with them will be seriously underwater in 2013. They won't take my money to refinance even though I've never missed a payment. I'm stuck at a higher % while others get to enjoy 3.5%

  5. #4

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    http://mortgagedfuture.com/banks-pus...-test-asinine/

    March 16 (Bloomberg) — Wells Fargo & Co. Chairman Richard Kovacevich criticized the U.S. for retroactively adding curbs to the Troubled Asset Relief Program, which he said forced the bank to cut its dividend, and called the administration’s plan for stress-testing banks “asinine.”

    When the U.S. Treasury persuaded the nation’s nine biggest banks to accept capital investments in October, it signaled the whole industry was weak, Kovacevich, 65, said in a March 13 speech at Stanford University in California. Even though Wells Fargo didn’t want the money, it must comply with the same rules that the government placed on banks that did need it, he said.

    Kovacevich joins a growing list of bankers who are chafing at restrictions imposed by the TARP program, which affect lending, foreclosures, pay and perks. Lenders including Bank of America Corp., U.S. Bancorp and Goldman

    Kovacevich said the government is still making mistakes as it tries to save the industry.

    “We do stress tests all the time on all of our portfolios,” Kovacevich said. “We share those stress tests with our regulators. It is absolutely asinine that somebody would announce we’re going to do stress tests for banks and we’ll give you the answer in 12 weeks.”
    Quiz: Test Your "Income" Tax IQ!

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    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of apportionment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  6. #5

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    Quote Originally Posted by stu2002 View Post
    Wells Fargo is America’s biggest tax-dodger. Wells Fargo put taxpayers on the hook for $43 billion in bailout funds[i], made record profits, and paid negative federal income taxes over the last three years. While we struggle to save our homes and schools, Wells Fargo refuses to pay its fair share.

    Wells Fargo made a three-year US profit of $49.3 billion[ii], with an additional $1.6 billion stashed in offshore tax-havens.[iii] The corporation received $17.96 billion in tax breaks over those 3 years – more than any other company.[iv]
    Wells Fargo didn’t pay any federal income taxes on its billions in profit. Instead, the corporation received a refund of $681 million on federal taxes from 2008 to 2010.[v]
    Despite taxpayer bailout funds and record profits, Wells Fargo slashed 6,385 jobs.[vi] Meanwhile, the top five Wells Fargo executives raked in almost $50 million in one year.[vii]

    http://massuniting.org/2012/03/19/wellsfargo/
    What's this "fair share" crap? They are following the laws that the government made. To pay more than is dictated by government would make one a dumbass.

  7. #6
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    I have a line of credit with them , do not intend to use , interest rate is what I would consider , somewhat high. I have never used them for banking or a mortgage. My only two experiences I would consider to be less than Satisfactoy were GMAC, Capital One, easy , will not do business with them , or any other large Company in the future .

  8. #7

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    I quit wells fargo ladt month after being with them for a decade. They are a shit bank and I wish them the worst.
    Original supporter of Ron Paul since 2007 and I stand with Rand.

  9. #8

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    One of the best banking investments on Wall Street, though. Significantly lower cost of capital than all other banks, much cleaner balance sheet in terms of credit quality, and limited exotic investments like derivatives. Sound company, but certainly not the best in the internet age.





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