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Thread: Wells Fargo: "We Can't Be Sued For Lying To Shareholders Because It Was Obvious We Were Lying"

  1. #1

    Wells Fargo: "We Can't Be Sued For Lying To Shareholders Because It Was Obvious We Were Lying"

    https://boingboing.net/2018/11/12/fool-me-thrice.html

    Wells Fargo has asked a court to block a shareholder lawsuit that seeks to punish the company for lying when it promised to promptly and completely disclose any new scandals; Wells Fargo claims that the promise was obvious "puffery," a legal concept the FTC has allowed to develop in which companies can be excused for making false claims if it should be obvious that they are lying (as when a company promises that they make "the best-tasting juice in America).

    The lawsuit stems from Wells Fargo's crooked car-loan program that used deceptive tactics to defraud 800,000 customers, ultimately stealing 25,000 of their cars through fraudulent repossessions.

    The shareholders argue that when Wells Fargo CEO Tim Sloan misled investors in 2016, when he said that he was "not aware" of lurking sales scandals (this was four years after the company's internal investigations revealed the car ripoffs and a year before they were made public after a leak to the New York Times).

    The company argue that Sloan was making "generic statements...on which no reasonable investor could rely" and thus the shareholders should not be able to sue for the losses they suffered when the scandal became public.

    In other words, as the LA Times's Michael Hiltzik puts it, "We can’t be sued because no one believed us anyway."

    The shareholder lawsuit focuses on the efforts by Sloan and his fellow executives to conceal the auto-loan scandal from the public. While they were trying to clean up the splatter from the bank’s most prominent scandal, in which sales representatives secretly opened millions of accounts for consumers in order to meet punishing work quotas, the executives consistently stated that they were investigating high and low to make sure the bank was otherwise clean and would fully disclose anything they discovered.

    “We want to leave no stone unturned,” Sloan told investment analysts during a conference call in January 2017. “If we find something that’s important, we’ll communicate that…. I think given our desire to be very transparent, we’ll probably err on the side of overcommunicating as opposed to undercommunicating.”

    Yet by then, Sloan had received a report from the consulting firm Oliver Wyman that laid out the auto-loan scandal in great detail.

    The scandal stayed out of the public eye until the Oliver Wyman report was leaked to the New York Times, which published a story about it July 27, 2017; Wells Fargo issued a news release fessing up to the matter that very day.
    Will they say the same thing when asked who owns the Federal Reserve Bank?
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.



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  3. #2
    Seems like a bull$#@! defense . If I was a judge I would not accept it .
    Do something Danke

  4. #3
    Greedy, nasty mother $#@!ers.

  5. #4
    Quote Originally Posted by DamianTV View Post
    https://boingboing.net/2018/11/12/fool-me-thrice.html



    Will they say the same thing when asked who owns the Federal Reserve Bank?
    Nobody sane would believe the bull$#@! we were peddling?

  6. #5
    Why does anyone do business with them anymore?
    Last edited by Swordsmyth; 11-13-2018 at 02:55 PM.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  7. #6
    Quote Originally Posted by timosman View Post
    Nobody sane would believe the bull$#@! we were peddling?
    Since Wells Fargo is one of the owners of the Federal Reserve Bank, and the US Dollar is (sort of) the world's reserve currency, do people have any choice to not buy their brand of bull$#@!? It seems everyone that tries that, we bomb them back to the stone age...
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  8. #7
    Quote Originally Posted by DamianTV View Post
    Since Wells Fargo is one of the owners of the Federal Reserve Bank, and the US Dollar is (sort of) the world's reserve currency, do people have any choice to not buy their brand of bull$#@!? It seems everyone that tries that, we bomb them back to the stone age...
    You will believe what we want you to believe. Now shut up, slave.

  9. #8
    We are doomed.



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  11. #9
    Quote Originally Posted by Swordsmyth View Post
    Why does anyone do business them anymore?
    Tell me that is not a serious question. Lie if you must.

  12. #10
    Quote Originally Posted by DamianTV View Post
    Since Wells Fargo is one of the owners of the Federal Reserve Bank, and the US Dollar is (sort of) the world's reserve currency, do people have any choice to not buy their brand of bull$#@!? It seems everyone that tries that, we bomb them back to the stone age...
    What percent ownership do they have?

  13. #11
    Quote Originally Posted by osan View Post
    Tell me that is not a serious question. Lie if you must.
    WF is constantly exposed for fraudulent activity, their scandals are too many to list, no one in their right mind should have anything to do with them.

    P.S. I fixed the missing word above, it should have been: Why does anyone do business with them anymore?
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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