Wells Fargo Freezes, Closes Business Account Of Site That Criticised Them
By Patrick Follow Fri, 15 Jun 2012, 9:51am 1,227 views 18 comments
In Menlo Park CA 94025
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Assuming the article is accurate -- and I only say that because this hasn't gone to court yet -- then the solution is quite simple. The government should immediate revoke Well's Fargo banking license and freeze all of its assets, but not its customers.
Customers may have to open an account with a new bank and transfer their funds, but this inconvenience is nothing compared to the severity of Well Fargo's actions.
Finally, a measly few billion dollars from Fargo's assets should be used to compensate the victims. The rest should be used to compensate the taxpayer for bailing out this institute that later violated the most basic agreement between banks and society: banks get privileges and in exchange they serve all people as neutral service providers.
If we do this just once with a big bank like Wells Fargo, no other banks would even risk doing something so illegal again. It simply wouldn't be in their financial interest to do so. And banks are dumb, evil perhaps, but not dumb.
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Wow. Remarkable.
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YesYNot says
You mean the problem or my solution?
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Decharter Wells!
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We arent quite china just yet. In china the people criticiing them would be killed. So rejoice!
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Dan8267 says
I mean that Wells' actions were remarkable if (like you said) the article is accurate. Your solution is much harsher than will ever be meted out, unless this happened to a bunch of people. IMO, the best hope would be for this to turn into an inet meme and have a bunch of people remove money from the bank and cause a big PR drama for Wells.
Some of these big companies will screw individuals at every turn when possible. Usually it is something minor & they will fix it if you ask. If they clean this up for this guy, then fine. If they keep screwing him (or her), then they deserve what you prescribed.
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"the site is effectively insolvent (due to the impact of multiple frivolous libel suits from corrupt mortgage, e.g. by the outlawed Grant America scheme) "
So the owner of the account has minimal balance and is facing lawsuits.... if you ran a bank? would you want his checking account business?
Checking account is not a right!
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Question: seeing as ml-implode is aware of everything that is going on, why on earth would he/she still have an account with Wells Fargo?
fishy...
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YesYNot says
No doubt it's a harsh punishment. But the financial industry is like the Wild West. When things get to that point, you have to hang a few cattle rustlers as a determinant. Still, it's less harsh than imprisoning marijuana users.
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rockyroad says
A checking account is subject to the terms the checking account was opened under. The article should have looked it up and reported exactly how the terms were violated rather than having an emotional melt down about the big bad bank. This article is crap.
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bob2356 says
Banks are given enormous privileges in our society including the privilege of creating money. As such, there should be legal limits on the what banks can put in their clearly one-sided contracts. Balance of power between corporations and individuals is vital to both freedom and economic prosperity.
Perhaps the article is wrong, but the principle isn't. All major banks could in principle conspire to require 20% of your lifetime income to go directly to them for the privilege of using money. And since only a few large banks control our economy, they could enforce such a draconian measure if the courts and legislators didn't react to outlaw that.
And if you think it's implausible just consider that the banks could force the large corporations that depend on them to make this part of any person's employment contract. If you can't get a job without agreeing to giving banks 20% of your income, you'll agree to it.
That's why there needs to be limits to what can be put in a contract that is entirely dictated by one party and forced on the other. There is no negotiating in checking account contracts. You have absolutely no input. And unless you are willing to put all your money under your mattress, you have no choice as all banks will follow the leader.
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Dan8267 says
Did you mean deterrent?
Wells is a joke - they are a bailed out appendage of the Obama Administration. Any attempt to silence freedom of speech - by whatever means - is wrong in a democracy. I agree with your solution Dan - it would be akin to NUKING an enemy nation in the I.R. world (Worked with Japan back in WWII, and proved to be an effective deterrent. Man did they gent in line! We should take this approach in the Middle East [think IRAN, SYRIA, PAKISTAN] just to get their asses back in line too and show 'em the good 'ol USA means BIDNESS...) - a bit extreme and over-the-top, but it sure DOES work, and uses minimal blood & resources to boot.....
The owner-operator of ML-Implode should have anticipate this from these EVIL assed crony banks and just did his banking with a reputable credit union - the NCUA offers equivelant protections.... I would seek to minimize bidness with banks these days...
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Dan8267 says
huh? really?
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I'm sorry, Aaron Krowne is a freaking idiot. Why the frack was he banking w/ Wells Fargo? One of the main targets of his website? This is like standing outside a restaurant with a sign telling everyone that the place sucks and the food is terrible. Then when you go inside to order a meal you're shocked that they spit in your food? Give me a break.
There are tons of local banks and credit unions that would welcome his business. I agree w/ rockyroad - something is fishy (or Aaron is really that dumb).
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Patrick,
If bob said the article is crap, and grywlbbg said the author is an idiot, that does it for me. I think you should delete this post because of bad information. :o)
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rockyroad says
Yes, I think that's true. When banks create loans, they don't need to have the cash on hand, just a fraction of it. You and I are not allowed to create loans from air, but banks can do that.
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E-man says
It's not bad information, it's a stupid premise. If the guy doesn't like Wells Fargo why is he banking there? I'd boot him too.
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Travis Bickle says
Oh, I fully opposed Obama's bailout of the banks, but would any Republican save Ron Paul have done differently? Would Bush or Romney have done differently? Obviously no.
Patrick says
Exactly, and that privilege gives an insurmountable advantage to banks and this has many practical consequences. For example, all those peer-to-peer lending efforts like prosper.com are doomed to fail because the playing field is so uneven. And this is exactly why either government must revoke all privileges or it must regulate and restrict those persons and companies that have privileges.
It's like college tuition. The government heavily subsidizes college and as a result tuitions are insane. Anything that is subsidized must also be price controlled or the subsidies hurt the consumer and help only the supplier.