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Warren: “Gutless Leadership” at Wells Fargo

We’ve had accounts at Wells Fargo over the years, in large part because they have safe deposit boxes and, years ago, we moved so often that changing local banks every time we did became quite inconvenient. But, when they instituted their punitive fee schedule a few years back (e.g., free checking only after a minimum balance of like $10,000) we switched back to a local bank. Here’s another reason not to like them:

Warren is on a roll here and this is fun to watch, though it’s a little less fun knowing that it’s all true. It’s also worth pointing out that, as in so many other things financial, banks take advantage of the fact that many people are either unable or unwilling to closely monitor their money, allowing Wells Fargo to abscond with it in small amounts over time.

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FinTech

CBS makes you sit through two commercials, but the prospect of Big Banks being the next sector to be overtaken by technology advances in the U.S. is worth the wait…

It couldn’t happen to a nicer sector…

They probably got at a little chuckle in the Russia Today newsroom when preparing this piece about how officials at UC Davis (one of the most liberal institutions of higher learning in the land) spent upwards of $175,000 to lessen the internet presence of their infamous “pepper spray” incident that resulted from the Occupy UC Davis demonstration in 2011.

I imagine they already have special instructions in place about the possible use of pepper spray here in 2016 now that the University of California Student Association and some lawmakers are calling for the resignation or firing of UC Davis Chancellor Linda P.B. Katehi who, as of this morning, has rebuffed their demands.

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Money Monster

This looks interesting … just in time (May 13th release date) for the 2016 election to heat up and for voters to start thinking intently about how their pocket books have fared.

There’s more on this in Hollywood and Bernie Sanders Take Over Reforming Wall Street over at Wall Street on Parade where it is learned that yet another Wall Street movie will be offered up later this election year – Equity – this one starring Anna Gunn of Breaking Bad Fame.

Still, Just the Cost of Doing Business

It’s hard to think of the many billions of dollars in fines that big banks have paid over the last few years or so as anything other than the cost of doing business. Here’s Matt Taibbi with Nermeen Shaikh and Amy Goodman of DemocracyNow to explain why.

Taibbi notes:

What’s humorous about this is that virtually all of these so-called too-big-to-fail banks have been embroiled in scandals of varying degrees of extreme seriousness since 2008. So for them to say, “Oh, it’s just a few bad apples in this one instance,” is increasingly absurd. They have been dinged for everything from bribery to money laundering, to rigging Libor, to mass fraud in subprime mortgages and now the forex markets. It’s one mass crime over—you know, after another, and there’s no consequence.

See also Banks Will Keep Doing FX Stuff That Got Them in Trouble at Bloomberg if you feel you’ve not been sufficiently disappointed by the above.

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