someoneyouknow
Literotica Guru
- Joined
- Jun 5, 2006
- Posts
- 28,274
Remember back in 2007, near the end of the Bush administration, when $700 billion of taxpayer money was handed over to the likes of J.P. Morgan, Goldman Sachs, Wells Fargo and other Wall Street firms and banks so they could pay out their bonuses?
Remember how Republicans held back their support for punishing these firms for their criminal activities during the housing boom such as robo signing mortgages, double or even triple mortgaging properties, as well as abandoning due diligence on whether a person could afford the home they were trying to purchase?
Pepperidge Farm remembers.
After saying for so long the Consumer Financial Protection Bureau was unneeded, that it hindered financial institutions from prospering because it could hold them accountable for their illegal actions, now House Republicans are whining the CFPB didn't go far enough in fining Wells Fargo for all the illegal accounts it opened in its customers names, without those customer's consent.
Instead of a potential $10 billion fine, the CFPB only fined Wells Fargo $100 million. That apparent slap on the wrist has enraged Republicans who, as far as one can guess, would have liked to have seen that $10 billion fine go into force. They have released a report, for political reasons only, showing how the CFPB doesn't really stand up for the little guy.
In response, Richard Corday, director of the CFPB said:
http://abcnews.go.com/Business/wireStory/gop-report-accuses-watchdog-easy-wells-fargo-49988237
Remember how Republicans held back their support for punishing these firms for their criminal activities during the housing boom such as robo signing mortgages, double or even triple mortgaging properties, as well as abandoning due diligence on whether a person could afford the home they were trying to purchase?
Pepperidge Farm remembers.
After saying for so long the Consumer Financial Protection Bureau was unneeded, that it hindered financial institutions from prospering because it could hold them accountable for their illegal actions, now House Republicans are whining the CFPB didn't go far enough in fining Wells Fargo for all the illegal accounts it opened in its customers names, without those customer's consent.
Instead of a potential $10 billion fine, the CFPB only fined Wells Fargo $100 million. That apparent slap on the wrist has enraged Republicans who, as far as one can guess, would have liked to have seen that $10 billion fine go into force. They have released a report, for political reasons only, showing how the CFPB doesn't really stand up for the little guy.
In response, Richard Corday, director of the CFPB said:
"The fact is that the CFPB worked effectively with our partners to expose the Wells Fargo scandal and put a public spotlight on their practice of secretly opening unauthorized accounts. In response, we levied our largest fine ever and secured broad, nationwide relief for consumers."
http://abcnews.go.com/Business/wireStory/gop-report-accuses-watchdog-easy-wells-fargo-49988237
