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Wells Fargo fined $1 Billion effectively stealing from customers near a decade. This in addition to a $3.7Billion fine in December 2022, yet media could only talk about FTX. Crypto scams may be a problem but they love to ignore banks scams,the SEC is hot attacking crypto but silent on banks
In another huge L for banks and mainstream media, Wells Fargo is fined another $1 Billion. They were also fined another 3.7 Billion back in December 2022. Of course, we heard very little to nothing of this from the media, as FTX were their three favourite letters. This is besides the fact tat the scamming went all the way back to 2016, scamming customers for near a decade. Given how these firms are constantly given slaps on the wrist, the $4.7 Billion probably doesn't even compare to the profits they made from said scamming. This likely means that the $10 Billion or so of customer funds that FTX lost is absolutely dwarfed by Wells Fargo in this scheme. Not just Wells Fargo, but virtually every major bank is caught in 3 - 7 violations every single year.
Wells Fargo’s misdeeds included wrongfully repossessing customer vehicles, improperly rejecting thousands of customer applications to modify their mortgages which lead to many losing their homes to foreclosure, charging illegal “surprise overdraft fees” on customers’ debit card transactions and wrongfully freezing more than 1 million consumer banking accounts.
So people lost, cards, homes, and funds to them. It is kind of ironic that so much is made of crypto scams. Sure, they are bad but at least we all admit it and don't delude ourselves. But people put their hard-earned money in a bank thinking it is 100% safe, take loans for house and cars only to be scammed out of it. I guess at least with shitcoins and exchanges, small ones especially, we know it's a gamble.
And yet all we hear from the SEC is crypto firms not "coming under regulations". We know how scant and undefined those very regulations are. Even Biden made statements about the rich using crypto to evade taxes,while we all know tax evasion in traditional finance absolutely dwarfs crypto. Yet on matters of these banks violating regulations multiple times very single year and making billions, the SEC has stayed rather quiet.
This brings us all back to a central tenant in crypto of decentralisation. The idea is that it doesn't matter if the entity is in crypto, a bank or a traditional finance firm, centralization is not good. Any centralized entity is a centralization of power and power corrupts. Don't mistake the post for a endorsement of Cefi, just because it is crypto. There's a very good reason we say not your keys, not your crypto.
https://nypost.com/2020/02/22/wells-fargo-to-pay-3b-to-settle-fake-accounts-probes/
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