What’s next? Child labor?
By the by, I used to deal with the bank alluded to in the comic. As of last week, I no longer do.
I’m not sure that I agree with his blanket condemnation of the U. S. Department of Justice, but it is certainly true that too often it is the whistleblower, not the whistleblowee, who suffers.
At The Roanoke Times, T. Michael Maher wonders how a three-piece suit became teflon armor. A snippet:
How did bank CEO’s become seemingly untouchable for the fraudulent behavior committed under their watch anyway? Where does that free pass come from? Maybe it’s the people who actually write or influence our laws. Congressional office staff and staff attorneys usually draft the statutes with input gladly provided by lobbyists and their attorneys. Campaign contributions get some political attention, but just in case I’ll work on that bill while you continue campaigning.
Am I daft to think persons with obvious financial conflicts of interest should not be influencing and/or writing the laws designed to regulate that very activity? It seems to have an appearance of impropriety, especially with how often we see this type of behavior. You don’t want the wolf writing rules for the sheep’s pen.
There is no limit to how far they will Fargo.
Customers and former employees of that unit, Wells Fargo Advisors, have contacted the Observer following last month’s $185 million in government fines against the bank over employees’ opening of fake deposit and credit card accounts. The sources said questionable practices arising from the bank’s aggressive approach to sales also extend into its brokerage operation, which sells everything from mutual funds to annuities to IRAs.
Fargo to the link for the details.
Hell, if I hadn’t been supporting her already, this would have turned the trick.
I have been banking at Wells-Fargo.
It wasn’t a choice. It just happened.
I was banking at a regional bank that got gobbled up by Wachovia. Then, two minutes before the bubble burst, Wachovia bought Fly-by-Night Mortgage Company, Inc., and was taken down by the bursting bubble, so I ended up with Wells.
Though I have not had a bad experience with any local Wells-Fargo branches or any Wells-Fargo employees, it is difficult not to conclude from recent news reports that Wells-Fargo has a deeply corrupt corporate culture at the highest levels.
As my first wife would have said, they have plucked my last nerve.
Accordingly, I have spent most of the last two days moving my banking business to another bank. (This was made easier by my choosing to use minimal online billpay. I’m not agin’ it; I just feared that I wouldn’t be able to keep track of it, so I still write “checks”–they are made from paper and they take the place of currency; you may have heard of them. Consequently, I had only about four online thingees to change.)
Yesterday I called up my pension fund (I’m old) to change my direct deposit from Wells to my new bank. After we had completed our business, the obliging fellow on the phone told me that they had gotten “lots of phone calls moving from Wells-Fargo” in the last week (and good for the callers, say I!).
I reminded him of the news stories. He said, “Oh, yeah. I remember reading something about that.” What followed was a cordial discussion about how a three-piece suit seems to be a Get-Out-of-Jail-Free card and about how he and I were on the same wave-length about bankers and banking, but I digress. . . .
Now, I shall wait a month or so to be sure that everything is copacetic and then I shall finally forego Fargo for all time.
Q. Who polishes the Apple?
El Reg reports
. . . according to watchdog group China Labor Watch . . . the Cupertino giant has asked the companies that assemble its products to cut their own costs, and those demands have led them to cut back on worker pay and factory conditions.
“Currently, Apple’s profits are declining, and the effects of this decline have been passed on to suppliers. To mitigate the impact, Pegatron has taken some covert measures to exploit workers.”
Follow the link for the complete story.
Wendell Potter doesn’t try to hide his disgust at Aetna’s antics.
If that means making it more difficult for low- and middle-income Americans to get the medical care they need, so be it. “Too bad, so sad,” to use a phrase one of my former colleagues used to say when people complained about the way health insurers routinely screw their customers.
In fact, it is Aetna’s government business (Medicare and Medicaid–ed.) that is the only segment that is growing. Aetna and most of the other for-profit insurers have been losing private-paying customers on a regular basis for some time. But not to worry. As long as Uncle Sam has the Medicare and Medicaid faucets wide open and flowing straight into the insurers’ bank accounts, they couldn’t care less.
Read the rest.