Wells Fargo Takes Revenge on Blog for Posting How Bank’s Improper Foreclosure Led to a Suicide

[jtuck004]

here

It appears Wells Fargo is not happy about bad press about how it has blood on its hands...The Rousseaus file a dispute with Wells Fargo over the supposed missing payment. Wells Fargo “investigates” and comes back saying that the Rousseaus had stopped payment on the check. They stopped payment on a Cashier’s Check? Seriously?..

The teller’s receipt establishes that the cashier’s check was in the custody and control of Wachovia on April 1, 2009, and the research by the Cashiering Department should have concluded that Wachovia screwed up by not applying the cash-equivalent funds to the Rousseau’s account. After delivery and acceptance to the branch office, it was Wachovia’s responsibility to safeguard the instrument; Wachovia itself effectively stopped payment on the cashier’s check.


... This last Sunday the bankers claimed one more victim. Norman Rousseau shot himself at 10 in the morning. Oriane Rousseau doesn’t even have the money to bury her husband, she is looking to the VA for help. If you want to help, please contact their attorney, Chris Gardas: [e-mail]

Now we don’t know for certain that this story and other critical stories (see here and here) were the proximate cause of Wells closing down the ML Implode-o-Meter account, but its heavy-handedness is awfully sus (see here for details, which includes a discussion of why this action may be illegal).

More detail on this here

"When bad men combine, the good must associate; else they will fall one by one, an unpitied sacrifice in a contemptible struggle."

Edmund Burke
"Thoughts on the Cause of Present Discontents (1770):

[99th_Monkey]

1. This is beyond sad. K&R

If Wells Fargo is a "person", and if it's a crime for a person to bully
another person to the point where they take their own life, then it
follows that Wells Fargo is guilty of murder, or at least manslaughter.

[Selatius]

3. If Wells Fargo were an actual person, he would likely be considered a sociopath.

It's just a machine that maximizes profits and either tries to reduce costs or externalize them onto the rest of society. Corporations have no emotional feelings, no remorse, no sympathy, no empathy. A sociopath is a creature of similar mental state. A sociopath lacks empathy for his fellow man.

[99th_Monkey]

5. True dat. ~nt

[Selatius]

2. I believe it is a mistake for the Democrats and White House not to impose anti-trust regulation.

Not breaking up monopolistic enterprises in the banking sector will have a detrimental effect on the US economy further down the road, I believe. All it would take is one of these monoliths over-extending further than it can cover, and then it will face insolvency and probable bankruptcy, and when that happens, a lot of ordinary people are going to lose big money.

[jtuck004]

4. They saw the excess, the greed, the pain before. Fixed it once...

The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate. The legislation was signed into law by President Bill Clinton.
...
Many believe that the Act directly helped cause the 2007 subprime mortgage financial crisis. President Barack Obama has stated that GLB led to deregulation that, among other things, allowed for the creation of giant financial supermarkets that could own investment banks, commercial banks and insurance firms, something banned since the Great Depression. Its passage, critics also say, cleared the way for companies that were too big and intertwined to fail. here

"President Barack Obama argued on the campaign trail that one bill -- the Gramm-Leach-Bliley Act of 1999 -- led to deregulation that helped cause the crisis", here

____________

It's past time to repair the damage.

[AnnieBW]

6. WF is EVIL

With a capital E!

We had our mortgage with them when we first bought our home. My husband lost his job in the 2001 tech downturn, and they started foreclosure proceedings against us. They lied to us about receiving paperwork, stonewalled us, and harassed us. I've heard of them doing worse, including forging documents and going after a woman who's husband had just died. I want them as bankrupt as they forced us to be. More so.