The Market Ticker – ML-Implode Gets Wells-ed
(Editors Note: For those who still think Michael Redman wrote the post below, click the link above, or the picture, the piece was written by Karl Denninger of The Market Ticker, as already stated in the header of the post, but others would like you to believe otherwise. If they can’t even get that fact straight, I wouldn’t put too much faith in their other lies mischaracterizations of us/our work.)
Here’s an interesting story of foolish indifference…
It appears Wells Fargo is not happy about bad press about how it has blood on its hands and is not above taking petty revenge. Even though some major sites like Barry Ritholtz’s The Big Picture have publicized the San Francisco bank’s petty and possibly illegal treatment of mortgage blog ML Implode-o-Mater, casual readers may miss the real scandal. Wells closed the blog’s bank account on dubious grounds and with no notice, and appears to have impounded customer funds. That’s tacky, but the real meat of the story, the revelations in ML Implode-o-Meter that appear to have triggered Wells to act, comes fairly late in most of these accounts.
So let me see if I get this right.
ML-Implode, which is one of the sites around the net that has chronicled the various screwball acts of lenders and the real estate business in general over the last many years was banking with one of the firms that not only was involved in making many of these loans itself, but which absorbed Wachovia — a firm that was selling CDS on its own deals — as well?
This is some sort of a joke, right?
Well, apparently it isn’t. And it points out why we’re seeing no effective recourse against these banksters in the market — even those who are pointing out how nasty and reprehensible the acts of various firms might be in the opinion of the authors, they are still doing business with the same people who they publicly don’t like!
It’s not like there aren’t thousands of community banks, incidentally, across this nation. Or that there aren’t thousands of credit unions.
And while one of the linked articles tries to claim that this sort of act would be “illegal” the fact of the matter is that the CDA (which is what is being cited) applies to being sued (or prosecuted) as an ISP, forum operator or similar.
It does not prevent a private business, which is what Wells is, from deciding that it doesn’t want to do business with you.
I have shake my head at this story and will simply note that as long as sites and site operators that are involved in trying to bring common sense into the political and bankster debate intentionally and willfully do business with those very same banksters there is little if not no hope that actual change will ever take place.
Wake up America.
~
4closurefraud: I applaud you for being brave enough to post this despite the number of replies that contradict what you were trying to accomplish! For those that suffered because of what WF did then maybe they should have had forethought BEFORE placing funds in their possession. We all already know what the consequences are when you go head-to-head with the bankstas!!! For them, I have no pity! Maybe this will wake them up in time to realize the err of their ways…..
Oh boy did you open up a hornet’s nest by posting this. This is such garbage and you’ve gone after one of the most respected financial bloggers. People like Keiser and Ratigan go there. White House officials read the page and you little coward calling yourself activists don’t even know that he’s been doing this since 2006 and predicted this crap …. you’re a little punk. I know you won’t publish this because you censor your comments and hate when others disagree with you. So I’m taking a screen shot to prove what little weasel you are.
Thanks for the feedback. We didn’t go after anyone.
Just reporting two different views by posting Aaron’s press release and the write-up by Karl.
Looks like you don’t like it when someone (Karl) disagrees with you.
Hypocrite…
Oh and btw, next time you might want to mask your ip address if you want to comment “anonymously” from Massachusetts…
Why would I need to mask my ip address?
“We” actually had plans to change accounts (and I had already done so personally) but moving a low-balance account when you’re being multiply SLAPP-sued and have had to let go of ALL of your back office staff is a rather low priority.
So thanks for the support… a-hole.
Aaron,
We posted both your press release and Karl’s write-up to give readers different views of the matter.
We aren’t taking a position on it either way.
So thanks for the feedback… Aaron
WTF???????!!!!!!
If everyone shut down thier bank accounts with these big banks and not make thier mortgage payments to these guys within a week we would have at least some of the bargaining power that we need.Sadly this will not happen as too many people see this as not thier problem.When it does effect them,half of them walk away and surrender,the other half hang out to see what will happen.This is getting all of us nowhere fast.When we have solidarity things will change for the better for everyone…..until then not so much.
I agree, and stopped having any accounts with any bank about nine months ago (although I still end up supporting them in various roundabout ways that are harder to control.
But an important point from the stories I’ve seen on this: WF didn’t just close ML-implode’s account, they froze it. As in, denied them access to their money. I don’t care if anyone decides not to do business with me, but they’d better damned-well (or damn Wells) give me my money when they do.