California Suspends ‘Business Relationships’ With Wells Fargo, Trillions at Stake


California Suspends ‘Business Relationships’ With Wells Fargo

California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt, from its banking transactions and in its investments after the company admitted to opening millions of bogus customer accounts.

The suspension, in effect immediately, will remain in place for 12 months, State Treasurer John Chiang said Wednesday. “Complete and permanent severance” between his office and the bank will occur if it doesn’t change its practices, he said.

“Wells Fargo’s fleecing of its customers by opening fraudulent accounts for the purpose of extracting millions in illegal fees demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed,” the treasurer said in a statement.\

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3 Responses to “California Suspends ‘Business Relationships’ With Wells Fargo, Trillions at Stake”
  1. Julia Young says:

    Did you just hear Colbert take off on Stumpf. It seems Stumpf was the butt of jokes for Colbert on the late show and Elizabeth Warren was touted as the woman that snipped his ____ when she asked if he resigned with the 5300 employees he fired and if he had repaid 1 penny back. Both answers were NO! Stumpf was stumfped to find a yes in his defense!

  2. eyes wide open says:

    Hit them in what pocketbook? They will just have the Federal Reserve print up more Fake notes. Besides, the only credit Wells Fargo has is from the people. Without our signatures/autographs the Banks would have nothing. Banks can’t lend money, they access our Estates/Trust by way of our (consent) signature and then pretend to lend us credit while charging interest on top of it.

    This is all just a game. The corporation known as the STATE OF CALIFORNIA is only helping Wells Fargo to do an inside job Bank Robbery and get out of dodge stealing more credits etc. etc. So don’t be fooled by this game they are playing. The Banks lose nothing because they had nothing to began with. The percentage on their gain is 1 million percent profit without never having a dime.

  3. Bobbi Swann says:

    Ha-ha-ha-ha! Well, if they can’t be prosecuted then hit ’em in the pocketbook!!!

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