Illinois Suspends “Billions Of Dollars” Of Investment Activity With Wells Fargo


Illinois Suspends “Billions Of Dollars” Of Investment Activity With Wells Fargo

Just when you thought you could relax into the weekend knowing that the US (and world) banking system was ‘fixed’ again thanks to a rumor from French press, Wells Fargo take another hit. Following California’s decision to sever all banking ties with the bank, Illinois State Treasurer Michael Frerichs has confirmed his state’s plans to suspend billions of dollars of investment activity with Wells Fargo.

As Bloomberg reports,

  • News conference will be held on Monday at 10:00 a.m. at the James R. Thompson Center in Chicago to share details about the moratorium
  • Treasurer’s office comments in a statement


We estimate the score now to be Wells Fargo 0 – 4 Elizabeth Warren (clawbacks, soldier car repo fines, California sanctions, and now Illinois suspending banking)


And let’s not forget FRAUDCLOSURES!!!


4 Responses to “Illinois Suspends “Billions Of Dollars” Of Investment Activity With Wells Fargo”
  1. Tom says:

    If they went after the BIG banks for the fraudclosures, the BIG banks would be forced out of business.
    Which is why they should have never been bailed out to begin with.
    They said that if they didn’t bail out the BIG banks, the whole system would have collapsed.
    Well, they should have let it collapse then!
    Anyone else that fails with their jobs, gets fired. Any other business that fails, closes its doors. Anyone else that commits fraud within their business, goes to jail.

    The wealthy corrupt banksters haven’t suffered at all.
    Wall Street is still going strong, but there are millions of American’s that have suffered very hard financially, lost their jobs, lost their homes, and still haven’t recovered from the 2008 2009 collapse of the economy, which was caused mainly by the illegal actions of the BIG banks and the politician’s that support them.
    And the shadow banking they got involved with that pumped out tons of fraudulent mortgages that were VOID from the start!

    They should have done here like they did in Iceland where they shutdown the corrupt banks and jailed the banksters that were involved in the fraud.
    And then open new banks that follow the rules, instead of sitting in their offices dreaming up new scams to rob their customers, and who’s palms they have to grease with kickbacks to get it done.

    Iceland also bailed out the victims of the banksters scams. NOT THE THIEVES!!!
    It’s actually nice to see a country that has the balls to stand up for the victims and stop the fraud from continuing.
    That’s what they should have done here, instead of rewarding the thieves with the bailouts, where they immediately took 8 figure bonuses, and then they were allowed to continue financially raping their customers to do it all over again.

    Maybe this next round of fraud that was discovered with Wells Fargo will reopen any investigations from the past fraudclosures? I know, wishful thinking!
    From what I have heard about the fake cross-selling accounts, Bank of America they say is worse than Wells Fargo, and Chase and Citi Banks are right behind Wells Fargo.
    So they are all in it!

    The corruption will never stop until they actually start giving out long jail sentences to all those involved in the frauds committed.
    Then also ban them forever from returning to those professions for employment when they get out.
    If they were to start using harsh sentences with this kind of fraud, I bet the banks would clean up pretty fast.
    As long as they are allowed to pay fines, (which might look like harsh penalties, but those are already figured into the budgets of their scams), things will only continue as they are.
    Business as usual!!!

    Every time one of these banks gets caught with their fraud, they say they are deeply sorry.
    The only thing they are sorry about is getting caught.
    Then they say they will make the necessary changes so it doesn’t happen again to try to rebuild their customer’s trust.
    My thoughts on that are, you screw me over once, you lost my business forever.
    They do it once, they will do it again!

    Another solution would be for everyone to close their accounts with the BIG banks and go to their small town local banks.
    Something has to be done because people are beyond sick and tired of the corruption that is ruining their lives.

  2. mike Drouin says:

    What a crock of BS !!!

    • Tom says:

      It’s all a crock of BS!!!
      I wonder what banking scam will be exposed next?
      Sooner or later everything is going to come crashing down.
      Maybe then something will be done to clean up the crap.
      Nothing ever changes though unless it starts hitting some people at the top.
      Maybe the Derivatives Market will crash and burn, then everything crashes and burns.

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