Chicago to Pull $25 Million From Wells Fargo After Scandal


Chicago to Pull $25 Million From Wells Fargo After Scandal

Chicago Treasurer Kurt Summers plans to divest $25 million the city has invested with Wells Fargo & Co. after the company admitted to opening potentially millions of bogus client accounts, joining state officials who have pulled business from the bank because of the scandal.

Summers, whose office manages the city’s $7 billion investment portfolio, plans to “unwind these assets as expeditious as possible in a fashion that is prudent and will protect taxpayer money,’’ according to a statement from his office sent to Bloomberg News.

“The City Treasurer is proud to stand with working families from Chicago and across the nation by divesting in Wells Fargo & Co.,’’ according to the e-mailed statement. “Chicago deserves better.’’

The move comes amid mounting pressure on Wells Fargo, which is facing a national furor over the fake accounts debacle. After California’s treasurer barred the bank from bond and investment deals last week, Illinois Treasurer Michael Frerichs said he plans to take similar steps. On Monday, he said he’s suspending $30 billion in investment activity from Wells Fargo, which won’t be a broker dealer for the state for at least a year.

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3 Responses to “Chicago to Pull $25 Million From Wells Fargo After Scandal”
  1. Tom says:

    Why is it now that Illinois is doing something about this Wells Fargo scam, and Illinois didn’t do a damn thing about the banks doing the fraudclosures?
    Oh, that’s right! When you have a lot of Judge’s receiving kickbacks from the banksters to force through fraudulent foreclosures, they can’t risk having the public find out that their Judge’s are in on the corruption!
    And don’t forget about the politician’s that were in on it too have to be protected.

    Wasn’t it found that Hillary and Goldman Sachs had that foreclosure scam going from the beginning? And that’s why Hillary told Goldman Sachs not to worry about it, that they got in this together and they will get out of it together.

    Let’s see, hiring employee’s to create fake accounts to boost the stock price and to collect fees off of their customers that didn’t even know they had those accounts, to creating fake documents and hiring employee’s to forge signatures to those fake mortgage documents to force fraudclosures is different?

    They won’t do anything to the banks for illegally throwing people out of their homes and the extreme suffering people went through because of that scam, but they will do something to those banks for creating fake accounts, and have the banks pay restitution to their customers for the damages those fake accounts did to their customer’s?

    So if they actually do anything to Wells Fargo now for this fake account scam, will that then require them to go after all the banks for the fraudclosures? I know, more wishful thinking!

    Most likely Wells Fargo might suffer more fake fines so the other player’s can receive their kickbacks through that part of the scam, and some State’s will make it look like they are refusing to do business with Wells Fargo now, but in reality nothing will change and it will be back to business as usual.
    The top executives will still receive their millions, pay those fake fines (kickbacks), and STILL no one goes to jail!
    Isn’t that what they say is now considered as being business geniuses?
    And yes, the corruption is that severe!!!

    Also, don’t forget the amount of damages they have caused to our Veteran’s with the fraudclosure scams.
    Serve your country, come home, and find your home is gone, shows that this country really doesn’t give a shit about anything or anyone except to get more of that money anyway they can get it! GREED!!!

    As the Illinois Treasurer said, they should feel shameful for their actions with the fake account scam, but still look the other way with the fraudclosures.

    Wake up people!!!

    • Bonnie Green says:

      Look at all of tge millions of homes they stole from American Families across the Nation.
      Not one elected official from New York to California did anything to help us. I lost my home of 40 years. I have multiple Sclerosis. Evicted me to the street and took 90% of my belongings.
      Plus another MILLION FAMILIES!!

      • Tom says:

        Chase Bank stole my home too!
        I could have brought my account current, and I also could have paid it off in full.
        They made more money by forcing the foreclosure to get to the force placed scam insurance.
        The PMI/MIP.
        That insurance paid the banksters 80% of the loan amount by the government, and then they sold off the house later, at half of what I owed, and earned a lot more than if I was allowed to pay it off.

        I am also disabled and they could care less.
        The Judge in my case was also in on the fraudclosure scam to push as many foreclosures through his courtroom.
        The Judge actually called me from his cell phone wondering why everyone was filing complaints against him.
        Isn’t it illegal for a Judge to contact anyone that has a case in his courtroom? Nope, they can do whatever they want because they are above all laws!
        I even received documents from the Court Recorder that proved the fraud in the courtroom and he wanted it stopped. That didn’t help either!

        I heard that the Judge retired about a year later after the foreclosures started. I understand that he made a lot of money in kickbacks pushing those fraudclosures through his courtroom.

        The stuff they pulled on me, and the other people losing their homes, where they might as well have taken us out back, put guns to our heads and said sign over your homes or die.
        Yes it was that bad!
        They even came out and changed the locks on my house, WITH NO COURT ORDER, before I was done moving, and before the fraudclosure was completed, and stole over $25,000 in personal property too.

        Nothing will ever change until they start jailing these thieves who have been violating their Oaths of Office just to line their pockets while destroying millions of lives in the process. GREED!!!
        Then have them pay restitution to all the victims of the foreclosure scams!

        This country is really going to fall hard once more people start waking up to what is happening, and they are going to demand change.
        No more waiting around for the corrupt courts, banksters, lawyers and politician’s to do anything to stop it from continuing, and allow the victims to receive justice.

        Probably the best way to try to force change at this point is to have everyone that is sick and tired of the corruption to do a nationwide strike.
        Bring the country to a halt.

        Some have even said that we are heading for another civil war.
        But this time it will be the wealthy corrupt against the struggling poor.

        United We Stand, Divided We Fall.
        We’re so divided now that it has already started to fall because of the massive amounts of corruption, and nothing is being done to stop it.
        Just wait and see what happens once the elections are done!
        It’s going to get real ugly!!!

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