David Dayen via The Intercept: The few remaining defenders of the Obama administration’s failure to prosecute the executives who helped cause the 2008 financial crisis argue that the bankers’ actions were unethical…
ML-Implode.com discovered in the course of its normal banking activities that Wells Fargo had frozen its bank account with no warning. Upon inquiring at the local branch (which had no direct knowledge of the incident), it was discovered the account had been flagged “credit risk”, and slated to be immediately closed.
These actions are more than slightly unusual because ML-Implode’s account was a plain checking account and was not an underwritten account. In fact, ML-Implode paid a monthly fee for the account, so Wells Fargo was certainly doing it no favors.
While the site is effectively insolvent (due to the impact of multiple frivolous libel suits from corrupt mortgage, e.g. by the outlawed Grant America scheme) and thus typically had a minimal balance, there had been no problems with overdrafts and all charges and obligations were always dutifully covered…
The police are ready for this. Good luck. Reports the AP via the Washington Post:
Police were guarding the entrance to the annual meeting of Wells Fargo shareholders on Tuesday as protesters associated with the Occupy Wall Street movement geared up to crash the gathering.
Dozens of officers were stationed around the Merchant’s Exchange Building in the city’s Financial District in advance of the 1 p.m. meeting. Bank stockholders were asked to show certificates or other proof of ownership before being corralled past gates erected in front of the doors.
Many of the early arrivals represented community groups from across the country that purchased Wells Fargo stock so they would have a say in the bank’s practices.
Shareholder Mark Richmond, a 59-year-old Portland member of the group We Are Oregon, said he hoped he could voice his concerns specifically about predatory lending and home foreclosures. He said he expected some raucousness inside and outside the meeting.