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ML-Implode Gets “Wikileaks Treatment” As Wells Fargo Freezes, Closes Business Account
ML-Implode Gets “Wikileaks Treatment” As Wells Fargo Freezes, Closes Business Account
Courtesy of Aaron Krowne of ML-Implode
ML-Implode.com discovered yesterday (2012-06-12) 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, 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.
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Other arrangements are being made; however, the actions are shocking due to their intrinsic lack of due process and harshness — no advance notice was given and no real reason was given for the action (as “credit risk” does not actually apply to the type of account in question).
Were the actions taken in retaliation for a recent series of articles by ML-Implode blogger Martin Andelman? Martin pulled no punches in criticizing Wells Fargo over its foreclosure practices — in particular the tragic and horrific case of Norm Rousseau who was driven to suicide after Wells Fargo lost a mortgage payment and mistakenly foreclosed on the family’s home, despite a lengthy back-and-forth process which gave the bank ample opportunity to correct the mistake.
(Other recent articles by Andelman taking Wells to task that may have angered the bank include this one and this one.)
Andelman is not paid by ML-Implode and blogs wholly independently (as many others have done in the past). ML-Implode does not dictate or control what he writes. As such, if Wells’ actions are truly in retaliation for the articles, they are apparently violating federal law. USC 47 USC § 230 forbids holding an internet “common carrier” (such as an ISP, forum, or any sort of hosting outfit) liable for the content users independently post or transmit.
The prior week, ML-Implode affiliate REST Report Matters (http://www.restreportmatters.com/), inspired and promoted by Andelman to give homeowners at risk of foreclosure access to the same loan analysis tools the banks have, also had its account shuttered by Wells Fargo. It appears the bank first followed Andelman’s references to REST Report Matters, targeted that company, then connected REST Report Matters back to ML-Implode’s business account (via affiliate transactions) and marked that account for “summary execution” as well.
Martin Andelman has no ongoing financial relationship with REST Report Matters, which suggests that Wells’ shuttering of their accounts may amount to tortious interference with a legitimate, independent business.
Of course, since that business constitutes giving homeowners tools to force Wells and other banks to modify loans when compelled to do so by the HAMP and other programs, one can easily imagine that they believe they are killing two birds with one stone by trying to shut down them and ML-Implode (which supports just and equitable treatment of homeowners facing foreclosure).
The bank seems to have “covered” itself for its actions by effectively giving no reason for them, so there is nothing to appeal or argue against. However, our sources inside the bank tell us the critical blog posts were the motivating factor.
There is little precedent for such authoritarian, if not illegal actions by a bank, which effectively amount to domestic economic sanctions.
In one case last October, Goldman Sachs pulled its support from the credit union that was merely honoring the Occupy Wall Street group.
Prior to that, in 2011, Wikileaks famously had its account frozen by PayPal and its Swiss bank account closed under pressure from the US State Department.
Meanwhile, Wachovia in 2011 (by that point a subsidiary of Wells Fargo) paid a less-than-.1% fine for knowingly allowing nearly $400 billion in drug money to be laundered through it — a fact which is essentially not discussed in the media at all; the outcome constitutes essentially a free pass.
In a May 2010 landmark decision, the New Hampshire Supreme court ruled in the case of The Mortgage Specialists vs. Implode-Explode Heavy Industries, Inc. (ML-Implode’s owner/operator) that the site constituted the “news media” and should be afforded all the journalistic protections provided by the law and our general tradition of free speech jurisprudence.
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Disingenuous cumbags like you, you mean?
Fuck off.
Well that settles that.
Aren't we all sick of mandates that dictate who businesses can (read 'have to') hire and who they can and can not serve?
So, by extension shouldn't even slimy, evil banksters be allowed to decide who their customers are?
"Wells all the Frauds-Go."
If you do business with that fucking sham of elite taxpayer life support you deserve to get fucked by them too!
Hey Warren, how about a cheezeburger you octagenetic-fraud-fuck!
Class-A racketeering.
Simple: Everyone should tell everyone they know to boycott Wells Fargo.
Yep, people action, direct and in your face
better yet boycott the Big Banks
i'm baffled why Occupy would even have a bank account anywhere near Goldman Sucks
I wonder, does ML-Implode at least get to keep the toaster?
The banks are our government.
The banks can act with impunity; who is going to stop them?
The Rule of Law is dead.
My guess would be that lawers in the libel suit convinced Wells to freeze (confiscate) any money in accounts so they could get their greedy paws on it, and offered Wells Fargo a cut (rights of account holders be damned).
Capital controls in Europe, and of course in the U.S.S.A.
WaMu and GM bondholders found that they had no rights compared to banks, and MF Global investors found the same.
The banks are our government and they are corrupt to the core.
banks don't care--Its the little mealy mouth pieces of shit the live in the board rooms that will give it up under pressure-- and their families --thats were the focus needs to be.
Smells Fartgo cuts the cheese again.
This shite-bank and all of it's officers need to be pissed on....by a pack of mules.
"authoritarian, if not illegal actions by a bank, which effectively amount to domestic economic sanctions."
Dont start this "authoritarian/illegal" 99% BS. It's a private company, they can do business with whomever they want.
You were an idiot to have an account there and poke them so publicly in the eye. The fact that you did WHILE HAVING AN ACCOUNT with them means you are either a moron OR WERE HOPING THEY WOULD DO JUST WHAT THEY DID so you could try to drum up attention with it.
In the end, this little event only makes ML-Implode look more like the banksters than a noble endeavor by a noble group of people.
Unless something changed that I'm not aware of, Wells is a Federally chartered bank. They have multiple layers of rules and regs to follow...hardly able to do business with whomever they want.
BS?
They can do whatever they want because they're a private company?
Is that how it works?
Is there no contract between them and their customer?
Are there no laws that govern their behavior toward their customer?
WTF are you doing with a Wells Fargo account?
Exactly...Credit unions. Cheaper and easier to manage...oh yeah, The ones left are actually solvent as well.
Well Fargos has been in awful shape for the last four years because of 30 years of bad business.
I wouldn't bet on that solvent part. When paper hit the shitter the CUs are fucked as well as everyone else.
hahaha exactly
http://market-ticker.org/akcs-www?post=207297
No more subtlety...
Overt conflict is the new normal.
Next new normal is FEMA camps.
... but, yes! We have no bananas, we have no bananas today! ...
This is an official public broadcast, please remain indoors with your windows locked and curtains drawn.
Remain calm, we are under a state of zombie attack.
Doing business with a company that has willfully, wantonly violated laws without so much as a second glance, and this kind of behavior is surprising?
Lie down with the dogs, wake up with fleas.
Well well, next time someone tells you that the (real) government isn't totalitarian just point to what Well Fargo did here.
Well, what did they expect? When blogging critically against the Banksters of the big troublesome banks, why does one keep their money in same??? With all of the smaller community or local state banks out there, why does one still have their money in a Wells Farked up account???
I don't get it. Just too lazy to move it somewhere else?
Stupid is as stupid does.
I doubt it much an issue for ML-Implode. I suspect ML somewhat welcomed the confrontation if only for the publicity. Such action by WF only helps their cause (a good one). If the action presents operational operational problems for ML, others are willing to step in and help (I bet).
ALERT: Help us fight this and other attempts to attack us and shut us down.
Please help you by giving you money that you will just hand over to a TBTF bank? WTF?
Yet another articulation of the lack of critical thinking ability, even amongst those who are "here to help".
I am Chumbawamba.
because then they use monies at another TBTF banking institution and the same thing happens and there is more exposure and more attention brought to this, all for nominal monies. but i guess if i have to explain this to you....
Entrapment? Not a good business strategy, methinks.
not business. more at PSA.
Shut the fuck up you ginormous douchecunt.
-Chumblez.