Illinois Suspends "Billions Of Dollars" Of Investment Activity With Wells Fargo

Tyler Durden's picture

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)

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Jim Sampson's picture

But... But... Uncle Warren!

Vampyroteuthis infernalis's picture

Illinois is broke. Who is better off? That corrupt libtard state or WF?

847328_3527's picture

Very bullish for Ill; they'll celebrate with at last 90 black-on-black homicides in Chicago alone this weekend!

BLM!

 

Very bullish for coroners.

Arnold's picture

Moving the accounts to DB because of the steep discounts offered.

pemdas's picture

Yeah, right. Like Illinois has money to put in the bank.

capital_one's picture
capital_one (not verified) pemdas Oct 1, 2016 5:13 AM

My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... http://tiny.cc/lknefy

Hal n back's picture

No way, its going to be cold and rainy all weekend.

Crash Overide's picture

Oh the irony that the corrupt no budget state of Illinois should not want to do business with Wells Fargo over a little criminal activity.

Cheers, enjoy the weekend.

DocBerg's picture

Yeah!  Where would Illinois get billions of dollars in the first place?

new game's picture

fuck well assgo, closed every accpount with them about 8 years ago. one of the best things  i ever did.

fuck the cock sucking fuckers. go to wells...

El Vaquero's picture

Wells has been evil cocksucksrs for quite a while.  

 

http://www.huffingtonpost.com/2012/04/09/elizabeth-magner-new-orleans-we...

In a scathing opinion issued last week, Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, characterized as “highly reprehensible” Wells Fargo’s behavior over more than five years of litigation with a single homeowner and ordered the bank to pay the New Orleans man a whopping $3.1 million in punitive damages, one of the biggest fines ever for mortgage servicing misconduct.

...

The current case involves Michael Jones of New Orleans. In a 2007 decision, Magner ruled that Wells Fargo improperly charged Jones more than $24,000 in fees, owing to a fundamental problem in the automated methodology the bank used to account for his loan payments.

After Jones fell into default, Magner ruled, the bank improperly applied his mortgage payments to interest and fees that had accrued instead of to principal, as required by his servicing contract. This triggered a waterfall of additional fees and interest that consumer lawyers call “rolling default.” Later, after Jones applied for bankruptcy, the bank continued to misapply payments, according to Magner’s opinion.

swmnguy's picture

Wow, I totally missed that story.  And I had a neighbor who worked for Wells Mortgage, who described this scheme to me in 2003.  

What he told me about was "drawering," where the payment is "put in the drawer" for just long enough to count as late.  Then the fee taken out and all the interest paid, the payer is light on the principle and doesn't know it.  Do that for a few months and then start the default process and fees.

The targets of this scheme were those who routinely paid right up to the deadline; paying on the actual due date each month instead of the first, so they cut it close; particularly those who had some equity in their homes.

This was before smart phones existed, and before automated and online payments were standard.  Some people weren't regularly looking at their records online, and may not have had access.  

So Wells Fargo got caught and blamed it on "a fundamental problem in the automated methodology the bank used to account for his loan payments."  That's priceless.  I think I have an idea what kind of "methodology" was at play here.

Wow.  They've consistently been total bastards for at least 13 years, and it wasn't new then.

Thanks for this story, again, I'd missed it.

max2205's picture

Suck my dick Warren 

Consuelo's picture

 

 

Uh...

 

I don't think that is something you really want to wish for...

just the tip's picture

elizabeth?  buffet?  what difference, at this point, does it make?

Implied Violins's picture

Exactly. None of them would settle for just the tip.

Troy Ounce's picture

 

Who is Elizabeth Warren?

corporatewhore's picture

someone who is so annoying and has sold out any self respect to promote her royal highness

just the tip's picture

i think she is the mayor of aleppo.

Spungo's picture

She was an advocate of the people until Hillary Clinton threatened to kill her entire family.

Richard Head's picture

Famous Native American warrior. Screeches really loudly, has not claimed any actual scalps.

DontGive's picture

Tribal callsign: Figwam Twoface - aka duplicitous cunt

She's loaded though, so I'll remove this post if I ever get a check in the mail.

847328_3527's picture

Warren and Clinton are incompatible. Warren wants to bash banks as part of her ideology yet Bankers are Hillarys #1 supporters, followed by the MIC and then the FSA.

Any of these Dem voters who say they support both Warren AND Hillary are either stupid or bull shitters, or both.

PT's picture

This is what you need to know about Elizabeth Warren:

https://www.youtube.com/watch?v=akVL7QY0S8A

(Takes an hour, the first six minutes is boring introductions but then it gets good.)

Having said that, I never trust anyone once they go into politics.
Having said that, you can still dig up a bunch of EW videos and ZH articles where she makes the banksters squirm on behalf of the little people.
But no-one went to jail.  Which makes me assume that she is an attack Chihuahua on a very short leash.  She will say the right things and she will mean it.  But then her handler will just take her away and put her in her box, ready for the next occasion where her handler wants to score points.

Take the five minutes to look at this clip:

https://www.youtube.com/watch?v=12mJ-U76nfg

So why does she now support Hillary?

I would vote for the 2004 Elizabeth Warren without a second thought.  But now I am convinced that, even if she was elected President, there is no way that she could accomplish anything unless, at the very least, you had another 534 Elizabeth Warrens.  (Or perhaps 268 Elizabeth Warrens and 268 Ron Pauls.  The EWs and RPs would argue with each other but I believe that they would make the right decisions together.)

Dig up the videos where she attacks the banksters.  Watch and learn.  She said the right things, but then what happened?

Bonus points:  Dig up her version of the "You didn't build that" speech, and compare it with the Obama version and the Hillary version.  Notice the devolution of the message along the way.  (And apparently it is a re-hash of a speech made by someone else even further back.)  No fair if you haven't first watched the "Coming Collapse of the Middle Class" - the first link I posted in this comment.

EW gets it.  Or at the very least, she GOT it.  Plenty of videos out there PROVE that.  So why did she attack Trump?  Why does she side with Hillary - Especially after that second clip?  Most optimistic guess - she doesn't realize she is being led up the garden path.  At certain times she will be allowed to say the right things, but then the world will go right on without her.

My OPINION:  to regain her credibility, she needs to get out of politics so she can clear her head, re-assess where she was going, what she was achieving vs what she wanted to achieve and what went wrong over the past few years.  (But I am just an unqualified ZH Zombie who doesn't even live in the US so add that to your calculations.)  Watch that first video.

PT's picture

Hell, I reckon Donald Trump and Elizabeth Warren should have teamed up together. 

I wonder how many ZHers heads will explode now I've said that.

new game's picture

i have told hundreds of my dreadfull experience. and i hope they tell hundreds, and so on til nobody banks with these fuck licks...

King Tut's picture
King Tut (not verified) Sep 30, 2016 5:01 PM

The joke's on IL- THE STATE IS BROKE!

dlweld's picture

Well, yeah! They were dealing with Wells Fargo.

Donald J. Trump's picture

That was the first thing I thought when I read the headline.  Illinois has money (any) to invest?  I thought they were broke.

Consuelo's picture

 

 

Too funny...

 

(2) Uber-Marxist states, up to their eyeballs in pension fund 'questionability', along with transfer payments, etc., ad-nauseam, grandstanding about the evils of Wells Fargo's business practices...

 

All (3) deserve to be liquidated.    

 

And will...

 

 

King Tut's picture
King Tut (not verified) Consuelo Sep 30, 2016 5:45 PM

It looks good for the sheep watching the 10 O' clock news- like the govt is looking out for the tax serfs against those big meanie banks

dark pools of soros's picture

Broke ass Chicago stopped investing years ago... this is a joke

offwirenews's picture

I love how Warren acts all tough against the banks, but then supports Hillary...we're not stupid

King Tut's picture
King Tut (not verified) offwirenews Sep 30, 2016 5:06 PM

Fauxcohantas

PT's picture

We're not stupid, but Elizabeth Warren is.  (I already explained in greater detail above.)  And yes, it could just be that I am too optimistic.

How can she support Hillary after this (Second video from my above comment):

https://www.youtube.com/watch?v=12mJ-U76nfg

Like a dog going back to its own vomit.

Hopelessly naive optimism or plain ol' corruption?

Kaiser Sousa's picture

Quick get that Bitch Becky "I love riding Warrens wrinkled dick" Quick on the line.....

Rum Runner's picture

The artist forgot to illustrate the big bag of cash falling off the coach marked for Uncle Sam's cut (fines) 

WillyGroper's picture

Just listened to Richard Grove on CTM. Boy has he dug into the molecules of skullphuqery.

Baptized by fire like the rest, as a whistle blower in corporate, he was fired. For what? Selling software with a backdoor called email xtender.

It allows these banksters among others to erase any tracks of wrong doing so nothing can be found in an audit.

WF & WB need to expire...and soon.

dexter_morgan's picture

We estimate the score now to be Wells Fargo 0 - 4 Elizabeth Warren

You are fucking kidding us right? Fauxcohantas, the big time Clinton wall street dick sucker fan had anything to do with this?

PT's picture

Plenty of videos and old ZH articles about EW going after the banks.  She said all the right things.  I just don't remember it achieving anything.  But yeah, something very strange about her being anti-bank and still pro-Hillary.  She's either stupid or corrupt.  I tend to believe "naive" but I can't blame you if you believe "corrupt".

Infield_Fly's picture
Infield_Fly (not verified) Sep 30, 2016 5:31 PM

Warren is a lying piece of shit marxist cunt!!!

 

FUCK YOU WARREN!!!

konadog's picture

The artist needs to add Buffett holding bags of customer loot and kissing Hyena Rodent's ass with that vile little troll Munger in his shirt pocket stuffing his fat ugly pie hole with See's Candy.

Seasmoke's picture

I will not stop my fight against Wells Fargo until the day John Stumpf has a rope around his neck. While stealing homes they had no rights to and false documents used, I told John myself, this day would be coming. And now it's almost here. 

darteaus's picture

Guess it's time for Buffet to give another speech about his taxes being too low.

williambanzai7's picture

Anyone going to try Wells Fargo Fried Warren?

The Proletariat's picture

Hahahaha.....this is some funny fucking shit considering Illinois is fucking bankrupt!  Bitchez

847328_3527's picture

My guess is the wealthiest people in ILL include the pension fund managers who charge no matter how crappy the returns are or how fraudulent the investments are.

Moral:

No one eve goes to jail!