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)