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<\/a><\/p>\nVOODOO ECONOMICS<\/em><\/strong><\/p>\n While lame stream media distracts people by feeding them bread and circus, disguised as news and information, banks labeled, “too-big-to-fail”, are stealing money from customers with impunity, because they can.<\/p>\n Banks steal billions of dollars but only pay millions in fines that are usually tax deductible. So the lesson learned is: crime pays, if you are a corporate entity protected by a corrupt, “pay for play”, government.<\/p>\n BANKS ARE ABOVE THE LAW: TOO-BIG-TO FAIL MEANS TOO-BIG-TO-JAIL AND THAT TRANSLATES INTO FISCAL ANARCHY THAT ENABLES ECONOMIC TERRORISM.<\/em><\/strong><\/p>\n Wells Fargo, the largest mortgage lender in the United States,\u00a0admitted to deceiving the U.S. government into insuring thousands of risky mortgages and agreed to pay $1.2 billion to put to rest claims that it engaged in reckless lending under a Federal Housing Administration\u00a0program that left a taxpayer subsidized, government insurance fund to clean up the mess.<\/p>\n Wells Fargo engaged in a reckless trifecta of poor training, deficient loan underwriting and poor disclosure in the government-backed loan program.<\/p>\n ECONOMIC TERRORISM DEFINED IN MODERN-ART-GONZO-JOURNALISM.<\/em><\/strong><\/p>\n Wells Fargo was fined $3.6 million because the bank acted\u00a0illegally by charging on-time payers with\u00a0late fees, failed\u00a0to inform borrowers of steps they could take to minimize fees\u00a0and left\u00a0credit report errors uncorrected,\u00a0which resulted in some misled student loan borrowers paying unnecessary fees.<\/p>\n \u201cWells Fargo hit borrowers with illegal fees and deprived others of critical information needed to effectively manage their student loan accounts. Consumers should be able to rely on their servicer to process and credit payments correctly and to provide accurate and timely information.\u201d- Richard Cordray,\u00a0Director Of Consumer Financial Protection Bureau.<\/p>\n CONTEMPORARY ART MEME<\/em><\/strong><\/p>\n The Consumer Financial Protection Bureau assessed nearly $36 million in penalties against Wells Fargo for the banks\u2019 role in a \u201cmortgage kickback\u201d scheme.\u00a0The financial regulator charged Wells Fargo bank employees with entering into an illegal arrangement with a now-defunct Maryland mortgage title company, under which the title company gave cash, marketing materials and consumer information in exchange for bank business.\u00a0The CFPB determined in its investigation that more than 100 Wells Fargo loan officers in Maryland and Virginia entered into the illegal arrangement,<\/p>\n \u201cThese banks allowed their loan officers to focus on their own illegal financial gain rather than on treating consumers fairly.” – Richard Cordray,\u00a0Consumer Financial Protection Bureau Director.<\/p>\n CONTEMPORARY ART MEME<\/strong><\/em><\/p>\n Wells Fargo was fined $81.6 million for failing to provide \u00a0bankrupt homeowners with legally required notices of mortgage payment increases which denied homeowners the opportunity to challenge the accuracy of mortgage payment increases.\u00a0By failing to properly notify homeowners, Wells Fargo violated federal bankruptcy rules that took effect in December 2011 that imposed more detailed disclosure requirements to ensure proper accounting of fees and charges on homeowners in bankruptcy.<\/p>\n CONTEMPORARY ART MEME<\/strong><\/em><\/p>\n Wells Fargo, agreed to pay $85 million to settle charges that it falsified loan documents of its borrowers and pushed borrowers into higher interest subprime mortgages even though they qualified for a mortgage with lower interest rates. Over 10,000 borrowers were steered into more expensive subprime mortgages with higher interest rates or had their loan paperwork falsified by Wells Fargo personnel.\u00a0Wells Fargo personnel were driven to the fraudulent activity in order to meet their company goals required for consideration to receive bonuses.<\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n<\/a><\/p>\n