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WELLS FARGO’S $3 BILLION TAX WINDFALL ‘MORE THAN OFFSETS’ TRUMP’S PALTRY $1 BILLION FIN

22/04/2018

predatory mortgage practices—but the massive bank is still walking away with plenty of cash to spare, thanks to the more than $3 billion it has already pocketed thanks to the GOP tax scam.

“The Republican corporate tax cut more than offsets this penalty. The firm reportedly posted a $3.35 billion benefit from the new law.”
—Bartlett Naylor, Public Citizen

While the Mick Mulvaney-led CFPB and much of the corporate media touted the penalty as the “harshest” and “most aggressive” enforcement action against a Wall Street bank during the Trump era, consumer advocates were quick to note that the president’s broader pro-bank agenda—which includes tax cuts and deregulation—makes Friday’s fine even less impactful than a slap on the wrist.

“The Republican corporate tax cut more than offsets this penalty,” Bartlett Naylor, financial policy advocate at Public Citizen, said in a statement on Friday. “The firm reportedly posted a $3.35 billion benefit from the new law. Wells Fargo is spending some of this benefit on share buybacks, which boost the price and senior management compensation. On balance, these are good times for Wells Fargo executives.”

“Wells Fargo and other bankers will understand what justice should mean” once Washington actually “prosecutes” bank executives for criminal behavior, Naylor concluded.

Writing for ThinkProgress on Friday, Rebekah Entralgo echoed Naylor and argued that the CFPB’s fine against Wells Fargo is quite possibly “just a one-off for the CFPB to point to whenever the administration is criticized for being too friendly to Wall Street,” particularly given the bureau’s moves to shutter probes into payday lenders under Mulvaney’s leadership.

While Wells Fargo has already seen massive gains from the GOP tax plan President Donald Trump signed into law last December, it is hardly the only Wall Street bank reporting huge profits thanks to the massive reduction in the corporate tax rate.

According to an analysis published by the Associated Press on Friday, the nation’s six largest banks “saved at least $3.59 billion” from the tax law in the first three months of 2018 alone.

Most Americans, meanwhile, say that they have seen little to no boost in their paychecks.

RELATED:
Friday, April 20, 2018 – Wells Fargo fined $1B for stealing cars and jacking houses
Saturday, March 17, 2018 – Wells Fargo accused of ripping off rich people, too
Friday, March 16, 2018 – ‘You Should Be Fired, Not Rewarded’: Warren Slams Scandal-Ridden Wells Fargo CEO for 35 Percent Raise
Thursday, March 15, 2018 – Wells Fargo gives its CEO a $4.6m raise on flat earnings and more scandals
Friday, February 16, 2018 – Wells Fargo admits it ripped off its customers, creates low-response-rate opt-in system for its victims to get paid back
Tuesday, February 13, 2018 – Wells Fargo Sends 38,000 Apology Letters In Error
Saturday, February 3, 2018 – The Federal Reserve cracks down on Wells Fargo over scandal involving sham accounts
Monday, November 27, 2017 – Report: Wells Fargo Bankers Inflated Fees, Got Bonuses
Sunday, October 8, 2017 – Wells Fargo’s Artificial Intelligence Defies Analysts, Slaps “Sell” on Google and Facebook
Wednesday, September 6, 2017 – Wells Fargo caught with another 1.4 million fake accounts, will anyone ever get jailed?
Thursday, August 17, 2017 – Wells Fargo Reshuffles Board With Scandal-Ridden Insiders
Friday, July 28, 2017 – Wells Fargo also defrauded 800,000 car loan customers and stole 25,000 cars
Monday, December 12, 2016 – Wells Fargo Fake Accounts Scandal Spreads To Life Insurance Business

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www.diafthora.com,our site soon:to Fight against Corruption in Greece-E.U

Ever since antiquity, corruption has been one of the most widespread and insidious of social evils. When it involves public officials and elected representatives, it is inimical to the administration of public affairs. Since the end of the 19th century, it has also been seen as a major threat in the private sphere, undermining the trust and confidence which are necessary for the maintenance and development of sustainable economic and social relations. It is estimated that hundreds of billions of Euros are paid in bribes every year.

Pentagon’s ‘lost’ trillions went to people connected to US military-industrial complex

Former Republican congressman and presidential candidate Ron Paul has said that “the Pentagon’s lost trillions have nothing to do with defense, adding that the “money propping up the high lifestyles of those connected to the military-industrial complex.” Dr. Paul, a three-time American presidential candidate and the founder of the Ron Paul Institute for Peace and Prosperity, made the remarks in an article published by his website on Monday. Deputy US Secretary of Defense Patrick Shanahan has recently acknowledged that the Pentagon has failed its first-ever comprehensive audit, saying, “We failed the audit, but we never expected to pass it.” “It was an audit on a $2.7 trillion dollar organization, so the fact that we did the audit is substantial,” Shanahan claimed. The first-ever audit of the of the $2.7 trillion enterprise that is the Pentagon identified widespread problems in cybersecurity, but found little in the way of savings that could offset potential budget cuts next year, according to officials. Pentagon’s comptroller David Norquist, who has played a key role in the audit, said after the report release that although no glaring instances of fraud were detected in the US military establishment, its Army, Navy, Air Force, Marines, Special Operations and the Transportation Command all received failing grades.

“The Outlook For The Global Economy Has Deteriorated”: Oil, Copper And Lumber

Oil, copper and lumber are all telling us the exact same thing, and it isn’t good news for the global economy. When economic activity is booming, demand for commodities such as oil, copper and lumber goes up and that generally causes prices to rise. But when economic activity is slowing down, demand for such commodities falls and that generally causes prices to decline. In recent weeks, we have witnessed a decline in commodity prices unlike anything that we have witnessed in years, and many are concerned that this is a very clear indication that hard times are ahead for the global economy. Let’s talk about oil first. The price of oil peaked in early October, but since that time it has fallen more than 25 percent, and the IEA is warning of “relatively weak” demand out of Asia and Europe…

Amazon Rolling Out ‘Amazon Pay’ Digital Wallet In Physical Stores

As FAANG stocks lead the market lower during what has become a relentless Q4 selloff, Amazon is hoping to reassure anxious investors that the company's relentless expansion and revenue growth will continue. To wit, the company is taking another big step toward establishing itself as the American WeChat or Alipay as it seeks to become the dominant player in electronic consumer payments in the US and beyond. According to the Wall Street Journal, the e-commerce giant is hoping to undercut Apple's Apple Pay by persuading more brick-and-mortar merchants to accept its Amazon Pay digital wallet. As it tries to build a foothold in payments outside of its Amazon Go stores, the company is reportedly focusing on building partnerships with restaurants and gas stations (businesses that have yet to be scalped by the Bezos revenue-absorption machine). To entice owners to give Amazon Pay a try, the company is dangling what appears to be a pretty enticing carrot: Amazon is promising to lower processing costs at a time when so-called "interchange" fees charged by Visa and MasterCard have been rising.

YouTube Lets California Fire Conspiracy Theories Run Wild

The Camp Fire in California has killed at least 79 people, left 699 people unaccounted for, and created more than a thousand migrants in Butte County, California. In these circumstances, reliable information can literally be a matter of life death. But on YouTube, conspiracy theories are thriving. Currently, when a user starts typing “California fire” into YouTube, the top autocomplete search suggestions are “conspiracy 2018,” “agenda 21,” and “laser beam,” all of which refer to conspiracy theories related to California’s wildfires. Similarly, typing in “California wildfire” leads YouTube to suggest “lasers,” “directed energy weapon,” and “dew,” which is an acronym for “directed energy weapon.” Simply typing “California fire” and searching it does return straightforward news coverage, which is an improvement over, say, the false flag and crisis actor conspiracies YouTube was surfacing about the Marjorie Stoneman Douglas High School mass shooting earlier this year. Believers of this false California wildfire conspiracy theory think that the US government shoots directed energy weapons, or lasers, from a plane in order to to start fires at predetermined targets. The goal of this attack, which is not actually happening, is to support a bastardized interpretation of “Agenda 21,” a sustainable development plan developed by the United Nations in 1992. This conspiracy theory also gained a little bit of traction on Twitter. The conspiracy theorists use doctored or out-of-context images in order to falsely argue that directed energy weapons, or laser beams, caused the wildfires in California—not climate change. By incorrectly claiming that the houses were consciously struck, these theorists ignore ecological science which explains that the arrangement of homes and topography of the land