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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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