Illinois suspends business with Wells Fargo

[swag]

Source: USA Today

Wells Fargo (WFC) is losing another big business customer: the state of Illinois.

Illinois Treasurer Michael Frerichs said Monday that his office is suspending its annual $30 billion in investment activity with Wells Fargo Co. for at least one year. The office oversees more than $1 trillion in annual investment activity, Frerichs says, and Wells Fargo stands to lose "millions of dollars" in investment fees from the action.

"Wells Fargo is a big financial player in Illinois and I hope to send the message that their unscrupulous practices are not welcomed and will not be tolerated," Frerichs said during a news conference.

These repercussions come in the wake of Wells Fargo's agreement last month to a $185 million civil settlement for restitution and fines after admitting that employees had opened more than 2 million accounts that may or may not have been authorized by customers. Wells Fargo says it has reimbursed fees incurred and fired more than 5,000 employees.

Read more: http://www.usatoday.com/story/money/2016/10/03/illinois-suspend-business-wells-fargo/91459014/

[onehandle]

1. 'for at least one year' = PR stunt. nt

[alcibiades_mystery]

3. I dunno...$30 billion for a year under management is pretty hefty

[iandhr]

6. I agree with you 100%

That is a lot of money.

[LanternWaste]

10. What specifically leads you to that in-depth analysis?

What specifically leads you to that in-depth analysis?

[turbinetree]

2. Take your pick Wells Fargo, Caterpillar

http://www.ctj.org/

http://ctj.org/corporatetaxdodgers/tax-dodgers-index.php

http://ctj.org/ctjreports/corporate_taxes_1.php

http://www.ctj.org/corporatetaxdodgers/sorrystateofcorptaxes.php

[IllinoisBirdWatcher]

4. Wonderful to see my state taking a stand. More states should. eom

[Marc2010]

5. Good

Ya know, I'm OK with this. They are the Enron of this generation

[Initech]

7. Why are we continuing to feed this beast? They're bleeding us dry and making billions.

Time to cut them off at the source.

[Sherman A1]

8. K&R

[LuckyLib]

9. Everyone needs to do this. States, businesses, and individuals.

It's consumer power, one by one. Hit 'em where it hurts!

[Dustlawyer]

11. Wells Fargo is not much different than JP Morgan Chase, Capitol One Bank of America and others.

They have rigged the bond markets, interest rates and whatever sleazy crap they could dream up. Because they own our politicians they never face criminal charges and only pay fines as a cost of doing business. Until we start criminally prosecuting these over paid thieves they will continue to rip us off!

Kudos to Illinois! Texas will probably invest more with them in a show of immoral support!

[lindysalsagal]

12. Agreed. Gotta start somewhere.

WF made me open a dummy account for a Re mortgage and then fined me for stagnant account. Duh. You made me open it. I had to fight them myself. Bastards.

I'm in a lcoal credit union and they treat me very well.

[Dustlawyer]

14. Credit Unions are the way to go!

[They_Live]

13. That's right.

I totally agree.