Wells Fargo `Too Big to Jail,' Neil Barofsky Says

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Wells Fargo `Too Big to Jail,’ Neil Barofsky Says

Wells Fargo `Too Big to Jail,’ Neil Barofsky Says

Neil Barofsky, former special inspector for the U.S. Treasury’s Troubled Asset Relief Program, and a Bloomberg Television contributing editor, talks about the U.S. government’s lawsuit against Wells Fargo & Co. over claims the bank committed fraud by making reckless mortgage loans. He speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television’s “Market Makers.” (Source: Bloomberg)

 

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5 Responses to “Wells Fargo `Too Big to Jail,’ Neil Barofsky Says”

  1. Ken Hansen says:

    This is a pre-election stunt by the Geithner administration. Obama is hedging that the distracted masses will assume he’s getting tough instead of protecting and sustaining Banksters. Instead of a wrist slap how about leg irons?

  2. Charles Reed says:

    There is a billion dollars in fraud by Wells Fargo with the ex-Washington Mutual Bank FHA & VA loans that the borrowers who started getting their loan service by Wells Fargo are under the impression that Well Fargo purchase the loans when in fact they did not, as they only had a mortgage servicing agreement that not even valid.

    You cannot service a loan for Ginnie Mae holding the Notes because as they are not a lender, they cannot collect home mortgage payment and cannot get a surrogate in a servicer to collect for them. FRAUD!

  3. Charles Reed says:

    I get a letter on this Saturday from Ginnie Mae that was suppose to be written about my accusing Wells Fargo of Fraud and getting a false claim against me. The VP writting me was telling me how great Wells Fargo was and there was no question of there performing a fraudulently foreclosure even that there was a confession letter by the bank that they did not own the loan as they had lied and submitted to the court.

    However on Tuesday the US Government sues Wells Fargo for 100’s of million dollars in False Claims. What changed from Saturday to Tuesday. This is like water torture what the government is one case after another. This latest crime was being conducted for 10 years up until 2010 while Wells Fargo got $25 billion from TARP and the Fed made Wells $150 billion in low interest rate loans but I been fighting these clown since Jan 2010 so how are borrowers suppose to fight with a trillion dollar bank, that the Fed Gov is given them $175 billion to help them in their fight against us with government insured loans?

    So what don’t smell right here? Ginnie Mae is involved with the crime!

  4. keepon says:

    Scare tactics. Re-election strategy.

    SOTU, DNC, same rules, fair share…. Instead you’re driving the getaway vehicle!

    Where there’s evidence of criminality, we will aggressively pursue!

    Instead you’re turning them back in to communities to continue the enterprise? and why? Because THIS bank DID the BIGGEST PIECE of the FRAUDCLOSURE PIE?!

    Bring the CRIMINAL CHARGEs promised. DISMANTLE the enterprise. If not here, where? If not now when?

    Wells Fargo doesn’t want these stories out there. Really. Somebody make THIS documentary!

    They STOLE INSURANCE FUNDs for TEN YEARS and they’re allowed to bring Citizens into Court to take away their homes for which they’ve already been paid by stealing money using- guess what? Made up- false- documents. And they can’t be criminally charged because THEY DID IT MORE THAN ANY OTHER BANK and TO SO MANY PEOPLE that THEY’RE RESPONSIBLE and I’M NOT?

    Yeh. It’d really be tuff to get to “beyond a reasonable doubt” with this one, wouldn’t it?

    SOMEbody make this documentary!

  5. sue says:

    they got to “big to fail” by buying smaller banks using their TARP money, break them up and let the situation settle as it will. we are only allowing them to continue their fraud

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