Friday, 9 September 2016

Saturn-Neptune uncovers Wells Fargo’s fraud

For years we have wondered why Wells Fargo, America's largest mortgage lender, is also Warren Buffett's favorite bank. Now we know why. On Thursday, Wells Fargo was fined $185 million, (including a $100 million penalty from the Consumer Financial Protection Bureau, the largest penalty the agency has ever issued) for engaging in pervasive fraud over the years which included opening credit cards secretly without a customer’s consent, creating fake email accounts to sign up customers for online banking services, and forcing customers to accumulate late fees on accounts they never even knew they had. Regulators said such illegal sales practices had been going on since at least 2011. In all, Wells opened 1.5 million bank accounts and "applied" for 565,000 credit cards that were not authorized by their customers. Sept. 8

Wells Fargo has its headquarters in San Francisco, California. A chart for the Sept. 10 Saturn-Neptune square drawn for San Francisco has it straddling the horizon axis implying that its message will be felt strongly at this place.

Neptune is linked to fraud and deception while Saturn is a reality check. The ongoing square between Saturn and Neptune has been and continues to be about knowing the difference between fact and fiction. So those who have been living a lie, must get ready for a reckoning now.

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