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 http://www.zerohedge.com/news/2016-09-08/wells-fargo-fires-5300-engaging-massive-fraud-creating-over-2-million-fake-accounts
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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