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Sen. Liz Warren’s knows radical capitalism scams Playing 'radical capitalism' just isn't like the old days

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Sep 21, 2016 No Comments ›› Dan Bodine

By Dan Bodine

 

US. Sen. Liz Warren (D-Mass.) grills Wells Fargo CEO John Stumpf

US. Sen. Liz Warren (D-Mass.) grills Wells Fargo CEO John Stumpf.                      [  AFP/Getty Image ]

Yeah, I’ve had my little protest website here up for a number of years and all’s been quiet as a church mouse seemingly. Except for one incident. I was asked privately to define radical capitalism once — number of years ago.

The classically chiseled U.S. Sen. Elizabeth Warren (D-Mass.) reminded me of this incident earlier this week in a Senate hearing, when grilling a Wells Fargo Bank head about an alleged massive “fraud.”

She flat-out accused him — in what looks like a deliberate bank scam — of creating extra customer accounts that over the years “put hundreds of millions of dollars in your own pocket,” as the CNN Money story link above stated.

Ouch!

It was all creative financing! no doubt he muttered, or something-or-another like it — beneath his breath, so ol’ Liz couldn’t hear, of course! The nation’s evangelical ministers with the Republicans’ New Right told us years ago that was perfectly legal, remember?!

Hee, hee! Ain’t we continuing to have fun with the wretched derivatives of the Sunbelt’s era classical neoliberalism greed, no?!

And of course, me, still, I haven’t a clue as to why anyone would want that much money in his/her pockets in the first place — other than as visible proof the person was the biggest dog on the block! Who could do just about anything he or she wanted, by gawd!

For whatever warped reason. Perhaps for loss of senses!

But, yes, as a people we are sensitive to such riff-raft innuendos.

When President Obama, i.e., was seeking re-election a few years back — amidst all the squabbling about the effects of radical capitalism on the nation and world we’ve been having — a dear, old friend from my Cleburne days laid into me for this website of mine!

Because I wasn’t the nice, quiet Danny of my high school years no more. What gives me the right to post such uppity stuff, huh?

What is a Radical Capitalist?! he wanted to know.

And quickly added more or less, I own a store. Does that make me a radical capitalist, too?!

I politely told him something like: As a general rule you need to add half a dozen more zeros to your annual income before you can even be considered a possible suspect.

And then we parted ways, of course. Or at least I haven’t heard from him again.

Which underscores in a small way, too, the dangers when you dare attack someone else’s god (belief system, another old friend calls it) — e.g., you cut off all options of future communications with some people, unintentionally! Rightly or Wrongly! You just burned a bridge!

I hated the severance, of course. Things like that just shouldn’t happen among old friends in life. But of course, they do! Gillions of times! Sometimes folks get over it, yes; most times they don’t, I think. Or not in the heated political waters we’re in now, anyway.

What Sen. Warren was upset about, of course, was the bank’s “disclosure that Wells Fargo bankers opened as many as 2 million fake accounts in the names of existing customers and others, without their knowledge and permission, and stonewalled their inquiries and complaints,” the article states.

If it stands the wash of further investigation that’ll fit as an example of a radical capitalism scam, sure enough!

“The scam went on from at least 2011 through 2015, though (CEO John) Stumpf revealed that the bank is now reexamining accounts from as early as 2009. On Sept. 8, it announced an agreement to pay $185 million in fines and penalties to two federal regulators and the Los Angeles City Attorney’s office.”

Squeezing employees to create those accounts over the years thru “relentless pressure … to ‘cross-sell’ products — e.g., push credit cards, personal loans and other deals (all of which generate enormous bank fees, of course) — upon all customers,” is the crux of the fraud allegations, the L.A. Times reported.

In the same L.A. Times post on this hearing, Warren added, “You squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket. And when it all blew up, you kept your job, you kept your multimillion-dollar bonuses and you went on television to blame thousands of $12-an-hour employees.”

Which is no big deal, really. Right? What’s all the fuss about? The senator doesn’t understand how this new game that the New Right has foisted upon us is played.

What do you think, Jethro? [Jethro is my intuitive alter-ego sidekick I go to sometimes.)

“Well…Duh…He should’ve told her, ‘Hey, lady, everybody‘s doing bank scams! Of course we’re doing it too! How else can we remain competitive, huh!?? You trying to shut us down!?'”

Hee, hee!

Nope, she wouldn’t do that, buddy. But I sure wouldn’t be surprised to see some jail time coming sooner or later for some in this bunch.

It’s our nation’s economy on the line, too, remember. As well as defining our soul.

No small points.

Get ’em, Senator!

We’ve got your back!

All of us. Even some of my old misinformed friends.

 

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