What Are the Crimes of the Big Banks? (Wells)

THE CRIMES OF WELLS FARGO:

  1. At the end of 2009, there were 350,169 Wells Fargo homeowners eligible for the Home Affordable Modification Program (HAMP). However, as of February 2011, only 77,402 of those homeowners received permanent loan modifications.
  2. Wells Fargo also cancelled 118,697 trial loan modifications and has denied 175,336 eligible homeowners access to HAMP since 2009.
  3. According to a bailout money overview study by Nomi Prins of the nonpartisan think tank Demos, Wells Fargo received an estimated total of $43.7 billion in federal bailout funds. The bank reported $12.3 billion in earnings last year.
  4. The bank has profited “obscenely” from servicing debt, affecting people’s ability to have a home, and feed and clothe their children.
  5. Kristina Bedrossian, with the Coalition Reinvestment Committee: “The public and shareholders do not have access to Well’s internal audit of its processes.” (SOURCE)
  6. Federal taxpayer bailout funds received: $43.7 billion
    Profits for the years 1996‐2010: $101.8 billion
    Profits since bailout (2009‐2010): $24.6 billion
    Bank account fee income in 2010: $4.9 billion
    Credit card fee income for 2010: $3.7 billion
    Wells Fargo bank teller wage: $10.63/hour ($22,100/year)
    CEO John Stumpf’s 2010 bonus: $14.3 million
    CEO John Stumpf’s total pay in 2010: $17.1 million
    Total bonuses and compensation for 2010: $27.2 billion
    Bonuses and compensation for the top five execs in the last ten years: $345.5 million
    Offshore subsidiaries in tax havens in 2008: 77
    Lobbying since bailout (2009‐2010): $9.7 million
    Political contributions in 2008 & 2010 federal elections: $7.0 million
  7. At the end of 2009, there were 350,169 Wells Fargo homeowners who were eligible for HAMP. As of Feb 2011, only 77,402 got permanent modifications, a 22% rate of modification more than two years into the program. Wells Fargo has canceled 118,697 trial modifications and denied 175,336 homeowners from accessing HAMP. Unlike other national banks, Wells Fargo has not changed its foreclosure procedures despite numerous confirmed reports of “robo‐signing” and other illegalities in the foreclosure process.
  8. Over the last ten years, Wells Fargo paid the lowest worldwide tax rate of the top five big banks (24.8%‐‐$27.5 billion on $110.9 billion pre‐tax earnings) and reportedly did not pay any federal taxes in 2009. (SOURCE)
LOS CRÍMENES DE WELLS FARGO:
  1. En 2009 tenia 350,169 clientes eligibles para la programa Home Affordable Modification Program (HAMP), pero asta febrero del anyo pasado, solamente 77,402 han recivido ayuda en esta programa.
  2. Recivio ayuda del gobierno mas que 43 billones de dollares.
    Desde recivir esta ayuda asta 2010, sus ganancias fueron mas que 24 billon de dolares.
    En 2010, cobro casi 5 billon en multas por las cuentas, y otro 4 billon en multas por las tarjetas del credito.
    Pagan 10 inferia la hour a sus cajeros, como 22 mil al anyo, pero en 2010 pago a su gerente general John Stumpf mas que 17 millon.
    En 2008 y 2010 contribuo mas que 7 millones de dolares a campanyas politicas.
  3. (Nota de traductor: Pronto vamos a traducir el contenido restante. Estare agradecido para cualquier correccion.)

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