Wells Fargo horror story- a fluke or the true face of corporatism

originally posted by: SR1TX
i was going to put something educated in response to the business hate thing, as a business owner myself that employs 10 people (how many do you employ?)

Then I saw the Obama hope and change avatar logo, and realized I am better off not saying anything at all.

I don't think the poster is referring to corporations like yours.
If you only employ 10 people, I am pretty sure you are not purchasing politicians left and right, nor encouraging your employees backed with money to run for politics so they can hook you up with some pork in bills.

a reply to: CB328

Now, I am not sure that HSBC is the same kind of organisation, in terms of its technical classification, and I have no intention of looking it up just at the moment, because I am kind of in the middle of something just now.

But I do know that despite its being used by drug and gun runners, terrorists, cartels, and other forms of organised criminal enterprise, to launder the profits of illegal activities (which should have been impossible, if regulations were being followed to the letter, in terms of how to structure a banking institution and its operations in such a fashion as to prevent it), no one at the company went to jail, and the fine which was applied to HSBC (which was admittedly the largest such fine of its kind, ever applied to a banking institution), basically had a net zero effect on its operations going forward from that point, because its a bank, they are made of money, so they always have some in reserve somewhere.

It was considered the right thing to do at the time, because applying the more ethically and morally correct penalty of shutting the thing down entirely and arresting its entire board, would have been too costly to the wider economy of not just the US, but the entire planet.

This is not rare, strange, odd, or unusual. Systemic, infrastructural failings at financial institutions are common, its finding out about them at all that is strange. That is why it is even rarer still for someone involved in those industries to ACTUALLY pay for a crime they commit using the loopholes they have engineered into those institutions.

Where HSBC is concerned, it should not be a shocker that they were involved in laundering and offering banking services to drug smugglers and gun runners in the modern era, since the company itself was started by opium traders after the Second Opium War, precisely to present a respectable face to the rest of the worlds business community, as well as providing a place to put the proceeds of opium trading, where the Chinese authorities could not even look at the books, leave alone control or prevent the business from occurring in the first place.

Noooooooooo no no no no no! Do NOT abolish the LLC business structure. Instead, learn how it can benefit you before lumping it in with eeeeeeevihl.

Wells Fargo stocks have been making a steady gain since July. From the tax windfall, its surprising what the billions in buyback money can do.

The true face of capitalism is freedom.

Capitalism works through value
Increase your value to society and find your self rising in a capitalist society. Can't say the same thing about communism. No matter how valuable you are, you are just another cog in communism.

it's simple really.

This Wells Fargo fiasco is just a case of corruption, the system is fine. In fact thanks to the system, we are able to inflict consequences on powerful banks like Wells Fargo. People like the OP are just paranoid fools living in hope that someday someone will save them from themselves.

I grew up poor and don't even have a degree and I navigate this corporate system just fine. I literally have everything stacked against me and yet I manage fine in this system of freedom.

The fact that the average worker is a dumbass is the real problem here.

A fool will not be ok in any environment unless they are literally carried to safety. That's why the foolish wan't communism, they don't want to think about the hard questions.

They wan't humanity to stop progressing so they can eat because they can't figure out how to hunt.

Figure out how to hunt like the rest of us.