Scary stuff from Zombeck:
A wrap-up of stories and posts you might have missed or overlooked — the ones below the fold.
For quite some time Wells Fargo managed to stay below the media’s radar and let the other guys like Bank of America and JPMorgan Chase, for example, bear the brunt of consumer and activist outrage. Lately, it seems, they’ve had to prove that they’re equally nasty and contemptible as the others. Foreclosing on priests and temples; closing bank accounts without apparent reason; promoting and profiting from private prisons; and ripping off towns, states and counties with bid rigging that skimmed money slated for schools, hospitals, and nursing homes.
Wells Fargo can’t seem to get enough bad press these days. While working with the “any press is good press” theory may work for loud mouths like Rush Limbaugh and Glenn Beck, it’s not a strategy normally employed by most consumer based businesses.
In a piece I wrote a couple of weeks ago I speculated that Wells Fargo had closed the bank accounts of ML-Implode’s Aaron Krowne out of retribution for Martin Andelman’s articles about Wells Fargo’s egregious and reprehensible track record in respect to homeowners and foreclosures. It’s important to note that Andelman blogs independently, is not paid by ML-Implode, and ML-Implode does not dictate or control what he writes. His blog, however, is hosted on ML-Implode. In essence, it would be like closing Arianna Huffington’s bank account because of something I wrote on Huffington Post.
Wells Fargo took particular offense, asserting that the headline was factually incorrect, but claimed that for privacy reasons they cannot disclose publicly the specifics behind the decision to close accounts. They asked that the title of the article be changed to not use the word “retaliation” and that somehow the original headline, “Wells Fargo Freezes Account in Retaliation,” was inaccurate since one of the articles mentioned, “Husband’s Suicide Yesterday, Wells Fargo to Evict Wife Tomorrow Anyway,” by Martin Andelman was written after they had made the decision to close the account. Andelman’s article was written on May 14 and Wells Fargo made the decision to close Krowne’s account on May 11.