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Could the Infuriating 75% Price Drop in Bitcoin Empower Retail Investors?
Sometimes, looking at a challenging situation differently can transform a tragedy into prosperity.
US banking giant Wells Fargo has been ordered to pay $3.7 billion for illegal activity. Federal regulators have fined the institution $1.7 billion for “widespread mismanagement” over multiple years. Additionally, Wells Fargo needs to pay $2 billion to its customers that it ripped off.
The bank’s widespread mismanagement includes wrongfully repossessing customers’ vehicles, denying thousands of customers loan modifications leading to their homes’ foreclosure, illegally charging overdraft fees, and freezing over 1 million bank accounts, locking out clients for an average of two weeks.
There’s a decent chance you may not have heard or read a lot about this record fine. It got some press the day it was announced but has since barely been mentioned in mainstream media outlets.
Further, this is not the first scandal that the “too big to fail” Wells Fargo has been charged with. And, unknown to many, Wells Fargo and other banking institutions have a long history of being fined for illegal activity. Oh yeah, they also caused an enormous financial crisis in 2008.
