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(The Consumerist) Sick Wells Fargo actively courting the 1%, making a special bank for people with $50 million or more to their name   (consumerist.com) divider line 189
More: Sick, Wells Fargo, U.S. Bancorp, illegal per se  
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10451 clicks; posted to Main » on 07 Nov 2011 at 9:55 AM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



189 Comments   (+0 »)
   

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2011-11-07 09:27:48 AM
i1125.photobucket.com
 
2011-11-07 09:56:30 AM
I figured they already had that.
 
2011-11-07 09:57:36 AM
This way they can care even less about your shiatty account.
 
2011-11-07 09:58:45 AM
They don't want the lower class money touching the upper class money.
 
2011-11-07 10:00:51 AM
Why the sick tag? Don't you expect companies to want customers with lots of money? After all, this only happens in every single business in the history of the world?
 
2011-11-07 10:00:55 AM
I'm sorry, what's "sick" about having a narrow-market financial service firm?
 
2011-11-07 10:01:04 AM
Seriously, who cares?
 
2011-11-07 10:01:19 AM
Done in one.
 
2011-11-07 10:01:35 AM
Will they call it Goldman Sachs?
 
2011-11-07 10:02:55 AM
Rapmaster2000: I figured they already had that.

Swiss bank, or so I thought?
 
2011-11-07 10:03:03 AM
Amos Quito: Will they call it Goldman Sachs?

No, just Sacks
 
2011-11-07 10:03:33 AM
Sick? Come on subby...find something that is actually sick if you want to use that tag.
 
2011-11-07 10:03:34 AM
farkin' millionaires. never pay their bills.

/not obscure for you
 
2011-11-07 10:03:40 AM
The super wealthy already have those, they're called Switzerland, Luxembourg, Cayman Islands, etc.
 
2011-11-07 10:03:42 AM
This isn't sick, it's just business being business. If you have a problem with it; now you know which bank to rob.
 
2011-11-07 10:04:09 AM
I hope everyone has a chance to make $50M.

People love success, but hate the successful.

I know what to do, just complain all of the time instead of making your situation better. That usually works.
 
2011-11-07 10:04:30 AM
I'm fairly sure that someone in the 1% OWNS Wells Fargo. That's what this whole thing is about. The wealthiest of the wealthy have all the power to rewrite the rules to accumulate more and more unto themselves.

Economics is a game, but not a game that is meant to be won. The goal is to continue the game. The problem is that some people are getting close to winning, meaning the game will end.

I know that the media is trying to turn the Occupy movement into another liberal/conservative fighting point, but there is a real problem when college graduates can't find jobs.
 
2011-11-07 10:06:48 AM
tgregory: I know what to do, just complain all of the time instead of making your situation better. That usually works.

Hold on, let me snap my fingers. There! I'm rich!

The only sick thing about this is the timing. Making an announcement like this in the current socio-economic climate is full retard.
 
2011-11-07 10:06:48 AM
Orgasmatron138: I'm fairly sure that someone in the 1% OWNS Wells Fargo. That's what this whole thing is about. The wealthiest of the wealthy have all the power to rewrite the rules to accumulate more and more unto themselves.

Economics is a game, but not a game that is meant to be won. The goal is to continue the game. The problem is that some people are getting close to winning, meaning the game will end.

I know that the media is trying to turn the Occupy movement into another liberal/conservative fighting point, but there is a real problem when college graduates can't find jobs.


Yes, suddenly a lot of very intelligent people are angry and have a lot of free time on their hands.
 
2011-11-07 10:06:58 AM
Orgasmatron138: I'm fairly sure that someone in the 1% OWNS Wells Fargo. That's what this whole thing is about. The wealthiest of the wealthy have all the power to rewrite the rules to accumulate more and more unto themselves.

Or it could be that people with millions of dollars have dramatically different banking needs from people with thousands of dollars.
 
2011-11-07 10:07:14 AM
why is this sick?
 
2011-11-07 10:07:37 AM
Sick? Sour Grapes tag broken?
 
2011-11-07 10:08:01 AM
whats SICK about that? I'm going to assume that someone with 50 mil has different financial needs than I do. I pretty much just need somewhere to dump my money.
 
2011-11-07 10:09:07 AM
No we don't have to fire bomb OUR banks, we can just hit theirs. This makes things so much easier.
 
2011-11-07 10:10:10 AM
wealthies 1% of wealth holders lobby for lower taxes = good business

middle class lobby for lower taxes = tgregory: just complain all of the time instead of making your situation better.
 
2011-11-07 10:10:15 AM
tgregory: I hope everyone has a chance to make $50M.

People love success, but hate the successful.


If everyone had $50MM, then having $50MM would no longer be seen as "successful"
 
2011-11-07 10:10:22 AM
fireclown: whats SICK about that? I'm going to assume that someone with 50 mil has different financial needs than I do. I pretty much just need somewhere to dump my money.

If you have $50 Million in the bank the bank may occasionally call you for an overnight loan so they can meet their capital requirements. Of course, with the Fed lending out at 0% I can't imagine that's happening all that much lately.
 
2011-11-07 10:10:39 AM
I noticed no one has wondered why the 'sick' tag was used for this submission...
 
2011-11-07 10:10:44 AM
fireclown: whats SICK about that? I'm going to assume that someone with 50 mil has different financial needs than I do. I pretty much just need somewhere to dump my money.

What?? Don't you hate these people for having more than you do??

/sarcasm
 
2011-11-07 10:10:46 AM
the_geek: Orgasmatron138: I'm fairly sure that someone in the 1% OWNS Wells Fargo. That's what this whole thing is about. The wealthiest of the wealthy have all the power to rewrite the rules to accumulate more and more unto themselves.

Or it could be that people with millions of dollars have dramatically different banking needs from people with thousands of dollars.


this.
 
2011-11-07 10:11:00 AM
How is this sick? How are they acting inappropriately? Sure, there are potential clients that have acted in appropriately, but tiering companies that provide similar yet varying services is not unethical.
 
2011-11-07 10:11:34 AM
WellBelowAverage: The super wealthy already have those, they're called Switzerland, Luxembourg, Cayman Islands, etc.

Didn't the G20 "promise" they were going to crack down on the money shelters?

/Yeah I couldn't stop laughing when I heard it either
 
2011-11-07 10:12:15 AM
fireclown: whats SICK about that? I'm going to assume that someone with 50 mil has different financial needs than I do. I pretty much just need somewhere to dump my money.

Yeah, I agree. I'm not about to go French and start hating the rich indiscriminately.

Bank of America hoisting trillions upon trillions of toxic assets upon the American people? = Evil.

Banks that cater to the rich because they're rich? Meh. Someone's gotta take their money.

/has a feeling someone is going to rebuke this
 
2011-11-07 10:12:15 AM
KrispyKritter: farkin' millionaires. never pay their bills.

/not obscure for you


Repo Man?
 
2011-11-07 10:12:21 AM
Guessing Subtard is Sick from the free food he got handed out at what ever Occupy event he's at right now?

/My guess on the tag.
 
2011-11-07 10:13:05 AM
Why would I want to liquify my decades-old inherited company? Is it easier to digest?
 
2011-11-07 10:13:16 AM
What you think this is:

"Hey Uncle Pennybags, come deposit your $50,000,000 fortune in a checking account at our bank! We'll give you five times (0.5%) the average interest rate! (FDIC insured up to $250,000)"

What this is:

"Hey Uncle Pennybags, if you give us some of your money we'll tell you the best ways to give us more of your money! You fell for Bernie Madoff's horseshiat, so you'll probably fall for this too. Not like you'll even notice how badly you're beeing rooked."
 
2011-11-07 10:15:28 AM
There are plenty of things to be outraged about when it comes to this whole situation. The mere existence of a bank for the super-rich is not one of them.
 
2011-11-07 10:15:44 AM
As long as that bank is financially distinct from everyone else's (i.e. their accounts aren't secured by our deposits), I'm ok with this.

But something tells me this would not be the case.
 
2011-11-07 10:16:03 AM
Say what you want about Warren Buffett, but he's a smart mofo.
 
2011-11-07 10:16:08 AM
valar_morghulis: Banks that cater to the rich because they're rich? Meh. Someone's gotta take their money.

Well, they aren't going to be able to take the rest of ours for much longer. (new window)
 
2011-11-07 10:18:05 AM
rmoody: valar_morghulis: Banks that cater to the rich because they're rich? Meh. Someone's gotta take their money.

Well, they aren't going to be able to take the rest of ours for much longer. (new window)


Regions, my bank, is practically fellated us in an email wherein they promised to revoke and refund any checking fees.

They're definitely worried.
 
2011-11-07 10:18:15 AM
tgregory: I hope everyone has a chance to make $50M.

Keep hoping, skip.

I know what to do, just complain all of the time instead of making your situation better. That usually works.

It does when you're wealthy. Complain lots and lots until the politicians you own shift your tax burden to poor people. Then complain about poor people complaining.
 
2011-11-07 10:18:30 AM
Eh, they're rich. You don't think they can't buy better service than you? Of course they can. This is actually one of the less offensive things I've seen around these days.

The NPR station around here used to play endless ads for a financial advising company that "Specialized in high net worth individuals". I doubt they'd even talk to you for less than 7 figures worth of investment.
 
2011-11-07 10:19:23 AM
valar_morghulis: rmoody: valar_morghulis: Banks that cater to the rich because they're rich? Meh. Someone's gotta take their money.

Well, they aren't going to be able to take the rest of ours for much longer. (new window)

Regions, my bank, is practically fellated us in an email wherein they promised to revoke and refund any checking fees.

They're definitely worried.


Like such as
 
2011-11-07 10:20:39 AM
tgregory: I hope everyone has a chance to make $50M.

People love success, but hate the successful.

I know what to do, just complain all of the time instead of making your situation better. That usually works.


ha! but they don't.
 
2011-11-07 10:21:03 AM
Orgasmatron138: I'm fairly sure that someone in the 1% OWNS Wells Fargo. That's what this whole thing is about. The wealthiest of the wealthy have all the power to rewrite the rules to accumulate more and more unto themselves.

Economics is a game, but not a game that is meant to be won. The goal is to continue the game. The problem is that some people are getting close to winning, meaning the game will end.

I know that the media is trying to turn the Occupy movement into another liberal/conservative fighting point, but there is a real problem when college graduates can't find jobs.


They're a publicly traded company. They're not owned by a person.
 
2011-11-07 10:21:51 AM
Apparrently Subby can't find enough actual outrage in today's world and feels the need to manufacture some.
 
2011-11-07 10:21:54 AM
What i find hilarious is that the people white knighting the 1% do so under the premise that "these people are the job creators" but when you talk to the GOP and the gov't it's the small businesses that run the country, and employ more people because there are more small businesses than there are big corporations.

So here's something to contemplate:

Typical GOP mantra: "Tax breaks for the wealthy is good because I can't get a job from a poor person"

But if small business is the backbone of our economy, then that very mantra is wrong as most small business owners aren't wealthy millionaires, but maybe upper middle class at best, and compared to the wealthy, are very much considered poor people...

some food for thought...

Those spoiled wealthy assholes aren't creating jobs, because they aren't creating businesses. They sold their business that created the jobs in the first place and are now just making their money grow by playing the market, a market tailored specifically to people with a lot of money, just so they can make more money appear out of thin air...
 
2011-11-07 10:22:01 AM
Not really sick, but the timing is less than stellar to say the least.
 
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