It couldn't have come a second too early! Wells Fargo Reports Net Income of $3.06 Billion; Up 20% from Prior Quarter.
"The law subjects more financial companies to federal oversight and regulates many derivatives contracts while creating a consumer protection regulator and a panel to detect risks to the financial system."I'm not sure the bill is enough, but it's a start. To show a net profit of billions when everyone is hurting is just plain criminal. Oh and they did get a government bail out:
"Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds - the biggest amount awarded in a single shot: $25 billion tax dollars."But don't expect change anytime soon...old habits will be hard to break and since banks have so much in the way of money, lawyers and lobbyists, expect a fight.
Warren Zevon was a genius...I miss him...