13 September 2012

Let’s Hope They Fire the Rest




Wells Fargo Home Mortgage (WFC) has fired a Des Moines worker over a 1963 incident at a Laundromat involving a fake dime in the wake of new employment guidelines.

Richard Eggers, 68, was fired in July from his job as a customer service representative for putting a cardboard cutout of a dime in a washing machine nearly 50 years ago in Carlisle, the Des Moines Register reported Monday.

Warren County court records show Eggers was convicted of operating a coin-changing machine by false means. Eggers called it a "stupid stunt," but questions his firing.

Big banks have been firing low-level employees like Eggers since new federal banking employment guidelines were enacted in May 2011 and new mortgage employment guidelines took hold in February, the newspaper said. The tougher standards are meant to clear out executives and mid-level bank employees guilty of transactional crimes — such as identity theft and money laundering — but are being applied across the board because of possible fines for noncompliance.

If using a fake dime is worthy of firing, then what penalty should await those who launder* billions of fake dollars on behalf of the Federal Reserve?  It is simply reprehensible that Wells Fargo would fire a man for using a fake dime yet not dismantle their own company for laundering at least $2 billion* of fictitious money.  This goes beyond mere irony, and even beyond hypocrisy.  This is pure evil, and all those who work at Wells Fargo should lose their jobs, while those who are/were the heads of the company should go to jail for defrauding the American people, and the company should have its corporate status revoked and be disbanded.

* Wells Fargo received about $25 billion from TARP.  The federal budget for 2008 was $2.9 trillion, while the deficit was $240 billion.  This means that, proportionally, at least $2 billion of the $25 billion that Wells Fargo received from TARP was from the deficit.  The federal deficit is nothing more than monetized debt, since federal services are paid for, but not always by the money from tax receipts.  To make up the deficit, the federal treasury sells debt (issues bonds), which are then bought by investors, foreign nations, and the federal reserve.  The federal reserve is the largest holder of US bonds, and the sale of US bonds to the federal reserve is referred to as monetizing the debt, because federal debt is converted into money, and the money is created out of thin air.  Therefore, a significant portion of the federal debt is actually realized as inflation.  And therefore it can be accurately claimed that Wells Fargo launders fictitious money because it receives funds that are nothing more than monetized debt, which is really money created out of thin air.

1 comment:

  1. This was the same bank that was knowingly laundering billions of $$$ of drug cartel money.

    ReplyDelete