Wells Fargo Bank Sues Itself

That'll teach them... er, I mean us.

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Is this what you call a 'win win' situation?

Doh !!

SCREW THEM....both!

Maybe, it's like a divorce....where one entity becomes two. Who get's custody of us kids?

I knew there was a reason I bank with them...

Why don't they just rob theirselves and shot theirselves in the escape out of whatever it is that makes their brains tick in the first place?

This is not an endorsement for any type of action upon their part unless we read it in the News.

Lets see...if I sue myself and get a judgment in my favor, the I have first priority on everything I earn.

i live in florida and its a mess down here

people are being told the told

half the people are not paying their mortgage and they are staying for months and months with the banks not doing anything.

its all a big joke, the banks are cooking the books hardcore.

How will this all end? Their are new fires popping up every day?

I did bank with them once, until I partially stiffed them in a Ch. 13 bankruptcy. Now, it's discharged but they won't even let me open an account -- with a 6-figure salary to be direct deposited. However, the laugh is still on them, because when I bought a home a year ago, Wells Fargo was quick to buy my mortgage... What fools. I bank at Chase, and they're better than WF anyway. Actually show a running balance online.

I opened a checking account with South Carolina National forty years ago. I still have the account at the same branch. First, it was bought by Wachovia and then by Wells Fargo.

I'm sure that Wells Fargo could give a shit that I've been a loyal customer for forty years.

My grandparents were among WFB's biggest depositors for most of the 50's, 60's and into the late 70's when their 100m balances were eclipsed by those of the dot com guys and then later the founders of MSoft, Apple, Google, Yahoo, Netscape, Dell, etc. etc.

But for many generations we as a family were in their "Private Banking" division - which is banking the way it's supposed to be. A single point of contact with back up to assistants who can make decisions fast.

I was once going to Europe in a hurry. I called WFB and said "transfer enough to pay off my M-card balance from my trust account" and the banker said - no need to pay it off it all you need is more money for your trip. He bumped the credit line from then 25k to 75k with a phone call. Also the interest rate on my old WFB Original Gold Private Banking Mastercard (that's now been replaced with a Platinum or Black Visa) was locked in at a "forever fixed 8.9% and it's still there today!

When in France and I wanted to buy a little village house in Provence, I called WFB and told them I was pulling 40k off my Mastercard and that would pay for the house and then I'd arrange a formal mortgage with either their international branch in the UK or NYC when I got back. The didn't bat an eyelash and the 40k for the house plus closing costs was funded by a french bank as a transfer from WFB in California. It was cheaper for me to have them wire transfer it to me than to pull it out on that end and pay the cash advance fees on that kind of money. My net cost for the first 30 days of that transaction was nothing more than a 30 dollar wire fee and 8.9 percent interest broken down to a per diem rate on the money lent. I paid it off when I got home. End of problem.

Buying cars used to be just as easy. Call Private Banking and tell them I was buying a MBZ or a BMW. I wrote the check at the dealership, and WFB Private Banking paid the check. Then I could decide on a loan from them, a lease from them, or just paying the damned thing off out of the personal or family trust. Never a hassle.

When my grandmother died in '97 the trustees for her estate were Norther Trust Bank and they moved the WFB accounts out of WELLS and into Northern Trust. I had little to say about it. But that marked the end of my being in Private Banking at the level we'd had for years. It's taken nearly 10 years and the estate still is not completely thru probate. But we're almost there. NT has done a good job for us, and they've grown the money nicely each year and we still have a major trust company to back our financial moves if we need it. NT is NOT as service oriented as WFB Private Banking was. But then I doubt if PB is the same any longer either.

But trust me on this one - WFB Private Banking is or was wonderful service, instant decisions, waivers of all charges, and low interest on lending and high yield money market funds reserved just for PB CUSTOMERS and WFB EXECS. (The minimum to open an account in those funds was $100k back then, but the yield was about 14% per year with little/no risk and you could draw out cash just like a checking account.) I'm sure the yield is far less today, but I'll be you it's a whole lot higher than most accounts pay. In the old days a net worth of $5m and cash and assets of $2m was sufficient to get in there. Today it's about 10m and cash/assets of 5m is the entry tab. But if you've got the $$'s to qualify, by all means go for it!

nice. you could write a book about banks and banking.

Duh. I posted it 3 days before OP.
Thread: Wells Fargo Sues Itself and Doesn't know why

Who is the partitioner?
Who is the respond ant?
Wonder who will win?

I know, send them all to jail

good

depends who's doing the winning. also, where there's a winner there's a loser. and if it's a win-win, then in my scenario, to finish off the mathematical equation, it must also be a lose-lose for someone.

who wins-wins and who loses-loses?

qui bono?

qui lose-o?

the lawyers win with more billable hours. of course its this kind of thing thats going to have them in judgement to hell. oh well... a happy ending.

Well, yeah. If the banks take action that forces the paper to be seen as worthless, and hurts the equity of the bank.

so wells fargo is suing itself?

betcha wells fargo wins and the shareholders lose?