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Read the book "Confessions of a Subprime Lender: An Insider's Tale of Greed, Fraud, and Ignorance" and the fact that Wells Faro was one of the top 10 subprime lenders in the country and then tell me Wells Fargo wasn't part of this mess. This CEO is probably like Mitt Romney; he will talk all sweet and nice in public but I bet you get him into a private moment and out comes his "47 percent" comments.
Stumph says "What we want to provide for customers is a good, fair deal". So Wells Fargo charges 182% interest (not a misprint) on a 15 day loan to be repaid by your next direct deposit!
Wells Fargo has used every loophole they can find to bring high interest payday loans to states that do not want them. Then they use a loophole on disclosing the real interest rate so that most people cannot figure out what the real rate is. While the US Senate this week called interest on loans over 36% to be outrageous, Wells does not care. They offer products to the general public that their own licensed financial advisers could not offer to clients of the bank. Yes, the regular customers get no such duty of care. Yes, he is a winner!
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