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A Reason to Stop Banking with Wells Fargo

Even though deciding which TBTF is the worst is like a having an ugly contest between Cinderella’s sisters, Wells Fargo may deserve pride of place. Yes, the Vampire Squid sorta owns the government. JP Morgan has too many people believing it didn’t need a bailout during the crisis. Ahem, what about a $76 trillion derivatives clearing operation don’t you understand? If AIG or Morgan Stanley had failed post Lehman, JPM would have been next. And it is the most aggressive bank I have come across in the “gotcha” fees and bait and switch as far as retail customers are concerned.

But Wells is sanctimonious and too often has taken the position that it is less badly behaved than other banks, which grates on me. It has played fast and loose with its balance sheet reporting, and has lied to Congressional staffers, claiming it hadn’t engaged in robo signing when there were depositions in the public domain to the contrary.

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