Apparently, the State Bond Commission of Louisiana is more interested in protecting manufacturers and sellers of guns rather than protecting its citizens from unethical money scammers. Earlier this year, they passed a resolution forbidding the state of Louisiana from seeking bond funding bids from CITI Bank and The Bank of American because of their moral stand on restricting their business with manufacturers and sellers of guns, yet many commission members have no problem awarding their recent bond bid to Wells Fargo Bank.
In the last few years, Wells Fargo Bank committed serious crimes. That’s the clear takeaway from the Consumer Finance Protection Bureau’s decision which resulted in it is levying its largest-ever fine against the bank. Wells Fargo had to pay out $100 million to the CFPB, plus $85 million to other authorities, for a pattern of fraud, dating back to 2011, in which its employees opened up a vast number of new checking and credit accounts without the account holders’ consent or knowledge.
Additionally, more recently, thousands of customers who bought cars with loans from Wells Fargo were forced to buy unnecessary insurance policies from the bank with premiums that topped a $1,000 a year. The bank said the policies could have contributed to about 27,000 customers having their cars repossessed after defaulting on their loans.
So, as is so often the case in Louisiana, morality and ethics are cast aside in favor of rewarding crooked, unlawful practices. Way to go, Treasurer John M. Schroder; Attorney General Jeff Landry; Speaker of the House Taylor F. Barras, R-New Iberia; Rep. Stephen Dwight, R-Lake Charles; Rep. Blake Miguez, R-Erath; and Rep. Raymond Crews, R-Bossier City, all of whom voted for the restrictive resolution and then voted to accept the Wells Fargo bid.