US Justice Department Lets Wells Fargo Off the Hook For Racist Lending Practices

The US “Justice” Department – a misnomer if there ever was one – has once again let the gang of criminals at Wells Fargo off the hook; this time for steering “tens of thousands” of black and Hispanic prospective home buyers into no-win subprime mortgages.

That Wells Fargo and the US Justice Department are criminal conspiracies against the working people of the United States and the world is well known – to those who still bother to read newspapers, that is.   In 2008, during the worldwide collapse of the capitalist system, Wells Fargo purchased Wachovia Bank, which was at the time under indictment for laundering more than $378 BILLION dollars of South American drug cartel cash through currency exchanges in Mexico and the United States.  When Wachovia/Wells Fargo signed off on the deal they cut with the “Justice Department” in 2010 to “settle” the money laundering case – a deal in which, in return for a promise by Wells Fargo that “we’ll never do that again… for the next twelve months! “, the US Justice Department agreed not to send any of Wachovia/Wells Fargo’s executives to federal prison! [Source: U.S. Attorney’s Office For the Southern District of Florida:  “WACHOVIA ENTERS INTO DEFERRED PROSECUTION AGREEMENT“, 10 March, 2010]

Now we see that, instead of taking these criminals at Wells Fargo to court and forcing their executives to admit that they ripped off African-American and Hispanic workers, forcing them into signing for high-interest subprime loans they knew they’d never be able to repay – the US Department of Justice has once again let these scum walk away scot free in a “settlement” in which they don’t have to admit to any wrongdoing, and the people they robbed will get cash settlements of as little as $2,000.00!


[To Be Continued]


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