Thursday, September 22, 2016

I Propose September to Be National Steal a Penny from Our Bank Accounts Month

A penny is just a drop in the bucket for the average account holder, but all those pennies could add up to millions of dollars. The money could then be used to enhance the banking system's bottom line and/or increase the bonuses of top banking executives. It's a very noble cause. Trust me on this.

September 22, 2016
CNBC:Stop beating up on Wells Fargo and John Stumpf

Consider the fact that the fake accounts generated $2.6 million in fees over a four-year period. That is a drop in the bucket (0.011 percent to be precise) compared to Wells Fargo's annual net income of $23 billion.

Sorry. The sarcastic beatings will continue until the morale improves fraud is removed.


mab said...

"There's never just one cockroach in the kitchen" - Warren Buffett

That said, they are too big to fail!

mab said...

Maybe we should cut CNBC some slack. All they're doing is pointing out the old banking adage that a penny stolen is a penny earned.

Penny theft is less criminal than petty theft. And way more profitable!

Stagflationary Mark said...

If it's a penny for your thoughts and you put in your two cents worth, then someone, somewhere is making a penny. - Steven Wright