The epic Wells Fargo shitstorm has been quite the show, but sometimes it's hard to quantify an experience while you're having it.
Like, we know that the scale of fraudulence that Wells allowed to exist for years and years is resulting in a fallout that has effectively eviscerated the vanilla moralist reputation that the bank has been reinforcing for years. Sure, we've watched CEO John Stumpf get raked over the coals before both houses of Congress while he gave back millions and his stock sank low enough to make JPMorgan the biggest bank by market cap, but - like - it would be great to see a really concrete signal of how badly Wells Fargo has fallen...
The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo & Co from city business in the wake of its phony accounts scandal.
The ban includes bond underwriting, brokerage, trustee and other services the bank has provided to Chicago in the past.
Wooooooooow. There it is.
Chicago, the city that regards political office as stepping-off point for a prison term, the city that perfected the seamless weaving of organized crime into the fabric of Daley daily life, the city that is synonymous with corruption, will no longer risk dealing with Wells Fargo. Because Chicago will put up with a lot, maybe even too much, but what the broad-shouldered folk of the Windy City will not stand for is this pansy-ass double talk.
Either Wells Fargo did it or dey didn' do it. Dere's no middle ground 'ere. So stop talkin' about how it's not yer fault and admit that ya got greedy. Dis cross-sellin' seems like a nice racket but don't go to Congress and tell 'em yer still doin' it. Cuz that's some Milwaukee shit right dere.
Listen up Wells Fargo, you can't do business in the great city of Chicago if you bring a Stumpf to a gun fight.