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We are living in an age where the establishment multi-national corporations are above the law. Their executives are brazenly breaking the law with massive scams and are getting away with it. The occasional punishment is a small fine, but no jail time. Such an environment will stifle real economic growth and lead to a stagnant economy, such as Japan, India, Russia, and other nations of oligarchy-corrupt-rule.
We now know all about how Wells Fargo, the biggest retail bank, was flagrantly committing fraud by opening accounts for clients without their permission or knowledge. They got a small fine and no jail time. The CEO left with an $80 Million golden parachute departure gift.
Well, I just discovered something similar with Citibank. I closed a credit card on 9/26/2016, so I was surprised to get an October bill indicating that it was an open account, with a late fee no less. I called to inquire and it turns out that the Citi rep in September refused to close my account, essentially, and claimed in her notes that the phone call was “disconnected”. I suspect that the phone reps are instructed to not close accounts.
Elizabeth Warren’s Bureau of Consumer Protection, created after the Great Depression of 2008 when thousands of people were illegally foreclosed upon by banks using fraudulent rubber-stamp paper processing, allowed by complicit crooked courts, was supposed to stop these bad banking practices. However, the lobbyists control the executive branch and congress, so the bureau is a toothless joke.
Silicon Valley tech companies are the other industry perpetrating wide scale consumer fraud.
I recently made the big mistake of giving Google my credit card for an advertising campaign. It was an incredibly counterintuitive process to set up. Google replied that my ad campaign was rejected because it was not compatible with mobile phones. I never saw any indication that the ads were active, but still I got a $50 bill. I had my bank stop payment. Then, I noticed another $143 bill recently. Google told me the ads were cancelled but yet bills me anyway. I will have to fight this again. Most people would just pay it.
Last year, I reported to the New York Attorney General how Web.com was charging me significant fees for services that were “auto renewed”, and were not even services that I ordered. I told the executive office to cease and desist, and it still kept happening. The New York Attorney General “investigated” but did jack squat about it.
Companies that provide Internet services or online shopping are secretly charging for crap that the customers do not order, and they are getting away with it. This is theft and RICO, pure and simple, but no one from the White House on down is acting.
The Queen of this crooked establishment is currently Hillary Clinton. Her knights in armor are the congress. But the real rulers of our modern American oligarchy are the lobbyists and their corporate clients.