Courtesy of Pam Martens
Jamie Dimon, Chairman and CEO of JPMorgan Chase
On Tuesday of this week, Bloomberg News published its umpteenth negative article on the San Francisco-headquartered bank, Wells Fargo. This time around, the article was highlighting Senator Elizabeth Warren calling for Wells Fargo to be broken up, with its federally insured bank separated from its Wall Street businesses.
Bloomberg News syndicates its articles, so this story was quickly splashed all over other news outlets.
And that’s the way it has been going since 2017. When Senator Warren bashes Wells Fargo, she gets lots of coverage by New York media outlets.
Since March of 2018, Bloomberg News has published more than 80 negative articles on Wells Fargo with headlines like these: Wells Fargo CEO Abruptly Steps Down, Succumbing to Scandals; Wells Fargo’s CEO Disputes Claim His Bank Is Too Big to Manage; Elizabeth Warren on Wells Fargo CEO’s Departure: ‘About Damn Time’; Ex-Wells Fargo Bosses Face US$59M in Fines; Stumpf Gets Ban.
Based on all of this negative media coverage, particularly at Bloomberg News, one would think that Wells Fargo is the most criminally-inclined bank in the United States. But here is where this story gets particularly curious. While Senator Warren and Bloomberg News have turned Wells Fargo into a piñata, Wells Fargo has not actually been charged with even one felony count by the U.S. Department of Justice. JPMorgan Chase, on the other hand, is the only U.S. federally-insured bank in history to be charged with five felony counts in the span of seven years, while keeping the same man, Jamie Dimon, as its Chairman and CEO.
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