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All-In [47692]
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All-In [31860]
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Please highlight the "owning" part....
Mar 13, 2019, 11:00 AM
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I'll agree on AOC's ignorance, but the article didn't seem to show the WF CEO with any particularly good retort.
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Heisman Winner [111420]
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Re: Please highlight the "owning" part....
Mar 13, 2019, 11:05 AM
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I am still waiting on here to be indicted for campaign finance violations.
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All-In [47692]
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All-In [31860]
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yeah, just a tad...
Mar 13, 2019, 11:24 AM
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he should have told her she was clueless if she thinks banks that finance a company should be held liable for the company's problems. [note that I know lenders can be liable in some situations, but normally only if they exercise excessive control and cause said issue]
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Hall of Famer [21614]
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110%er [7190]
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Re: AOC owned by Wells Fargo CEO...
Mar 13, 2019, 11:08 AM
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Wells Fargo just can't stop getting fined for being awful. While a good stern talking to isn't exactly progress, it was fun to watch Sloan uncomfortably sit there and take his scolding.
https://twitter.com/RealBankReform/status/1105513862705700864
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All-In [31860]
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What's scary to me is that Maxine Waters chairs a committee***
Mar 13, 2019, 11:25 AM
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Legend [15730]
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I am seriously offended by the ignorance of Waters and AOC.
Mar 13, 2019, 11:33 AM
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I cannot believe people this mentally deficient hold such high offices.
*****
"Hypothetically, if there was a leak from the Dakota Access pipeline, why shouldn't Wells Fargo pay for the cleanup of it, since they paid for the construction of the pipeline itself?" Ocasio-Cortez asked.
*****
This can’t be said with a straight face. How dumb is this woman? Can you imagine applying a similar level of responsibility to the legislative body of the US government?
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All-TigerNet [11626]
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Sweet!
Mar 13, 2019, 12:43 PM
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I’m suing Citibank since my heater went out and they have the mortgage on my house. It’s their fault.
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Legend [15730]
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Seriously...the logic is that bad.
Mar 13, 2019, 1:27 PM
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Why have liability insurance on my house? If some gets injured, sue my mortgage provider...they financed me.
Aaaaah. This woman is such a silly child. I understand that the people of Brooklyn made a terrible mistake...let’s see if they repeat.
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Orange Blooded [2692]
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CU Guru [1405]
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Re: AOC owned by Wells Fargo CEO...
Mar 13, 2019, 2:04 PM
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I don't understand the problem here. Banks absolutely do consider the risk associated with where their money is going. During her questioning, he even mentions that they considered if the Dakota Access pipeline was dangerous. These big banks have employees who do little else but help them avoid lending money that will be used in a negative way. No bank wants to be the one who finances a disaster.
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All-In [31860]
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They're looking at the risk in terms of the company...
Mar 13, 2019, 2:36 PM
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financials and risk to that from an incident....not taking on the legal risks directly.
Are you serious when you say you don't understand the problem here?
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CU Guru [1405]
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Re: They're looking at the risk in terms of the company...
Mar 13, 2019, 4:20 PM
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But banks do consider the risk of the project itself in cases like this. They even say they have a social responsibility to finance worthy projects (see link below). So AOC is trying to make things like environmentally damaging projects difficult to finance by starting the discussion on making the social responsibility into a legal responsibility.
Certainly not the first time such a tactic has been tried. Funny enough, it's the kind of thing Trump would love.
https://www.wellsfargo.com/about/corporate-responsibility/responsible-energy-financing/
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All-In [31860]
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You are mixing different things here....
Mar 13, 2019, 5:08 PM
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- Yes, lenders consider the financial risks with any financing. They are evaluating the risk that the something happens and the borrower can't pay. That has absolutely nothing to do with the lender being at legal risk based on something the borrower does.
- The social responsibility stuff is saying the lending company wants to make funds available to support some social clause. That would normally mean that the lender would be willing to offer more favorable terms or take a slightly higher financial risk in order to support borrowers in these markets. My instinct tells me it's more BS than anything, but...either way, it has nothing to do with being legally liable for something the borrower does.
"So AOC is trying to make things like environmentally damaging projects difficult to finance by starting the discussion on making the social responsibility into a legal responsibility."
And you're comfortable with that? Really?
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CU Guru [1405]
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Re: You are mixing different things here....
Mar 14, 2019, 10:15 AM
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It's not a very big stretch at all to set a legal precedent of "you did x, you understood x could be followed by y, y happened, you are legally liable for the damages caused by y."
You already see banks being stuck with such projects through bad loans. They loan money to an industrial client, the client contaminates the land, the bank forecloses, the company doesn't exist anymore, and the bank is stuck with the cleanup. Bank of America paid for a cleanup near Florence, SC for about 20 years.
But back to AOC, I'd need to hear more about how this has worked in the past. I'd bet there is some precedent. I'm not generally opposed to much that opens the big banks up to liability, since they avoid it at all costs to the point of unethical behavior. My concern would be that this could open up smaller banks to even greater liability, thus strengthening the big banks.
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All-In [31860]
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I really don't know how to take that....
Mar 14, 2019, 2:57 PM
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I have a hard time believing anyone with any business sense at all would think it would be a good idea for banks to stand in legal jeopardy for the actions of a borrower [save for extreme circumstances with the lender has managerial control over the borrower].
It just sounds like something someone who has never held any kind of applicable position or has any kind of experience in would come up with.
Can you not see what that would do to the free flow of capital in this country? Not to mention that it just doesn't make any sense legally or financially?
You could extend this idea out pretty far. Someone gets hurt on someone's property and after they exhaust the owner's (borrower's) insurance, they could go after the mortgage company? That's insanity.
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Oculus Spirit [83011]
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What a moron. Please make it stop.***
Mar 13, 2019, 3:11 PM
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Hall of Famer [21614]
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I generally like it when anti-establishment people make a
Mar 14, 2019, 12:52 PM
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fuss, but AOC looks downright silly here. Like a glib college student who desperately needs a lesson on reality.
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