Thursday, October 13, 2016
John Stumpf, not to be confused with Donald Drumpf, has finally stepped down as the head of Wells Fargo. But guess what? The culture of Wells Fargo has not changed; it is still one of America's "evil" banks. Check out my Genealogy of American Finance, which shows that some of America's 50 largest bank holding companies are "good" banks that make their profits the old-fashioned way, by earning them. Others, like Wells Fargo, are "bad" banks that are more akin to vampires than legit businesses. It's a fun read and there are lots of pictures, hence the relatively high price. But if you want to avoid banking with "bad" bankers, it is an essential resource.