Sanityandsense is pleased to announce that Janet Yellen was selected as the person of the year for 2018. While the year 2018 is only 68 days old, it is extremely unlikely that anyone can display the integrity, courage, and common sense recently displayed by Ms. Yellen.
In her last day in office as Chair of the Federal Reserve System, Ms. Yellen imposed strong sanctions on Wells Fargo Bank to punish this institution for its criminal behavior and other forms of misconduct. The Fed imposed an order that prohibits Wells Fargo from growing its assets beyond their present level.
Ms. Yellen stated: ” We can not tolerate pervasive and persistent misconduct at any bank and the consumers harmed by Wells Fargo expect that robust and comprehensive reforms will be put in place to make certain that the abuses do not occur again. ”
U.S. Banks are regulated by the Fed and the FDIC and various banking laws. Most people believe that the 2008 Depression was due in large part because the banks were improperly regulated by our governmental agencies. Also, the largest U.S. Banks were guilty of gross mismanagement and greed. Sadly the dimwitted George W. Bush (43) and the corrupt Barack Obama rewarded some of the largest Banks through the unwise TARP bailout. The TARP bailout was started by Bush and unwisely continued by Obama. The TARP bailout used U.S. tax dollars to bailout corrupt banks and bankers.
Individuals who desire additional information are encouraged to read an article titled: ” Wells Fargo CEO Appears Before Senate Banking Committee.” This article was published on this website on October 4, 2017. Simply type in the words, Wells Fargo, into the search box on the homepage and then click go, and the article will appear.
The TARP bailout by Bush and Obama effectively rewarded corruption and mismanagement. Since no punishment was imposed on guilty banks and bankers, it seems likely that this situation could happen again. Janet Yellen was the first U.S. public official to send a clear message that financial mismanagement and corruption would not be tolerated by our regulated banks. Too bad that Janet Yellen is no longer in a position of financial oversight. She did a great job as Chair of the Fed.
R. Van Conoley ( Editor’s Note: Not all banks were equally guilty in creating the 2008 Depression. The author of this article believes: 1) Banks that are considered too big to fail are too big to exist. 2) Banks that violate U.S. banking laws and regulations should suffer severe penalties and should even forfeit their right to remain a legal business entity. 3) The FDIC can force an insolvent bank’s sale to another bank. The FDIC should force corrupt banks that fail to correct their problems into a forced sale to other bank(s). )