Bank For Only Those With $50 Million

[dmcowen674]

Knew this was coming. Looks like the elite in the U.S. are starting to drive the lower classes out of the U.S.

11-7-2011

http://chicago.cbslocal.com/2011/11/07/bank-for-only-those-with-50-million-draws-protests/?src=fb

Bank For Only Those With $50 Million Draws Protests


Only customers with a net worth above $50 million can bank at the newest division of Wells Fargo in Chicago, and skeptical customers want to know why any bank would cater to just the 1 percent.

As WBBM Newsradio’s Michele Fiore explains, back in the 19th century, Abbot Downing made upscale custom stagecoaches. Today, the name is being attached to Wells Fargo’s bank for the ultra-rich.


In addition to Chicago, there will also be branches in San Francisco; Los Angeles; Denver; Houston; Minneapolis; Philadelphia; Scottsdale, Ariz.; Charlotte, Winston-Salem and Raleigh, N.C.; and Naples, Jacksonville and Palm Beach, Fla.

“Well it would appear the descendant¬s of the old Robber Barons have finally achieved the two-class oligarchy their predecesso¬rs envisioned,” one reader wrote. “They will now replace our Democracy with a Fascist Oligarchy of the 1% of elitist around the globe.”


“By not creating jobs here and making money off foreign untaxed products, the vicious cycle of destroying this economy continues,” another reader wrote in part. “Now a bank for the wealthy? How far backwards are we going to go?”


Starting next month, a little competition, Wells Fargo rival U.S. Bancorp is starting a similar bank.

--------------------------------
Corrected deliberately misleading title

Banks dump lower classes, only for those with $50 million plus

EK
Admin

 

[momeNt]

First class, presidential suites, american express black, JP Morgan Palladium card. this was news maybe when Hammurabi received his first gold throne....

 

[MomentsofSanity]

Meh. There have been class levels just about everything if you think about it. Don't really see the outrage here.

 

[Possessed Freak]

Meh, if I were in a lending/loaning/interest based business I would want to make sure they could pay me back. Makes sense to cater to those that will pay me back.

 

[Argo]

Rage not found.

 

[Texashiker]

Switch to a credit union.

</thread>

 

[Sinsear]

I don't see the big deal here.

 

[dmcowen674]

I see all those with $50 million plus checking in here.

 

[Genx87]

Hold on, on one hand we are supposed to stop banking with these evil corporations. On the other you are mad they have a service for people outside your wealth sphere? Which way do you want it Dave?

 

[Fear No Evil]

Where am I supposed to put all the money I got from removing all the street lights in Detroit?!

 

[blackangst1]

I have an idea for a new thread.

 

[khon]

Growing income inequality is a problem, but I don't see how this is ? Why exactly would anyone care if there are banks dedicated to the rich ?

 

[ichy]

Why is this a problem? Of course people who put more money in a bank are going to get a higher level of service.

 

[Nebor]

Very misleading thread title. The banks aren't dumping anyone, they're just adding a new service for their upscale clientele. And as someone else mentioned, the world is full of fantastic exclusive clubs & perks for the wealthy. So instead of getting mad, why don't you get rich?

 

[mshan]

Sounds like they are just creating a wealth management division in their company.

Maybe people who used to keep their money at Goldman but disliked having Goldman basically bet against their customers want to go somewhere else and US Bancorp and Wells see an opportunity.

I have no problem with that.

Plus Wells advisors may try and put them into Wells managed funds, which may have so so managers and above average expense ratios, rather than offering them the full gamut of money managers available out there in financial marketplace.

There are lots of great mutual funds out there with low minimums ($3000 or less), plus if you work at a large company with 401k, maybe you have access to institutional level mutual funds that normally require 10 million or more minimum.

 

[dabuddha]

I don't get what you're upset about. Folks with $50million + shouldn't be allowed to put their money in a bank?

 

[fskimospy]

In other news, airlines are providing better seats for the 1&#37;, they are calling it 'first class'.

OUTRAGE.

 

[momeNt]

You also get your room comped in Vegas if you are gambling at the $10,000+ blackjack tables.

 

[Dulanic]

I see all those with $50 million plus checking in here.

I don't expect to eat at a restraunt that costs $1000 a plate every day... why should I expect to get the same service at a bank that someone who has 1000x the weath I do does?

As others have said... rage not found. Infact this is the dumbest argument I have seen in a long time. And I tend to agree with a lot of the issues that people have with the rich getting richer and the middle class disolving... but I still think this is just stupid.

 

[CPA]

another faux outrage thread by Dave. Shocked!

 

[Throckmorton]

Banks are tone deaf, is what the point is

 

[spidey07]

Banks are tone deaf, is what the point is

Repeat after me.
The business of business is to make more money
The business of business is to make more money
The business of business is to make more money

It is NOT to make you happy or feel good. That's the marketing department.

 

[Spikesoldier]

so the corps think that 50 million is rich.

and people here think that 90k/yr is rich?

 

[JS80]

so the corps think that 50 million is rich.

And obama thinks that 90k/yr is rich?

fixed

 

[theeedude]

Only those who got bailed out are welcome. The ones doing the bailing out can FOAD.