Saturday, December 17, 2016

"Wells Fargo owns the mortgage on Trump Tower"

"Wells Fargo owns the mortgage on Trump Tower, the retail/residential condo where luminaries have been summoned since the election to kiss the ring of the president-elect. Trump lives and works at Trump Tower, which has an appraised value of $480 million...  Trump is listed as the sponsor of the 10-year mortgage loan on the building, refinanced in 2012 for $100 million. While the borrower is listed as “Trump Tower Commercial LLC,” it’s made clear that “The borrower is indirectly owned 100% by Donald J. Trump.”

...Trump owes Wells Fargo a total of $410 million, a figure that includes other Trump-owned properties that have debt attached. Wells Fargo is also an underwriter to Ladder Capital, another major lender to Trump.

Trump’s election has been seen as a boon to Wells Fargo, pushing its troubles off the front page. The continued Republican leadership of the Senate could prevent additional hearings into Wells Fargo’s practices...

In addition, incoming Transportation Secretary Elaine Chao, the wife of Senate Majority Leader Mitch McConnell, has sat on the Wells Fargo board since 2011, earning $1.2 million. She plans to step down after her Senate confirmation to the Trump cabinet.

...Trump could remake the two agencies currently sanctioning Wells Fargo, leading them to reverse the sanctions and allow the company’s living wills to move forward. And he could cripple the agency that looks out for consumers at a time when Wells Fargo has been ripping them off. And since Trump owes the recipient of these potential favors $410 million, it would be hard to see them as anything but a payoff..."
1. Wells Fargo defrauded, recommitted and is currently committing fraud on thousands of Wells Fargo clients whose accounts are governed by The Investment Advisors Act of 1940 via misleading Envision financial plans without what clients are charged included, and goals lowered so Financial Advisors could qualify for the 4front incentive bonus' after the Wells Fargo Wachovia merger.

2. In 2008 and 2009, unknown to shareholders and the public but known to Wells Fargo CEO John Stumpf among others, Wells Fargo borrowed money from the Fed's Term Auction Facility (TAF), representing massive, material undisclosed loans and credit lines with the Fed, details of which were not disclosed within Wells Fargo's 2008 and 2009 Wachovia merger related litigation pleadings, affidavits and SOX certified SEC filings.

Wells Fargo, Wachovia And The Fed

Wells Fargo SEC Whistleblower Evidence

John Stumpf's Sarbanes Oxley Securities Fraud at Wells Fargo

Wells Fargo "Envision" Retirement Plan Incentive Bonus Fraud

Goldman Sachs, Wells Fargo, Wachovia and Perella Weinberg