"sorry you never learned this" pretty much encapsulates my whole relationship with Lefties.
Wells Fargo loans money to a pipeline company. Pipeline bursts. Pipeline company goes bankrupt. Wells Fargo doesn’t get paid back. Sorry you never learned any of this I’ll be here all day to answer your questions.https://twitter.com/MerlynMagus/status/1105594995644555266 …
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Teach em Mike!
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Also, if the pipe company was required to pay environmental insurance in advance, Fargo had to finance that too, so they are already held economically accountable. If the required insurance wasn't enough to cover the damage, then there's the actual problem.
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Yes they do. It’s called insurance. Even massive refineries and chemical plants are insured.
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Damage costs from pipeline burst > Reclaimable asset value of bankrupt company in a lawsuit People damaged by pipeline burst get close to zero in lawsuit. Wells Fargo keeps lending to shady oil companies.
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Brutal...
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That's part of the risk of giving out loans... Anyone who doesn't understand this doesn't understand capitalism. I know Wells Fargo uses fractional reserve banking, but the concept of giving out loans itself is indeed capitalist. Otherwise, what business could ever get started?
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Banks need to lend or we would be in the dark ages. A healthy central bank would create elastic money which would evaporate as it was paid off to cover short terms squeezes as long term loans were given.
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Insurance.
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The bank was making a investment. They would be culpable in this scenario.
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No. Financing does NOT equal Investment.
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Much like how corporations are people when it comes to having rights, but not when it comes to liability.
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The problem is deregulation takes the risk out of money lenders loans. Student loans are a perfect example for this. Average student is forced to pay back the loan and if a liberal mentions reforming or forgiving student loans Consertatives lose their mind blaming students.
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Straining to find ways to take more money.
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Alzheimers is creeping in Mike. You forgot to mention the tax write off for the loss.
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Couldn't happen to a better bank. Not
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