“Since 2011, Wells Fargo Bank has donated about $200 million a year to schools and non-profits. By comparison, giant tech company Oracle gives out about $20 million a year, only 10% as much as Wells Fargo.”, Excerpt from December 2015 Mortgage Industry Newsletter

“The difference has nothing to do with whether Wells Fargo is a more virtuous for-profit firm than Oracle and everything to do with the fact that Wells is a Too-Big-To-Fail, highly government-regulated, politically-correct bank that is part of America’s crony capitalist economy and Oracle is not. They are a pure, free-market, for-profit institution. By the way, the $200 million Wells Fargo gave to charity was paid for dollar for dollar by borrowers, depositors, investors, and U.S. Treasury (in less tax receipts). Nobel Laureate, in economics, Milton Friedman was rightly opposed to for-profit institutions’ charitable donations. Mr. Friedman felt those funds belonged to each for-profit institution’s shareholders, customers, and the U.S. Treasury and they could decide more appropriately where their money should be spent, rather than a handful of executives and directors.”, Mike Perry, former Chairman and CEO, IndyMac Bank

Posted on December 8, 2015, in Postings. Bookmark the permalink. Leave a comment.

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