Wells Fargo's fraud reminded me of an old joke about the young man and the tailor...
A young man went to a tailor to get his first suit for a job interview.
As the tailor measured his pant-leg, he reached down into his pocket, but discovered that there were none.
"What's wrong with these pants?" the young man said.
"You're job interview is to become a banker, right?"
"Yes, I'm going to be an investment banker."
The tailor laughed. "Kid, whoever heard of a banker putting his hand in his own pocket?"
In a way, that punch line goes way beyond Wall Street.
There was a time that America built great things, great businesses, and offered great products at great prices. But over the last three decades or so, it's become more and more apparent that an easier business model is just... to reach into the other person's pocket, whether it's Wall Street, politicians, or the latest swindler exploiting bad policies.
While the rest of the mainstream press is finally catching up on Deutsche Bank and Wells Fargo, we want to spotlight another scam that is entering its second phase across the country.
The media is letting the scammers off the hook (again), but we've been following this for two years now...