Wells Fargo Sues Itself

E.F. Schumacher said in “Small is Beautiful –Economics as if People Mattered” :
"The most striking thing about modern industry is that it requires so much and accomplishes so little. Modern industry seems to be inefficient to a degree that surpasses one's ordinary powers of imagination. Its inefficiency therefore remains unnoticed."

Wells Fargo got $25 billion (that’s Billion, with a B) in bailout money last fall. Besides using the money to buy another bank (Wachovia) it appears that they are spending the remainder on lawyers. I suppose that’s good for the lawyers, but not particularly useful for all of us non-lawyers.

You really need to read the whole story to understand why Wells Fargo would be suing itself. It’s all here in Al Lewis’s column on 7/11/09.

But this rant is not really about Wells Fargo, per se. They are simply a perfect illustration of what doesn’t work about being a big company. My experience, and I bet yours too, is that the bigger the company the poorer the customer service and the more wasteful the practices. "Too big to fail" is too big to exist.

I agree with Al Lewis, as he says in the final line of the column “I hope Wells Fargo loses this case and ends up having to drag itself all the way to the Supreme Court."


Lil Lively - Your Voice in Real Estate
Broker Associate - Your Castle Real Estate
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