With free enterprise, competition controls the market. The corporate system is not free enterprise. It destroys competition. Free enterprise should compete to provide competence kindly. As an easily understandable example, let’s examine how the governmental / corporate culture hijacks free enterprise, and steals our money.
Wells Fargo, a giant in the financial industry, with John Stumpf at its head, cheats its customers using hidden fees, and manipulating transaction times. Stumpf received a 21.3 million dollar salary in 2010. That job opened on the free market would attract thousands of applicants for 60 times less. Many of them would be equally, or better qualified than Stumpf, who is either incompetent or criminal, based on the activity I noticed in my own Wells Fargo accounts.
My 12 year old granddaughter has a Wells Fargo savings account. We opened it when she was two. I explained to her that her money was safer in the bank than in her piggy bank. She faithfully deposited the contents of her piggy bank for the next ten years. I noticed that her balance was declining, and I found out that they were charging a $10/month service charge. They returned $130. It took 3 days to credit her account, and the account # had been unilaterally changed and they could not reconstruct the records even though they acknowledged she was a customer since 2000.
On the 23rd of Dec 2011, I noticed that my last three payments hadn’t been applied to my mortgage. I complained. They applied the payments late, and my statement is incomprehensible, and they want me to sign something before they will straighten it out. That won’t happen in this lifetime. We are going to do our banking elsewhere.
For Mr Stumpf, cheating people out of their money is a game, but it is our food, our house, and our children and grandchildren’s’ future. Piggy bank robbery, and mortgage scams are Stumpf’s specialty. $21.3 million/year puts Stumpf above the law, and above free enterprise. Where is governmental protection? John Stumpf is living the American dream, but he is a main character in every working person’s nightmare.
What happened to the good old days when bank robbers hid their faces.