It’s extremely amusing to observe the welfare baby, bailout dependent, “Too Big to Jail,” parasitic legacy banking system squirm in the face of advancements in peer-to-peer financial technologies; whether they be Bitcoin, P2P lending or crowdfunding. It is becoming increasingly clear that humanity would do much better without this gigantic cancerous tumor on our backs, and we finally have the tools to move on.
In fact, the largest bank in the U.S. is so concerned about peer-to-peer lending, it has banned its staff from participating.
We find out from CNBC that:
Wells Fargo has banned its employees from lending their own money through peer-to-peer loan platforms, in a sign of growing tensions between new “P2P” lenders and the largest U.S. bank by market value.
“Ethics administrators” at Wells Fargo decided to forbid staff from P2P lending after concluding “that for-profit peer-to-peer lending is a competitive activity that poses a conflict of interest.”
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