Wells Fargo's Parasitic Parable
When a company's ad campaign accidentally describes its worst practices
Steve Martin and Martin Short star in a mildly funny ad campaign for Wells Fargo that makes fun of friendships that take on a parasitic feel.
Wells Fargo’s “parasitic” ad campaign
The ads are designed to promote a Wells Fargo-branded credit card that pays cash back.
While Martin Short pays for Steve Martin’s books, Short plays the role of parasite - harvesting the cashback from his purchase for a friend.
Here’s what’s kind of funny: Wells Fargo played the role of parasite to some 16 million of its “customers” by harvesting income from them when Wells Fargo bankers created fake accounts using customer information.
Ok, that’s not funny at all.
This One's About Wells Fargo
Wells Fargo will pay $2 billion in refunds to consumers and an additional $1.7 billion fine after the CFPB found the bank’s practices harmed 16 million consumers.
In fact, the head of the Consumer Financial Protection Bureau (CFPB) noted that Wells Fargo is a repeat offender:
“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” said CFPB Director Rohit Chopra. “The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”
One of America’s largest banks is also one of the most frequent and egregious bad actors.
And despite billions in penalties for defrauding consumers, the bank has the money sitting around to pay Steve Martin and Martin Short to promote its parasitic products.
I suppose Martin and Short are the parasites that feed on other parasites - earning what is likely a tiny sum from the persistent profiteering of Wells Fargo as Wells sucks the financial life out of its unwitting hosts - the customers.