Page 2 November 3, 2016 Film Review Credit Unions Stand to Gain from Wells Fargo’s Misdeeds By Rob McCarthy If South Bay credit unions are busier than usual, they have Wells Fargo Bank to thank. Credit union membership grows every time that a U.S. bank causes a scandal, and the latest uproar involving Wells Fargo is a whopper. It’s more explosive than when Bank of America wanted to charge customers a fee every time they made a debit-card purchase. Or when large banks received billions in federal bailout money during the Great Recession, then paid their top executives bonuses. Wells Fargo account representatives since 2005 opened 1.5 million unauthorized customer accounts, a revelation that is bringing down a firestorm on the nation’s third-largest bank. Customers are furious about the identity fraud committed against them by their own bank, and they are scrambling to locate any accounts or credit cards opened by Wells Fargo without their knowledge. Wells Fargo’s illegal sales practices and identify fraud represent the latest in a string of violations of the public’s trust by banks, says Dan Berger, the head of the National Association of Federal Credit Unions. “To open more than 1.5 million likely unauthorized deposit accounts and more than 500,000 credit card accounts is despicable, and it’s flat-out fraud,” said Berger, who is chief executive officer of the organization representing the member-owned financial institutions. “Did the banks not learn anything from the financial crisis they caused?” he added. Credit unions membership has swelled since 2011, according to the industry. The growth cycle began when Bank of America announced plans to charge customers a $5 fee for every debit-card purchase. The Occupy Wall Street movement also demonstrated outside big banks, accusing them of unfair practices and profiting from the nation’s economic recession. One in three Americans belongs to a credit union, which are popular with young adults between ages 18 and 29. Even though the banks do a better job with smartphone apps and other technology, millennials as they’re called are, joining credit unions, which has pushed national membership over the 100-million mark for the first time. Millennials “like a cause and being part of something bigger than themselves,” Berger said. “They like the individuality, like the credit union movement.” Credit unions benefit when the public believes that big-name banks are ripping them off. Bloomberg News predicts the Wells Fargo scam “could help make 2016 a banner year” for the nonprofit credit unions, which replaced the trusted building and loan made famous in “It’s a Wonderful Life.” One member’s savings becomes another member’s loan - that’s how it works. The reality for the affected customers of Wells Fargo is they cannot sue the bank, either individually or in a class-action lawsuit, for the massive fraud it committed. Customers who opened checking and savings accounts with the bank signed agreements that took away their right to sue. They can take their claims of fraud to arbitration. Arbitration is rarely used and consumers almost never win, financial observers say. “Most of these contracts make it so that we are agreeing to forfeit our rights to file lawsuits against the organization. Not only that, but they often include provisions that outlaw class arbitration,” said a recent Bloomberg News article about the fine print contained in the Wells Fargo customer agreements. Sen. Elizabeth Warren and members of Congress have tongue-lashed Wells Fargo’s top executive for a lack of accountability for the massive fraud. CEO John Stumpf resigned from his post last week after appearing before congressional committees investigating the consumer fraud. Members of Congress were incredulous that not a single bank executive had been fired or asked to resign. The bank fired 5,300 employees who upper management says were involved. The unauthorized accounts generated huge fees and profits for San Francisco-based Wells Fargo. The bank, since the fraud was discovered, has pledged to make customers whole by returning any fees they were charged. Some former employees say they opened as many as eight accounts per customer, and they faked personal information to avoid detection. Not only were individuals targeted, but 10,000 business accounts were defrauded by employees who say they were under tremendous pressure from management to meet their sales goals. One widely read financial-news outlet questioned why consumers would do business with banks that have been identified as perpetrators of recent frauds. The report pointed to the 2007 financial crisis, the housing bubble, a LIBOR scandal, and even one Asian bank that got caught laundering money for cartels. “Frankly, it’s amazing anyone opens accounts with these institutions anymore,” Bloomberg News reported. “People probably feel that if they do get screwed or scammed, that they would have some sort of legal recourse. That would only make sense.” U.S. Sen. Sherrod Brown of Ohio plans to introduce a bill in Congress next month to restore customers’ rights to sue Wells Fargo and other banks that include arbitration clauses in their customer agreements. • Follow Us on Twitter @heraldpub STARS & STRIPES A M E R I C A N M A D E C L O T H I N G S T O R E COME CHECK US OUT! 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Brandlin “The Handmaiden” is a Tangled Web of Lies, Deceit, and Twisted Romance Kim Tae-ri and Kim Min-hee in “The Handmaiden.” Courtesy of Amazon Studios / Magnolia Pictures By Morgan Rojas for www.cinemacy. com “A story is all about the journey,” Uncle Kouzuki says to Count Fujiwara as he cuts off the Count’s fingers one by one, taking joy in the other man’s pain. The sex-obsessed and domineering Uncle, while deplorable in every way, reveals a ring of truth in his observation of what makes a good story, and in the case of director Park Chan-wook’s film “The Handmaiden,” the 2.5-hour journey leads us through a tangled web of sexuallycharged tension made even more complicated by the layers of lies and deceit. And while the film remains shocking during its entire duration, it is actually a beautiful piece of cinema at its core. This is a film where trying to predict what will happen next is utterly pointless, so best to just sit back and let Park Chan-wook be your guide throughout this multidimensional journey. The scene is set during the 1930s as a young Korean woman, Sookee (Kim Tae-ri), is chosen to work as a handmaiden to the young Japanese heiress Lady Hideko (Minhee Kim), whose family have all passed away, leaving her the sole proprietor of her family’s fortune. Sookee meets the heiress at the beautiful, yet secluded, Korean estate where she lives with her much older Uncle Kouzuki (Jin-woong Jo)– who has made his plans of marrying her to inherit her wealth very clear. Both women are quickly drawn to each other as the lines of friendship become blurred and sexual tension arises, however, it is Sookee who hides an ulterior motive that may prove to be detrimental. Before being hired as the handmaiden, Sookee made her living as a forgery specialist and master pickpocket. Seeing an opportunity to leave that life behind for good, Count Fujiwara (Jung-woo Ha) devised a plan to get Sookee close to the Lady, with the intention to convince the heiress to marry him instead of her Uncle. Soon after she married the Count, he planned to put Lady Hideko in a mental hospital and keep all of her money to himself. He would give Sookee a cut of the wealth, as well as give her all of the Lady’s clothes and beautiful garments. Sookee knows that following through with the plan is her ticket out of her dead-end life, however, she never anticipated growing so personally attached to and falling in love with Lady Hideko, which leaves her questioning everything she thought she knew and wanted. “The Handmaiden” is divided into three distinct parts, and what I have just described takes place in just the first act. Needless to say, there is much more drama to unfold in the second and third part. The second act delves deeper into the Lady’s childhood growing up alone and her relationship with her twisted uncle, a man who collects pornographic novels and forces his young niece to read them aloud to grown men. While the first act leaves the viewer with one sense of how the film is going to progress, the second act turns that theory upside down. We revisit scenes that occurred in the first act through a new lens in the second and third acts, proving that what you think you know… you really don’t. Park Chan-wook’s phenomenal storytelling abilities are on heightened display here. Using the three-part structure to tell the same story through three very distinct characters gives the film a tangible sense of fullness. Scenes that seemed to be abruptly cut off at the height of tension are revisited and followed through in later acts. Park Chan-wook doesn’t hold back from getting graphic, but he does so in a way that doesn’t feel overly pornographic for shock’s sake. The energy he creates from the environment, the characters, and the situations make for one truly unforgettable viewing experience. All of the performances are effective and wildly entertaining, but it is the debut from actress Kim Tae-ri who plays Sookee that is truly mesmerizing. Tae-ri beat out over 1,500 other actresses to secure the part and it is to her advantage that she had little to no acting experience prior. Her demeanor can best be likened to ‘Belle’ in “Beauty and the Beast.” Both have an innocence that is only intensified by their large, doeeyes when cautiously roaming through the large estate that is filled with books. While at first naive, they are self-sufficient and prove to have a backbone when they feel like they’re in jeopardy. This may be just a coincidence, but even Sookee’s outfit– a blue long-sleeved dress with a white apron– also seems reminiscent of the Disney princess. If you were not familiar with Park Chanwook’s impressive filmography (credits include “Oldboy” and “Thirst”), before “The Handmaiden,” then you are in for a mind-blowing experience. Often regarded as a Renaissance man of Korean cinema, Park Chan-wook does what all excellent filmmakers strive to do– create a technically engrossing and emotionally compelling story that resonates with its audience long after the credits have stopped rolling. “The Handmaiden” should serve as an example of masterfully executed cinema from both sides of the camera. Despite “The Handmaiden’s“ rather lengthy runtime with both Japanese and Korean subtitles, this is the rare occurrence where I am actually looking forward to re-watching the film again, knowing that when I do, I’ll walk away with an even deeper appreciation of Park Chan-wook’s unique style. ‘The Handmaiden’ is not rated and runs 144 minutes. Now playing at ArcLight Cinemas, The Landmark, and other select theaters. •
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