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As they say in the American Express commercials, membership has its privileges. Membership in the Big Club is no different. It allows you to do things like ignore six subpoenas from the Feds:

“U.S. securities regulators accused Wells Fargo & Co on Friday of repeatedly ignoring its subpoenas for documents in connection with a probe into the bank’s $60 billion sale of mortgage-backed securities.

The Securities and Exchange Commission’s filing in a San Francisco federal court seeks to compel the fourth largest U.S. bank to hand over documents. The SEC said it has issued several subpoenas since September…According to the SEC’s Friday filing against Wells Fargo, the agency has issued six subpoenas to Wells Fargo since September 30.”

Try that one time and see what happens to you. Membership also allows you to lie to Congress without any fear of repercussions:

“Jon S. Corzine, MF Global’s chief executive officer [also former CEO of Goldman Sachs as well as New Jersey’s former governor and senator], gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in a brokerage account with JPMorgan Chase & Co., according to a memo written by congressional investigators.

Edith O’Brien, a treasurer for the firm, said in an e-mail quoted in the memo that the transfer was “Per JC’s direct instructions,” according to a copy of the memo obtained by Bloomberg News. The e-mail, dated Oct. 28, was sent three days before the company collapsed, the memo says.

[..]

Corzine, 65, in testimony in front of the House panel in December, said he did not order any improper transfer of customer funds. Corzine also testified that he never intended a misuse of customer funds at MF Global, and that he doesn’t know where client funds went.

“I never gave any instruction to misuse customer funds, I never intended anyone at MF Global to misuse customer funds and I don’t believe that anything I said could reasonably have been interpreted as an instruction to misuse customer funds,” Corzine told lawmakers in December.”

Anybody think Corzine will be held accountable? If you do I’ve got a bridge for sale. Cheap.

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