Friday, September 9, 2016

Wells Fargo.. the ultimate in banking betrayal

The Government found wells Fargo guilty of the widest spread employee driven banking scam ever. Some 5,300 wells Fargo employees were let go today. It turns out that employees would use customers data to open credit card accounts for themselves, using the data from wells Fargo customers. It's in the thousands of unsuspecting customers at Wells Fargo. Even though the fine is the largest fine in recent memory, it still does not address upper management's role in this huge scam. Those who most likely profited in salary and bonus, from their employee's illegal actions.
The Government should pursue legal action against the management of Wells Fargo and make sure all victims have their credit made right again by Wells Fargo.

6 Comments:

At September 14, 2016 at 3:15 PM , Anonymous Anonymous said...

You are back. I never even look here anymore because you blog so infrequently. Too bad because I did enjoy reading this blog. On Wells Fargo, you hit the nail on the head, why no senior people losing their job? Someone wasn't paying attention.

 
At September 21, 2016 at 11:05 AM , Blogger Jim Pillsbury said...

And just look at what Congress is doing... I give Warren a great deal of credit for sticking to her mantra about banks with illegal activities. I think we haven't seen the end of this with Wells, as I do believe laws were broken. Lets see if the CEO is charged with conspiracy and made to pay back his bonuses.

Thanks for stopping by. There's so much to write about and so little time anymore. Can't wait to retire.

 
At September 28, 2016 at 2:07 PM , Anonymous Anonymous said...

Did you see they are taking back $41M from this guy who was in charge!

 
At September 28, 2016 at 2:24 PM , Blogger Jim Pillsbury said...

I just saw that in the WSJ. Hooray for the BOD at Wells. It represents about a quarter of the total compensation that he has accrued over his 35 years at Wells. Cn you imagine anyone making that much money off the backs of the working class. I do hope he is indicted by the Feds.

 
At September 29, 2016 at 5:48 PM , Blogger Jim Pillsbury said...

Congressional members today have asked the COE be fired and be charged criminally. He needs to go.

 
At October 18, 2016 at 11:26 AM , Anonymous Anonymous said...

Did you see the news today, an employee drooped a dime on the illegal activity in 2007. He now enjoys the protection of our Whistler blower law. I can see an indictment coming very soon.

 

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