Just as long as the lowest-ranking employees have been punished, we can overlook the policies that made it seem like a good idea.
I hope they put somebody in jail over this. That big of a scam operation involving thousands of employees was not a “secret”. I am sure upper level managers were at least aware something was not right and should have investigated where all the money was suddenly coming from. Wall street and the banks demonstrably do not have their client’s best interest at heart.
Wells Fargo encouraged their employees to fake 8 accounts per client to falsely show company growth and increase the stocks price. The CEO, Stumpf, who came up with the “eight is great rule,” made over $200,000,000 in his personal portfolio. After the scam became an embarrassment for the company, he fired over 5,000 low wage employees, no one on the board or upper management was disciplined. Stumpf was questioned in a Senate hearing yesterday where Elizabeth Warren was not afraid to show the evidence that will be presented to Justice and the SEC, with a recommendation to prosecute for fraud.…………………………………
It is just like when the Abu Ghraib Prison photos went public showing American military personnel tortured Iraqis: The lowest ranking people were punished.
This is how it will always be as long as the rich have control of the government. Of the people by the people for the CEOs. They pad their retirement nest and the lower level employees get fired and will have a hard time finding work near a bank again. While the right blames the workers and chides them to pull themselves up by their bootstraps when they lose employment.
And Wells Fargo’s unethical practices were discovered and publicized by the Consumer Financial Protection Bureau … which was created by Democrats like Elizabeth Warren, and which Republicans like Paul Ryan want to shut down. Remember that when you go to the polls in November.
And I’ll bet they’re too big to fail…….
God bless my senator, Elizabeth Warren. She takes no crap.
Crow NoboPresident, yes; vice-president, no. We need her in the bill-writing committees and final vote on all bills, not just on the rare tie. And same for the rest of the few still representing the people in Congress.
My brother-in-law who retired as a VP of Bank of America pointed out a few years after he retired that REAGAN changes in REGULATIONS, not LAWS, had turned his company, and other banks as well, into a legalized Mafia. This case just proves it, and is only a small example, actually.
The most disgusting part of the entire Wells Fargo illegal activities followed by NO ONE being accountable
is that NO Republicans/Fox “news” viewers or so-called ‘conservatives’ are even remotely disturbed. Not even remotely.
Because It’s OKAY If A Republican Does It.
Expect more of the same if the GOP retains any sort of leverage in the halls of the federal government. Yes, I know even they are excoriating the guy. It doesn’t take the wisdom of Solomon to spot a crook after the fact. But the Repugs derail any and all attempts to rein in the financial sector ahead of time as a matter of policy and principle (see “job-killing regulations” and their platform documents). Without a breakup of the financial behemoths, the reestablishment of the separation of banking, insurance, and brokerage firms, and the reimposition of a meaningful regulatory regime, the collapse of one or more of these giants will collapse the world economy, just as it did in 1929.
Mike did a strip without Trump in it! Is this one of the signs of Armageddon?
May 31, 2017