Tuesday, September 20, 2016

Wells Fargo Don Takes Heat

Senators Grill Stumpf Over Role In Fraud:
The chief executive of Wells Fargo — where bankers opened secret and unauthorized credit card and deposit accounts for customers for at least five years in an attempt to meet sales goals — told a Senate panel Tuesday morning that the illegal activity might have gone on even longer and that no senior executives had been fired as a result.

Senators on both sides of the aisle expressed anger and indignation at the chief executive, John G. Stumpf, with several lawmakers calling for him to give back some of his rich compensation.
Watch Sen. Warren's grilling of the Don, er, CEO Stumpf, and pay attention to the verbiage. Clearly, someone on her staff has been reading my blog and/or taking my classes.

Ha ha...you can deposit my royalties via direct deposit, Senator. As I wrote earlier, the only way to prevent this kind of massive, mob-like fraud in Big Banking is to start sending these Wall Street sociopaths to the Big House. Because that's exactly where the lowly teller who pocketed a Benjamin would be headed.

Here's a fuller 9 minute version. I particularly enjoy the way she deploys the term "scam" repeatedly, not to mention the looks on the faces of the two dopes seated behind the don, er, CEO:

Sadly, this is probably as far as this stuff will ever get re: justice. You can tell from the dumb look on his face he knows he's gotten away with it. Just like they always do.

UPDATE: Rumors of a class-action lawsuit brought by hundreds of the low-level street guys, er, Wells employees who were fired in this, may be coming true.
The bank’s chief executive, John Stumpf, has often stated his goal that each Wells customer should have at least eight accounts with the company. That aggressive target has made the bank’s stock a darling on Wall Street, the lawsuit notes.

On Monday, a federal lawsuit with analogous claims was filed in the United States District Court for the Central District of California, seeking to create a class of current and former Wells employees across the country who had similar experiences.

“These are the people who have been left holding the bag,” said Jonathan Delshad, the lawyer representing the workers in both suits. “It was a revolving door. If you weren’t willing to engage in these types of illegal practices, they just booted you out the door and replaced you.”
I guess Don Stumpf wasn't the sharpest tool in the shed after all. Anyone running a criminal enterprise knows the first thing you stress with the street guys/underlings is Omerta: silence at the risk of death. 

Looks like the Wells Family might be singing like canaries.

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