Friday, September 1, 2017

More Reports of Looting

Not in Houston...at Wells Fargo:

Nearly a year after Wells Fargo’s fraudulent account scandal burst into public view, the bank said it had turned up more than a million additional accounts that customers may not have authorized.
The news set off a fresh wave of criticism from those frustrated by the bank’s slow pace in coming clean about its misdeeds.
“Every time we get one of these announcements, the pressure rises,” said Nancy Bush, a banking industry analyst who runs NAB Research. “How many customers, and how many employees within Wells Fargo, are coming to the conclusion, ‘I don’t need to be associated with this’?”
The findings brought the number of potentially unauthorized accounts to 3.5 million — a nearly 70 percent increase over the bank’s initial estimate.
Wells Fargo agreed last September to pay $185 million to settle three government lawsuits over the bank’s creation of sham accounts. Thousands of employees, trying to meet aggressive sales goals, had created accounts in customers’ names without their knowledge. Workers who met the bank’s sales targets received bonuses — and those who did not risked losing their jobs.
Is there no end to their criminal behavior at Wells Fargo? Is there no end to their obfuscation, that they "accidentally discovered" another 1.4 MILLION fraudulent accounts set up to fleece their customers, but you know hey, "at least the underlings were fired and we paid a fine, we promise never to pinch our customers again."
“We are working hard to ensure this never happens again and to build a better bank for the future,” Timothy J. Sloan, Wells Fargo’s chief executive, said in a statement announcing the review’s results. “We apologize to everyone who was harmed.”
No one cares, Tim. Just as members of organized crime don't get to "apologize" for their crimes, pay a fine, promise "never to do it again" and then go home, you and your ilk belong in prison...in solitary confinement, along with the rest of upper management (current and past golden parachutes) who ordered what is turning out to be the heist of the century.
One of the bank’s fiercest critics, Senator Elizabeth Warren, Democrat of Massachusetts, laid into it with a scathing statement: “Unbelievable. Wells Fargo’s massive fraud is even worse than we thought.”
The scandal over the accounts — and the corporate culture that allowed them to go undetected for so long — toppled Wells Fargo’s previous chief executive, John G. Stumpf, and ignited an outcry from customers, lawmakers and regulators that is still roiling the bank. Several investigations by the Justice Department and state attorneys general remain in progress.
A coalition of 33 consumer groups sent a letter to congressional leaders urging them to bring Wells Fargo executives back to Capitol Hill — where Mr. Stumpf was roasted last year by unhappy lawmakers, shortly before he stepped down under pressure — to answer new questions about the bank’s abuses. The bank “may have intentionally misled” lawmakers in its previous testimony, they said. Ms. Warren, who is a member of the Senate Banking Committee, also called for the committee to hold a new hearing.
So in addition to fraud, embezzlement, and robbery of its customers, Wells upper management apparently perjured themselves in front of congress earlier in the year. It will be cruel irony, however, if the executives who ordered this massive looting of their customers end up going to prison, not for the robberies and thefts themselves, but for lying to congress.
Wells Fargo has made sweeping changes in the wake of the scandal, including overhauling its executive lineup, replacing key members of its board, revamping its internal controls and risk management, and emphasizing to its bank branch workers that it wants them to focus on customer service, not sales.
Again, no one cares. As I've said time and time and time again on this blog, until these people are faced with criminal charges and imprisonment, as any good member of the mob might be, these kinds of Big Banking heists will never stop.

You know what the difference is between street gangs like Crips/Bloods, organized crime like the Mafia, and Wells Fargo?

Not one damn thing.

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