Massive Fraud At Wells Fargo Is Just More Criminal Wall Street Conduct

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2 Responses

  1. lp1756 says:

    The interesting thing about this Wells Fargo case is that it probably is a good example of corporate inefficiency as well as corporate greed. From what I understand many of these accounts were created and then closed soon after. Many customers didn't even know an account had been created. But the sales staff used it to meet quotas and earn bonuses. In other words, Wells Fargo was paying out bonuses but not making anything in fees or interest on many of these accounts. It only came to light because of those cases where the fraudsters didn't covert their tracks well and customers did wind up with fees.My view is that this kind of fraud (i.e., clearly illegal) is nothing compared to the activities and practices that are morally and ethically fraudulent, but actually legal. That's where all the big bucks are.

  2. m2c4 says:

    I totally agree with your point that what they get away with legally is even worse. And most of that is totally against the spirit of the laws they get around legally. Which is why we should really make them pay when they due something that is so clearly and blatantly illegal. They looks at these pathetic fines as merely the cost of doing business.