America's chief federal banking regulator admits it failed to act on numerous "red flags" at Wells Fargo that could have stopped the fake account scandal years earlier.
One particularly alarming red flag that went unheeded: In January 2010, the regulator was aware of "700 cases of whistleblower complaints" about Wells Fargo's sales tactics.
An internal review published on Wednesday by the Office of the Comptroller of the Currency found that the regulator didn't live up to its responsibilities. The report found that oversight ofWells Fargo (WFC) was "untimely and ineffective" and federal examiners overseeing the bank "missed" several opportunities to uncover the problems that led to the creation of millions of fake accounts
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This really pisses me off! WTF are these people doing? Pushing papers? We pay them to do their jobs and they do nothing. Same thing happened with Bernie Madoff.
ReplyDeleteCaveat emptor