Remember the outrage one year ago when it was revealed that in its push to pad its top, and bottom line, Warren Buffett's favorite bank had engaged in outright criminal account churning and "cross selling", opening some 2.1 million unauthorized client accounts without permission (subsequently this extended to unsolicited car insurance policies extended on Wells auto loans). Well it turns out there was not nearly outrage, because as the bank revealed this morning, the "real" number was higher. 67% higher.
According to the outside review whose findings were released today, Wells Fargo said employees created two-thirds more bogus accounts than initially thought. According to the review, an additional 1.4 million "potentially unauthorized" deposit and credit-card accounts opened when the bank was encouraging employees to sell multiple products to retail customers, bringing the total to about 3.5 million, according to a statement Thursday from the San Francisco-based firm. The revised estimate covers January 2009 to September 2016, almost twice as long as the period examined in the initial review.
Wells new CEO was, predictably, all apologies:
“We apologize to everyone who was harmed by unacceptable sales practices that occurred in our retail bank,” said Wells Fargo CEO Tim Sloan. “To rebuild trust and to build a better Wells Fargo, our first priority is to make things right for our customers, and the completion of this expanded third-party analysis is an important milestone. Through this expanded review, as well as the class action settlement, free mediation services, and ongoing outreach and complaint resolution, we’ve cast a wide net to reach customers and address their remaining concerns. Our commitment has never been stronger to build a better bank for our customers, team members, shareholders and communities.”
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
8 comments:
Too big to fail = SMH
Anyone from branch manager on up should be fired. No other way for WF to accept responsibility for this. And, anyone at WF who profited from opening fake accounts, just to get a bonus, should have to forfeit it.
I don't know who would be naive enough to still maintain an account there.
More fines coming?
Still no word on how the customers who got screwed are going to be helped.
No different than the Clinton's hiding illegal money under fake donors names.
Speaking of the Clintons, how much have they donated to the victims of Hurricane Harvey?
TWO SETS OF LAWS.
You or I get caught opening a few fake credit card accounts and charging things on them, well, we GO TO PRISON.
That's for "we, the people".
THEY get to issue an apology. An f'ing APOLOGY???
Ever wonder why black people think the law is stacked against them? They do 5-10 years for forging a check. The rich white guy gets a birthday party in France.
Don't forget there is a State's Attorney who is ALSO looking the other way.
Fraud. Felony fraud. Conspiracy and even RICO violations, perhaps.
He'll be getting a tan in Barbados.
"We, the people" would be fighting for our lives in the prison yard.
Your cheering is becoming ludicrous.
Oh, and we also rigged the silver Comex price.
And gold.
And US Bonds.
And mortgage backed securities.
Post a Comment