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Fourteen US Senators Call for Criminal Crackdown on Wells Fargo Executives


#1

Fourteen US Senators Call for Criminal Crackdown on Wells Fargo Executives

Deirdre Fulton, staff writer

In a blistering letter sent Wednesday, 14 U.S. senators demand the Department of Justice (DOJ) "thoroughly investigate the culpability of senior executives" at Wells Fargo as part of its probe into the financial giant's recent fake-accounts scandal.


#2

""Yes," Black responded, "if they were on notice of it, or if
they...deliberately prevented themselves from learning about it." He
also cited "fraud, false statements to regulators, wire and and mail
fraud, and identity theft" as potential violations that occurred."

The FBI originally set up for prevention of bank theft and all investigations of bank theft will like in Clinton's case not be able to find intent nor anyone to reasonably prosecute. Wait for the tarmac air port visit between Wells Fargo and Lynch. Its a good old boys club and you ain't in it. They call it just doing business while we all call it corruption.

Addition: http://www.counterpunch.org/2016/10/05/wells-fargo-allowed-to-neither-admit-nor-deny-why/


#3

The "notion" that the wealthy have purchased their own brand of "justice'? That is not a "notion", it is a fact. The rich ARE different than the rest of us. They own our government, an institution with a 100% correlation in policy to the desires of the rich, and a 0% correlation to the shallow pockets who form the mass of humanity and on whose backs the rich have thrived for generations.


#4

Hillary Clinton should not be left off the hook for the same reason Wells Fargo CEO John Stumpf should not be left off the hook.


#5

Exactly, it's a done deal.
Interesting name, isn't kakistocracy: rule by the most mentally infirm among you? Can't recall the full description but we have that too.


#6

Any criminal crackdown will be tossed out of court because Wells Fargo's legal team will easily prove that all of Wells Fargo's competitors have been doing the same thing ever since financial fraud was decriminalized (media calls it deregulation) during the Clinton Regime with tacit approval for more fraud when the Dubya Regime and Obama Regime put US taxpayers on the hook for $16 trillion in bailouts (per page 131 of GAO report #11-696) for Wells Fargo and the other to-big-to-fail banks after they caused the 2008 meltdown.

Grandstanding without restoring all the New Deal financial industry regulations (that were killed since 1978) will accomplish nothing. Sanders and Stein are the only players in the 2016 election cycle to even mention breaking up banks. Any of these DC politicians who are grandstanding but not supporting Stein in the general election are as phony as a $3 bill.


#7

This is Obama's Justice Department and his Justice Department only prosecutes the likes of Manning and poor folks.
Hillary's Justice Department will be even worse. Bet on it.


#9

14 senators. Guess the other 86 couldn't be bothered to even pretend that they aren't in collusion with the banksters.


#11

You're right raydelcamino, Wells Fargo competitor Bank of America pulled the same scam. They sent me several credit cards that I hadn't ordered (and never activated). What seemed at the time to be nothing more than an overly-aggressive sales promotion was a fraudulent "cooking of the books" to misrepresent of BofA activity to shareholders. Virtually all the big bank execs belong in jail, doing hard labor for once in their lives..


#15

The wrist get up calls to mind the sleaze ball attorney/character Romo Lampkin in Battlestar Galactica that uses a cane he doesn't need as a ruse for sympathy and subterfuge during his high profile client's trial and elsewhere.


#16

Kakistocracy is government by the least qualified or most unprincipled citizens. I have been a kakistocrat for a very long time.


#17

Sounds like a classic sample of the Peter principal, being elevated to the level of incompetence


#22

and just why were there only 14 out of 100 senators signing this bill? What about the 30 other democrat senators?


#24

When it rains, it POURS! The latest storm cloud, Wells Fargo has now agreed with the Department of Justice (doJ) to pay $4 million because they illegally repossessed cars from military service members over the last 7 years.

At the risk of being repetitive, here are the other Wells Fargo lightning strikes of illegalities of just the last two years.

September 2016, the Consumer Financial Protection Bureau (CFPB) fines Wells Fargo $185 million for the cross selling scandal.

September 2016, the Commodities Future Trading Commission (CFTC) levies $400,000 fine for commodities trading violations.

August 2016, Wells Fargo reaches agreement with CFPB to pay $4.1 million for illegal student loan practices.

April 2016, agreement with DoJ to pay $1.2 billion for hiding bad bank loans.

November 2015, fined by DoJ for $81.6 million for failing to notify mortgage customers of payment increases.

January 2015, fined by CFPB for $34.8 million concerning illegal kickbacks with a mortgage title company.

With a list like this, one might wonder, what does Wells Fargo do legally? Anything? The CEO, the Board of Directors and Wells Fargo should entirely be investigated. They are a crime family.


#25

"The facts that emerged from last month's Senate Banking Committee hearing with Wells Fargo chairman and CEO John Stumpf, they say, "raise questions about whether senior executives, including Mr. Stumpf, knowingly allowed illegal conduct to continue."

If they didn't knowingly allow, they must have been living face down in a cave on the moon while drawing their Wells Fargo salaries.


#26

"Hillary Clinton should not be left off the hook for the same reason Wells Fargo CEO John Stumpf should not be left off the hook"

Do you hear this?.... You know who you are.

Go Bernie!

Go Jill!


#27

"Grandstanding without restoring all the New Deal financial industry regulations (that were killed since 1978) will accomplish nothing. Sanders and Stein are the only players in the 2016 election cycle to even mention breaking up banks. Any of these DC politicians who are grandstanding but not supporting Stein in the general election are as phony as a $3 bill."

Ray, you are the man! Thank you for saying what few in our government except Elizabeth Warren and our special hero Bernie Sanders might be expected to say.


#28

and just why were there only 14 out of 100 senators signing this bill? What about the 30 other democrat senators?

and where do we find the list of the other 86 enablers to broadcast to the world? By the way, isn't there a permanent website to keep track of non-responsive politicians like this? There should be.