Fallout from the recent Wells Fargo fraud scandal has really just begun.
Too big to be manageable? Well Break It Up!!!! And jail a few top level people who did this so they finally get the idea that there are consequences for crimes.
Silly Serfs, Stumpf has a pre-paid Get Outta Jail For Graft card all ready to go in his wallet.
The $185,000,000.00 kick-back...er..."fine" is 0.8% of Wells Fargo $21,000,000,000.00 profit in 2015.
Stumpf. Drumpf. Coincidence or DNA?
Doesnt anyone get tired of same news repeating itself?
They caused the great recession by what one commentator called the biggest theft of wealth from black people (and other poor people) since reconstruction and redistributed it to the top.
Ceo pay? Hahhahahaaa
Perennial surprise seems like a half hearted formality, poor memory, or Alzheimer's.
The same things happen over and over and are even eventually reported in the MSM. Usually a well researched book is putout showing it was even worse and more people knew about it.
You gotta love the Capitalist system.
All you can steal until you get caught, then............crickets.
Banksters/Gangsters: " white people just doin' their thing ". Stealing from " the unwashed " never goes out of style. Like a well-tailored wool suit with a nice, white hoodie and a gov't that never prosecutes " the ownership society ". Is this a great country, or what? Where's the hard time, here? This is the type of bullshit that cops will have to defend against on the street. They're making themselves the issue, if they defend the criminal class of white collar criminals, ripping off the have-nots with impunity. Do the various policing agencies understand, " Well, duh ", in this context?
And how about the other big crime committed by Wells Fargo not so long ago where they were found to be a major money launderer for any number of drug cartels in Mexico, Central, and South America...and the $750,000 that was uncovered was probably just the tip of the barrel after WF deeply buried the other million$$$ somewhere offshore or in dummy accounts? In that case, they just paid the fine and promised to cease and desist from that kind of operation...and then proceeded to move on to the next shady money-making scheme, OBVIOUSLY.
Not unlike the US military (US Army) operations at Abu Ghraib, the folks at the bottom will bear the burden while the top brass simply" throw their hands up in the air" (thus the apropros photo accompanying this article) and claim complete ignorance.
When Glass-Steagal was still in force, banks took in deposits and made loans with their profit coming from interest and fees on mortgage, commercial, and installment loans. Back then, bank employees were not pressured into making "sales quotas" and bank activities were regularly monitored closely by internal auditors, state auditors, and federal auditors. And, bank investment departments could only act as agent on equity market sales for their customers, commercial paper sales, government bond/note/agency sales, and as principal on municipal bond sales. As agents, fees were collected on those transactions. Honesty and integrity were the rule rather than the exception.
Just wondering when someone will notice that David Y is the son of the former Wells Fargo CFO and the chief of staff to grassley - senate finance committee -
the perfect union of public and private financial interests.
Quid Pro Quo
And, don't forget the James Leach ( former (R) Congressman & Chairman of House Banking Comm. Ripon Society ) connections to Pres. OhBummer in 2008. The banking connections in the Midwest run deep, and muddy, like their polluted rivers. The potential banking scandals among the Midwestern Republicrats is a sore subject for a lot of Progressive-Populists, there. Sen. Grassley ( aka " Ground Chuck " ) is the leftovers from the original Dumb & Dumber. Things that make you go hmmmmmmm...
Good catches, L and M!
Former Demo Senator Tom Harkin (Ia) also struck gold in DC. He left the senate in 2014 with a nest egg of $17 million; WaPo had reported his wealth in 2011, I believe. Harkin was one of the wealthiest senators, and I'm sure he's a well-paid consultant now in his retirement.
Have to admire Senator Bernie Sanders, who's quite the pauper after all these years. He could have incredible riches, but his forte is service for the people. He seems to be in it for service, and not personal wealth.
Funny how the worm is turning on Harkin. A former adversary of The Clintonista Clan, he's now a colleague or a client. Maybe da be smokin' the Lamb's Breath an' chillin' in Montego Bay, or dareabouts?
" Taking CEO Stumpf at his word, then, we believe he effectively argues that his firm is so large as to be unmanageable."
Wow, how did Stumpf manage to get to that position when it's obvious his intellect is sorely lacking? If he didn't know what was happening right under his nose, I don't see how he was smart enough to be in the position he was in, talk about proving the Peter Principle!
Drone bombing Strumpf family functions seems called for.
It's like shearing the wool off of sheep.
Afterward, you just wait until next shearing season to begin anew.
I'm substantially certain that Wells Fargo has yet another scam already planned and is simply waiting for a convenient time to implement it.
For, the financial services industry (i.e. banking, insurance and investment houses), it sure must be great when you can routinely "earn" tremendous amounts of income simply by using "smoke-and-mirror" gimmicks. In the financial services industry, you just need to have larceny in your heart; then you can commit deception, fraud and outright theft and almost invariably get away with it.
Of course the institutions' risk managers know what is going on, what divisions are" earning" how much revenue and how that revenue is being "earned." By the way, the scale of these rip-offs and scams is so massive that it requires inter-departmental cooperation of executives at the highest levels.
If one looks historically at the various scams that these industries have operated, you will see a definite pattern.
Industry-wide, the scams and outright thefts are on the scales of millions, billions, hundreds of billion dollars! It is rather curious that the overwhelming majority of law enforcement capabilities and resources are largely focused on low-level financial crimes. (Go figure!)
Who's guarding the hen house?
Stump's statement that there was no reason for employees to "do bad things" is literally beyond belief. He and others should be heavily fined and serve substantial jail time.
Well, let's see what happens. It is hard to imagine the Washington courtiers of Wall Street, i.e. politicians and their administrations, doing anything with real teeth.
Thank you Elizabeth Warren. Your Consumer Financial Protection Agency made the Wells Fargo catch possible. Number one on the GOP agenda to destroy this agency.