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California AG to investigate Wells Fargo for identity theft

Old_JoeOld_Joe
in Off-Topic
From the San Francisco Chronicle:

"California Attorney General Kamala Harris is investigating Wells Fargo for possible identity theft crimes, according to a search warrant and supporting documents issued by her office on Oct. 5.

Harris, a Democrat who is running for U.S. Senate, joins a growing list of law enforcement officials looking into the company since Sept. 8, when regulators disclosed in a settlement that the bank fired 5,300 employees for allegedly opening more than 2 million deposit or credit card accounts since 2011 without customers’ knowledge or consent."

It ain't over till it's over...

Note: Uncertain if the link will be viewable if not a subscriber to the Chronicle.

Comments

  • VintageFreakVintageFreak
    I never thought I would say this words. I want someone to go to jail here. I'm sorry to say, fines will never cut it. Jail and inability to work in a particular industry might.
  • Old_Skeet
    edited October 2016
    Below are my thoughts on the Wells Fargo issue.

    This Wells Fargo issue is an example of massive corporate corruption at its finest. To think, all those underlings (5300) who were for the most part and most likely good citizens in their respective communities were so corrupt that they were able to hide their activities where finally upper management realized they had (5300) rogue employees that had been fraduently opening two million bogus accounts. With this large number of employees engaging in this activity leads me to believe it was corporate encouraged and the rogue employees were those top and senior mamagement employees that determined the character of the bank and set the sales standards and guidelines not those underlings towards the bottom.

    I'm with the Freak on this one a good number of upper level and senior management, and not the underlings, needs be charged, tried in the courts and hopefully do some jail time and barred from the banking/financial industry for the rest of their lives. Heck, the way this is shaping up it could indeed be bigger than the Madoff scandal.

    This just could not happen in one of our largest banks with all the alleged oversight measures that are suppose to be in place ... or could it? Seems that it did ... and, these big banks that are too big to fail need to be broken up where any one bank controls no more than a couple percent of the country's total banking business.
  • Sven
    I agree with VintageFreak. Take the 2007-2008 housing crisis for example with subprime lending, the guilty parties merely paid the fine and admitted no wrongdoing. In the end, Washington Mutual and Countrywide were taken over by other banks. Many executives still received big bonus and stock options. How did the big banks gotten so powerful in the past10 years?

    During the savings & loan crisis in the 80's and 90's, few executives including Charles Keating served years in prison.
  • Derf
    Appears money talks & criminals walk !!
    Derf
















  • Nick_de_Peyster
    A real risk of going to prison may encourage more compliance, but only if it hits the people at the top. Compensation clawbacks might work, too. However, the government seldom seems to be interested in going after the big fish.

    Nick de Peyster
    http://undervaluestocks.info
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