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Ethics At Wells Fargo

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  • This is what happens when most of the regulations that governed the industry are repealed. The regs were there for a reason, banks/bankers had already proven that they can't be trusted. This just reinforces the need to regulate the shit out of them.

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    • And it keeps going:

      https://consumerist.com/2017/08/21/f...ount-closures/
      Seph
      Taur10
      "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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      • And it just keeps getting better x.x

        What's that you say? 2 million fake accounts? Try 3.5 ...

        https://www.consumerreports.org/well...-fiasco-grows/
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        • Wells has pretty much signed its death warrant. They're going to lose even more customers and probably get themselves forcibly broken up. The scandals just don't stop coming. We're going to see more, and possibly even more severe, restrictions put into place. They've had other unethical, not to mention illegal issues over the years:

          *Steering minority borrowers into higher-cost subprime loans
          *Failure to monitor suspected money laundering
          *Misleading information about overdraft fees
          *Misconduct over mortgage servicing practices
          *Racial discrimination during foreclosures
          *Inadequate risk disclosures
          *Defrauding the Federal Housing Administration (backing loans that didn't qualify for the program)
          *Inflating premiums on forced-place insurance
          *Violation of NY credit card laws
          *Not paying any taxes in 2008-2010
          *Insider trading
          *Racketeering

          All of this crap is illegal. If you or I did it, we'd be in jail stamping out license plates. But, because they have the political and financial clout, they get away with it. It truly sucks, since it hurts not only those of us who work in the financial industry, but everyone else as well. There are laws and regulations in place to prevent most of what Wells has done. But, they give a big "fuck you" to them, and do it anyway
          Aerodynamics are for people who can't build engines. --Enzo Ferrari

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          • Quoth protege View Post
            Wells has pretty much signed its death warrant. They're going to lose even more customers and probably get themselves forcibly broken up. The scandals just don't stop coming. We're going to see more, and possibly even more severe, restrictions put into place. They've had other unethical, not to mention illegal issues over the years:

            All of this crap is illegal. If you or I did it, we'd be in jail stamping out license plates. But, because they have the political and financial clout, they get away with it. It truly sucks, since it hurts not only those of us who work in the financial industry, but everyone else as well. There are laws and regulations in place to prevent most of what Wells has done. But, they give a big "fuck you" to them, and do it anyway
            We can only hope.
            Note to self: Hot glass looks like Cold glass.

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            • Quoth protege View Post
              Wells has pretty much signed its death warrant. They're going to lose even more customers and probably get themselves forcibly broken up.
              I sure hope so, but somehow I'm not holding my breath. "Too big to fail" and all that.
              Knowledge is power. Power corrupts. Study hard. Be evil.

              "I never said I wasn't a horrible person."--Me, almost daily

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              • I have a snarking suspicion that an honest* audit of the top banks would find a majority with similar pervasive misconduct.

                *and remember how many of the "Big Five" accountants have been tarred / shut down in the last twenty years.
                I am not an a**hole. I am a hemorrhoid. I irritate a**holes!
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                • Ok, there's been more things hitting the news lately, but I think this one is the best. Look, a politician with a memory, who would've thunk it...

                  https://jalopnik.com/congressman-acc...-ab-1819142041
                  Seph
                  Taur10
                  "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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                  • Whistles, "Yah, I think the end of Wells Fargo is near: https://www.dailykos.com/stories/201...or-their-fraud
                    Seph
                    Taur10
                    "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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                    • Sigh. And people wonder why I don't care about my job.
                      https://www.youtube.com/user/HedgeTV
                      Great YouTube channel check it out!

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