News Time to start public executions starting with Wells Fargo

Discussion in 'The Howard Stern Show' started by playitagainfred, Sep 8, 2016.

  1. playitagainfred

    playitagainfred Well-Known Member

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    http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html

    5,300 Wells Fargo employees fired for creating over 2 million phony accounts
    by Matt Egan @mattmegan5 September 8, 2016: 3:52 PM Fargo fires 5,300 for creating phony accounts

    Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.
    That's exactly what happened to Wells Fargo customers nationwide.

    On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.

    The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.

    "Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.

    Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees related to the shady behavior. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.

    The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB.

    The way it worked was that employees moved funds from customers' existing accounts into newly-created accounts without their knowledge or consent, regulators say. The CFPB described this practice as "widespread" and led to customers being charged for insufficient funds or overdraft fees -- because the money was not in their original accounts.

    Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent, the CFPB said the analysis found. Many customers who had unauthorized credit cards opened in their names were hit by annual fees, interest charges and other fees.

    The CFPB said Wells Fargo will pay "full restitutions to all victims."

    Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers.

    "We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement.

    Wells Fargo confirmed to CNNMoney that the firings represents about 1% of its workforce.

    "At Wells Fargo, when we make mistakes, we are open about it, we take responsibility, and we take action," the bank said in a memo to employees on Thursday.

    It's not clear when Wells Fargo hired a consulting firm to investigate the allegations, nor what triggered the response. Wells Fargo did not respond to a request for comment on this.
     
  2. Mark Mayonnaise

    Mark Mayonnaise You look like a tree! VIP

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    [​IMG]
     
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  3. lastlaugh

    lastlaugh Well-Known Member

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    Deal with smaller banks and credit unions for personal accounts. Bigger banks should just be for corporate accounts.
     
  4. EndOfLine

    EndOfLine PLATINUM SPONSOR VIP

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    Unfuckingbelievable... 5300 employees!??

    Holy shit. God I hate fucking banks.
     
  5. JameGumb

    JameGumb We're all out of toner!

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  6. Pussy Tendon

    Pussy Tendon Wet! CUNT!!!!! Gold

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    I hated Wells Fargo for ages. This confirms why. Fucking cunts.
     
  7. DarkFriday

    DarkFriday Fired as a MOD...Twice. Gold

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    Navy Federal :salute:
     
  8. bdbx18

    bdbx18 Well-Known Member

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    This may or may not include the ones who had quit earlier after 'banking' on the extra earnings. TG I left them some 5 years back. And they didn't even bother to ask me why I'm closing my accounts.
     
  9. bluedevil30

    bluedevil30 Well-Known Member

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    Wells Fargo has had this culture of creating accounts as a measure of success for a few years now. In the past if you went to work at a Wells branch you were graded on how many accounts you opened in a month. Bank employees would sign up family, friends and I guess eventually fake accounts in order to hit these sales targets.

    The problem with banks and the banking industry is that in order to grow you have to do stupid stuff like create phony accounts or lend money to people with bad credit.
     
  10. Willowglen

    Willowglen Lookin thru the glass ceiling & up Stephs skirt VIP

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    I thought this was a couple of months back. Wells Fargo had top dump over 500.00 into my account over it back in June
     
  11. DogStar69

    DogStar69 Well-Known Member

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    How are you going to execute a company?
     
  12. rolltide

    rolltide Well-Known Member VIP

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    Worst part about this is some of these fucks will be getting unemployment benefits that we'll be paying for.
     
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  13. Anyonenow

    Anyonenow Well-Known Member

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    Chicken again?
    at least this time it looks cooked.
    but the asparagus appear OVERCooked.
     
  14. EndOfLine

    EndOfLine PLATINUM SPONSOR VIP

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    Am I the only one who doesn't have this nitwit on ignore?
     
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  15. bootyclause

    bootyclause Well-Known Member

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    this is like when an NCAA team gives themselves a "self punishment" trying to avoid an even bigger real punishment. We need a powerful emperor to send a message that this can't happen. Emperor Trump.
     
  16. HowardsPrenup

    HowardsPrenup Well-Known Member

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    Don't they have any kind of quality control dept that monitors these kinds of things? Oofa if not
     
  17. Gomez

    Gomez Well-Known Member

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    Thanks, Obama. :facepalm:
     
  18. FunnyFarm2

    FunnyFarm2 voice of reason VIP Gold

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    This is true. My wife worked with them during the time where they started pushing the up sales on people's accounts. Their jobs are threatened if they don't meet the sales quota. It is what eventually caused her to leave that sorry ass company.
     
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  19. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    No, probably not. You don't collect if fired for cause. And the bank would win any contest of that as they committed crimes. They'd be foolish to push the matter, as the bank could just forward it to law enforcement.
     
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  20. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    My bank was aqquired by Wells Fargo back during the 2008 crisis and since the people at the branches were all great I kept the accounts. We've needed to diversify our banking anyway so this is a good time to move to a local bank.

    One reason some advise sticking with the big banks for some of your money is that they are "too big to fail" and would be bailed out when small regionals would be allowed to fail.

    Times are changing. Do not take it for granted that the financial system will be sound and proper as it always has been in our lifetimes. In a crisis anything is possible as they control the politicians and they can change laws quickly.