"Unbelievable, Outrageous...." Wells Fargo Scandal Broken Wide Open.
After I wrote about the Wells Fargo scandal last week in "Think Your Bank is Safe?" reporting that over 700,000 customers were charged fraudulently to the tune of thousands of dollars, in some cases resulting in overdraft and auto repossessions.
The Dumpster Fire has accelerated with the Dow Jones reporting that:
Wells Fargo Chairman Stephen Sanger is likely to step down.
Just days after, NYC Comptroller Scott Stringer unleashed a tirade condemning the bank:
"This is a full-blown scandal — again. It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo. This isn’t just a corporate debacle. It’s caused real human harm. It’s reflective of a system that Americans feel is rigged against the little guy, and sadly symbolic of a culture that puts short-term profits ahead of creating sustainable value for shareowners. Everyday families have suffered and tens of millions of hard-earned dollars were stripped from unsuspecting Americans, many of whom are struggling just to get by. In the end, shareowners ultimately suffer the long-term consequnces."
Will anyone actually go to jail for what is clearly institutional theft? Or will it just be business as usual in a year?
It's your move.
JESS
Great post. Up-Voted and Followed
Thanks man, It's so irritating that Banks constantly get away with stealing from people and no one ever goes to jail.
It's insane how corrupted the culture was/is as WF. Buffett should exit his position or try to clean house with new management and board members.
I just thought of a joke after reading this post, in the "yo momma so..." theme:
"Yo bank so crooked, it makes Wells Fargo look like a church bake sale."
How was that? lol
lol appropriately cheesy!