Wells Fargo fined $185M for dubious account openings

Notice too how the ones who got fired here were the ones who were pressured into doing it (this isn't something where upper management was totally unaware of it). So you have these people on the bottom rung being effectively forced (you want to keep your job right?) into this bullshit behavior and when the regulators find out about it, does upper management get fired? No, 5000+ of their reports do.

Management, always finding a way to get others to do the dirty work for them whilst reducing direct risk and accountability yet reaping most of the gains.
 
i960 said:
Notice too how the ones who got fired here were the ones who were pressured into doing it (this isn't something where upper management was totally unaware of it). So you have these people on the bottom rung being effectively forced (you want to keep your job right?) into this bullshit behavior and when the regulators find out about it, does upper management get fired? No, 5000+ of their reports do.

Management, always finding a way to get others to do the dirty work for them whilst reducing direct risk and accountability yet reaping most of the gains.
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Very much like Steve Cohen not knowing insider trading goings on at SAC....
 
My sister used to work for WellsFargo. She told me how they used to hold regular meetings instructing their employees in the art of pressuring clients into opening various accounts and utilizing various services that they didn't need. I used to bank with them until they gave me a pre-paid credit card, practically against my will, that cost me $200.00 in activation fees before I could even begin using the thing. Now I use Chase. Never had a problem with them. They've never tried to convince me to do anything at all. I use them as savings and transfer money to and from my brokerage account. That's it. When I was with WellsFargo it was like walking on to a used car lot every time I went in there. Quite ridiculous, really.
 
S2007S said:
so Fu$king disgusting these banks are...amazing what goes on at these financial institutions.....how many banks in the last 10 years have been fined for doing something outrageous and yet they still claim they did no wrong and stay in business as if nothing ever happened.......I can just imagine what other things are happening today that we won't hear about for another 2-3-5 years, its amazing how they get away with these practices and then they claim how they are one with the customer, all liars and deceiving fools... That goes for the likes of big pharma as well and their dirty practices...it's all corporate fu$king greed. That's all it is...
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The banks should have been broken up into many pieces following 2008...Realistically, that would just return the industry to what it was 10 years prior (anyone remember all of the merger's from the 1990's onwards)...
 
How do you do that without people figuring out? Wouldn't they get a notification for having a new account? And notifiations about fees?
 
mlawson71 said:
How do you do that without people figuring out? Wouldn't they get a notification for having a new account? And notifiations about fees?
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Of course...just a quick look at that good old credit history would show accounts being opened under your name....good to check it at least once a month to see if anyone is messing with your credit because now a days it seems it happens to everyone.
 
It's unfortunate, and I'm no genius...but, people are generally not very bright with attention spans of flys.

Over time, I'm sure the accumulation of complaints added up, and the attorney's jumped in and built a case.
 
Palindrome said:
It's unfortunate, and I'm no genius...but, people are generally not very bright with attention spans of flys.

Over time, I'm sure the accumulation of complaints added up, and the attorney's jumped in and built a case.
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Key phrase "over time"...i.e. the concentration into a few mega-banks ensures plenty of lobbyist power to re-write the laws to their own benefit...IOW, "regulatory capture" is a given and the egregious behavior is only acted upon following years of this type of abuse.
 
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