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Wells Fargo

WHEN WILL ALL WELLS FARGO’S FRAUD BE UNCOVERED?

Once again the New York Times reports on Wells Fargo’s fraudulent account scandal.  No, this is not the same one from 2016, this is a new one where the bank just “found” more than a million additional unauthorized accounts, raising the total to 3.5 million accounts.

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Is Wells Fargo too big to care about criminal activities and threats from Congress?

“Every time we get one of these announcements, the pressure rises,” said Nancy Bush, a banking industry analyst who runs NAB Research. “How many customers, and how many employees within Wells Fargo, are coming to the conclusion, ‘I don’t need to be associated with this’?”

New scam by Wells Fargo

Besides the additional accounts announced Thursday, the wider review uncovered a new issue: unauthorized enrollments of customers in the bank’s online bill payment service; a service that is now free.

One of the bank’s fiercest critics, Senator Elizabeth Warren, Democrat of Massachusetts, laid into it with a scathing statement: “Unbelievable. Wells Fargo’s massive fraud is even worse than we thought.”

A coalition of 33 consumer groups sent a letter to congressional leaders urging them to bring Wells Fargo executives back to Capitol Hill — where Mr. Stumpf was roasted last year by unhappy lawmakers, shortly before he stepped down under pressure — to answer new questions about the bank’s abuses. The bank “may have intentionally misled” lawmakers in its previous testimony, they said. Ms. Warren, who is a member of the Senate Banking Committee, also called for the committee to hold a new hearing.

Wells Fargo

* FRAUD AND DECEIT – BELOW ARE JUST A FEW OF THE FRAUDS WELLS FARGO HAS BEEN INVOLVED IN. GIVEN THEIR HISTORY THERE ARE MANY MORE TO COME.

The Wells Fargo Fake Account Scandal: A Timeline – Forbes

On September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to Los Angeles city and federal regulators to settle allegations that its …
Jul 31, 2017 – Analysts are angry over the latest Wells Fargo scandal where hundreds of thousands of customers were required to buy auto insurance they …

The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on …

2 days ago – Beginning in at least in 2009, Wells Fargo teamed up with a home warranty firm to foist a product on unsuspecting mortgage customers, …
2 days ago – It’s been a whole day since we learned about another example of systematic, widespread fraud by America’s largest bank Wells Fargo (ripping …
Jul 21, 2017 – OSHA orders Wells Fargo to reinstate and pay a whistleblower $577000 in the fake-account scandal.

Wells Fargo, Awash in Scandal, Faces Violations Over Car Insurance …

Aug 7, 2017 – Wells Fargo, the scandal-plagued bank, is facing new regulatory scrutiny for not refunding insurance money owed to people who paid off their …

8 hours ago – One of the world’s largest hedge funds made a huge bet that scandal-plagued Wells Fargo‘s worst days are behind it. Viking Global, a $30 …

How Wells Fargo’s Cutthroat Corporate Culture Allegedly Drove …

But with the major scandal unfolding at Wells Fargo, angry former employees illuminate the alarming pressure that allegedly led local bankers to defraud …

Wells Fargo Opened a Couple Million Fake Accounts – Bloomberg

Really that’s just one principle: You get what you measure, but only exactly what you measure. There’s no guarantee that you’ll get the more …

MUSINGS FROM DIANE:

bankruptcyI have to ask – how many of you believe the bank’s excuses? Personally, I think Wells Fargo believes no regulator can reach them and that it can bully anyone – consumer or politician. It has gotten away with this type of behavior for so many decades that it was certain no one could touch them. I support Senator Elizabeth Warren’s attempt to make Wells Fargo accountable for their outrageous actions. Enough is enough. I moved all our accounts, both personal and business, out of Wells Fargo.
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Diane L. Drain

Diane L. Drain, bankruptcy attorney, retired law professor, mentor and community spokesperson.

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