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