Better Business Bureau yanks Wells Fargo's accreditation


The scandal-haunted bank has been de-accredited by the Better Business Bureau, a punishment meted out to companies that violate the BBB Standards of Trust, which include "tell the truth," "build trust," "honor promises" and "embody integrity." (via Reddit) Read the rest

Wells Fargo's new CEO previously denied that the bank's sales culture had any problems


Yesterday, Wells Fargo CEO John Stumpf announced his "early retirement" from the scandal-haunted company, with the CEO seat being filled by former COO Tim Sloan. Read the rest

Wells Fargo CEO John Stumpf resigns

First he was flayed by Senator Elizabeth Warren, then Congress had a go, then everyone got to gnaw on the fact that he'd done some seriously criminal stuff, then it emerged that he'd been a party to the bank's frauds since at least 2008, then we learned that his $200B bonus would be subsidized by taxpayers, then we learned that he walked through one of the bank's notorious boiler rooms every day, then his board of directors clawed back a couple million. Read the rest

Wells Fargo whistleblower: once I complained, they started denying me bathroom breaks


Yesterday, I predicted that a lot of Wells Fargo whistleblowers were going to come forward, given how terribly Read the rest

Icelandic Supreme Court: all nine top bankers are guilty of market manipulation


All nine of the top Icelandic bankers from the KaupĆ¾ing market manipulation case have been found guilty by the country's Supreme Court, which reversed the district court that had acquitted two of the defendants last year. Read the rest

Whistleblower docs: Wells Fargo was opening fake accounts in 2005


Dennis Hambek was a Wells Fargo branch manager. In 2005, he found Wells Fargo employees creating fake accounts in their customers' names (in order to meeting the company's punishing sales quotas and avoid being blackballed across the industry). He sent a certified letter about the practice in 2006 to Carrie Tolstedt -- the bank exec who oversaw the fraud and retired weeks ahead of the scandal with a $125,000,000 bonus -- and held onto the receipts. Read the rest

RBS deliberately crushed more than 1,000 healthy UK businesses to seize and sell their assets


RBS, the bank that UK taxpayers bailed out during the financial crisis, after its reckless speculation drove it to bankruptcy, ran a fake "restructuring unit" that was pitched to business customers as a way of helping them weather the market turmoil, but was actually a loan-sharking operation that cranked up interest rates and imposed high penalties, deliberately driving healthy businesses into bankruptcy so that the bank could snap up their assets (illegally sharing information between business units so that RBS always beat the other bidders) and then selling them off to keep the bank profitable. Read the rest

Wells Fargo whistleblower describes bank's culture of blackballing threats and coerced corruption


On the latest Planet Money podcast (MP3), a former San Francisco Wells Fargo banker describes the bullying and coercion she faced from senior management while working at the bank's head office, and how the bank forced her out when she blew the whistle on fraud and then blacklisted her with other banks, forcing her out of the sector altogether. Read the rest

Petition: make the FBI explain why they didn't bring criminal charges against bank execs


Last month, Senator Elizabeth Warren published an open letter to FBI director James Comey observing that, in revealing details of its investigation into the Clinton email scandal, the Bureau had seemingly abandoned its longstanding policy of not sharing its deliberations, meaning that there was no longer any reason to keep secret its reasoning for not bringing criminal charges against the bankers who did trillions of dollars' worth of damage to the world economy, sparking wars, starvation, and personal ruin for millions of people. Read the rest

Wells Fargo started demanding fraud of its employees in 1998; Illinois cuts Wells off from state business


Wells Fargo made a habit of firing employees who didn't make unrealistic sales targets, turning a blind eye to the fraud they had to commit in order to keep their jobs (and firing the whistleblowers who reported the fraud). Read the rest

State of California imposes 12-months' worth of sanctions on Wells Fargo


Following from Wells Fargo's 2,000,000-account fraud against its own customers -- part of a decade-old pattern -- the state of California has imposed sanctions on the bank, freezing it out of bond issues, brokerage business, and suspending all investment in Wells Fargo-issued securities. Read the rest

How many Wells Fargo employees were fired for NOT committing fraud?


When Wells Fargo fired 5,300 employees for opening 2,000,000 accounts in its customers name (stealing their cash and trashing their credit scores in the process), it wanted us all to know that it had cleaned house, because this was just 5,300 people who, without any help from senior management, all happened to coincidentally engage in the same fraud. Read the rest

Whistleblowing Wells Fargo loan officer describes years of fraudulent, criminal culture in the bank


Beth Jacobson was a Wells Fargo loan officer who blew the whistle on the bank's predatory, racist loan-fraud in the runup to the 2008 financial crisis, which tanked the world's economy and nearly wiped out Wells Fargo (they were rescued with a $36B taxpayer-funded bailout). Read the rest

Your tax dollars subsidized $125m executive bonus for Wells Fargo exec who led massive fraud


Normally, companies that give "performance pay" to their execs can only write off the first $1M: but when Wells Fargo gave $125M to Carrie Tolstedt (shown above receiving American Banker's 2010 award for being "the most powerful woman in banking") as she "retired" after overseeing a 5-year period in which Wells Fargo's top brass were aware that their employees were opening 2 million fake accounts in their customers' names, Wells structured the payment as a "bonus," meaning that the company took a $78 million off its taxes, pocketing $27m in savings. Read the rest

Wells Fargo fired the whistleblowers who reported massive fraud, and that's a crime


CNN Money has found multiple whistleblowers from Wells Fargo who were willing to go on the record and report that they were fired in retaliation for coming forward to report the massive fraud in which Wells Fargo employees opened up 2,000,000 fake accounts in their customers' names, raiding their real accounts to open them, then racking up fees and penalties, and trashing their customers' credit ratings. Read the rest

Advice for people defrauded by Wells Fargo


If one of the 2,000,000 fraudulent accounts Wells Fargo opened was in your name, the US government has some advice for you. Read the rest

What yesterday's hilariously awful testimony by Wells Fargo's CEO portends for his future


Yesterday, Wells Fargo CEO John Stumpf addressed the Senate Banking Committee about his bank's years of fraud, driven by threats of firing for low-level employees if they didn't meet unrealistic sales-targets, overseen by an executive who was given a $125m retirement bonus when she quit last summer, just before the scandal broke (though the bank had known it was going on since 2011). Read the rest

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