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

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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

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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

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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

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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

Elizabeth Warren to FBI director: now that investigations are fair game, what about banksters?

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When FBI Director James Comey released detailed notes on the Bureau's investigation into Hillary Clinton's email server, they broke with precedent, specifically, their refusal to release documents explaining why they totally failed to prosecute any of the bankers responsible for tanking the US economy in 2008 and destroying the lives of millions of Americans. Read the rest

Wells Fargo won't claw back $125m retirement bonus from exec who oversaw 2m frauds

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Carrie Tolstedt is the Wells Fargo executive who presided over a titanic, multi-year fraud through which at least 5,300 of the employees who reported to her opened up fake accounts in Wells' customers' names, racking up fees and fines, trashing the customers' credit ratings, and, incidentally, pulling in record revenues for Tolstedt's department, which Wells' management recognized by giving her a $125M parting gift when she left the company at the end of July, just weeks before the scandal broke. Read the rest

Wells Fargo fires 5,300 employees for opening 2M fake accounts in customers' names

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5,300 Wells Fargo employees created 2 million phony bank accounts and racked up huge fees, raking in commissions from their employer for being such great salespeople for the bank's services; meanwhile, the fees associated with the 2 million fake accounts created the appearance of much greater earnings for the bank, which it trumpeted to its investors. Read the rest

Ireland (finally) jails three bankers for role in 2008 crisis

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The three senior bankers who were sentenced on Friday are among the first to go to jail for illegal actions that contributed to the global economic crisis of 2008, which triggered waves of global instability, which contributed to the ongoing refugee crises and wars, mass unemployment, crippling austerity, the near-collapse of the Eurozone, Brexit, and soaring inequality. Read the rest

Eric Holder: I didn't prosecute bankers for reasons unrelated to my $3M/year law firm salary

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The Intercept's Dan Froomkin played turd-in-the-punchbowl at outgoing Attorney General Eric Holder's victory lap party at the Reporters Committee for Freedom of the Press reception on Wednesday, asking why Holder had declined to put one single banker in jail for the monumental frauds that collapsed the world's economy in 2007-9. Read the rest

Emma Thompson on tax-strike until HSBC tax evaders are jailed

The actor and her husband, Greg Wise, have vowed to withhold their tax until the UK tax authorities begin to imprison the tax-cheats who were revealed to be using HSBC's Swiss money-laundry, even if it means going to jail themselves. Read the rest

Billboards tell the stories of professionals who can't afford London anymore

The London is Changing project collects the personal stories of professional people who are leaving the city because it has been remade as a playground for the global rich. Read the rest

London: the dead-eyed banker psycho dream

"Its protagonist lives in a world of almost continual night, with the hungry eyes and dead affect of an Ayn Rand wet dream: his world is constituted of chrome, glass, a palette of white-to-taupe, a spatter-pattern rug and one book, a single book, on graphic design" - Piercepenniless on the Redrow London property development promo video. Read the rest

Chicago schools lost $100M by letting Wall Street engineer their finances

In 2007, the school raised $1B, and instead of issuing bonds, it let the bankers who'd been courting it talk it into issuing a floating-rate bond that it swapped into a fixed-rate issue. Read the rest

Payday loans for kids

Pocket Money Loans is the latest from prankster/artist Darren Cullen (previously), offering 5000% APR loans to children so that they can "get out of debt with a loan" and "spend each day like it's your last." Read the rest

Fed whistleblower secretly recorded 46 hours of regulatory capture inside Goldman Sachs

Carmen Segarra is a former FTC regulator who joined the fed after the financial crisis to help rescue the banking system -- but she was so shocked by the naked regulatory capture on display that she ended up buying a covert recorder from a "spy shop" and used it to secretly record her colleagues letting Goldman Sachs get away with pretty much anything it wanted to do. Read the rest

Eric Holder: creator of the "Too Big to Jail" bankster

While you contemplate Eric Holder's track record of surveilling, intimidating and indicting journalists, remember that he also invented the Too Big to Jail doctrine, the failed idea that the answer to breathtaking criminal activity by gigantic banks is big fines, not criminal prosecutions. Read the rest

Elizabeth Warren asks why criminal bankers are too big to jail

There were 800 convictions in the S&L crisis, but the DOJ hasn't prosecuted a single banker involved in the financial crisis; as Matt Taibbi points out in the brilliant, essential book The Divide, if shutting down a huge bank would impose too many costs on society, then why don't prosecutors insist that the banks be split up as a condition of not dropping the entire C-suite into the deepest dungeon in the nation? Read the rest

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