The Wells Fargo fraud came to light because of union organizers

iww_demonstration_ny_1914

Though Wells Fargo had been pressuring its employees to commit fraud since 1998, firing those who couldn't make quota, as well as the whistleblowers who came forward to report the fraud, it wasn't until the Committee for Better Banks launched a unionization drive to organize retail banking workers against punitive sales quotas that the crimes came to light. Read the rest

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

050-056c026d-1c66-4d42-9fae-a8

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

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

050-056c026d-1c66-4d42-9fae-a8

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

Inside a multimillion dollar fake Kindle book scam

amazonaccounts

Vancouver-based engineer-turned-"entrepreneur" Valeriy Shershnyov published thousands of titles in the Kindle store, "books" of typo-riddled nonsense that he upranked with a system of bots that gamed Amazon's fraud-detection systems, allowing him to sell more than $3M worth of garbage to unsuspecting Amazon customers. Read the rest

Wells Fargo execs will lose a few millions out of the hundreds of millions they got for abetting massive fraud

stumpf

Wells Fargo's Board of Directors have finally exercised their right to claw back part of the hundreds of millions of dollars taken home by two senior executives who were compensated on the basis of the fraudulent earnings the bank took in while opening 2,000,000 secret accounts in their customers' names, taking money out of those customers' real accounts to pay for the fees and penalties accrued by the fake accounts, and trashing their customers' credit in the process. Read the rest

Ex-Wells employees who were fired for NOT committing fraud launch $2.6B lawsuit

050-056c026d-1c66-4d42-9fae-a8

When four named whistleblowers came forward to reveal that they'd been illegally fired from Wells Fargo for reporting that the company was experiencing widespread fraud, it was deja vu all over again: Wells also punished whistleblowers who sounded the alarm during the subprime crisis, and was thus so totally compromised that they needed a $36B taxpayer bailout. Read the rest

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

vulture-724431_960_720

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

storm_clouds

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

050-056c026d-1c66-4d42-9fae-a8

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

animation-14-300x227

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

050-056c026d-1c66-4d42-9fae-a8

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

animation

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

Execs with long coporate crime rapsheets stand up for Apple's tax evasion and "the rule of law"

c10005345

The EU has ruled that Apple has to pay taxes on the billions it laundered through Ireland by pretending that an empty room with no employees was the company's "head office," a move that has enraged the Business Roundtable, which has sent a letter calling on the EU to respect the "rule of law," whose five signatories have all presided over acts of shameless lawbreaking. Read the rest

Leaked: damning Scott Walker dark money docs that judge ordered destroyed

Kasten_check

Again and again, Wisconsin governor Scott Walker flouted election laws to raise millions from some of the richest executives and biggest corporations in America, illegally laundering the money through the nominally independent, nonprofit Wisconsin Club for Growth -- and now we have all the details, thanks to an enormous leak of documents that a Wisconsin judge ordered destroyed. Read the rest

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

050 056c026d-1c66-4d42-9fae-a8e96df290c5-1020x1178

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

Donald Trump used $20K worth of charitable donations to buy a 6' tall painting of Donald Trump

trumpvigo-landscape

The Donald J Trump Foundation raised a lot of other peoples' money and spent it on things that benefited Trump, while allowing the Republican presidential candidate to falsely claim to have made enormous, public spirited donations. Read the rest

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

2011-11-22_Wells_Fargo_ATMs_lit_at_night

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

More posts