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

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


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


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

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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

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


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


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

US Army committed $6.5 trillion in accounting fraud in one year


In June, the Defense Department’s Inspector General released a report on the US Army's accounting, revealing that the Army had invented $6.5 trillion in "improper adjustments" ($2.8T in one quarter!) to make its books appear balanced though it could not account for where the funds had gone. Read the rest

Illegal "Warranty Void If Removed" still ubiquitous: they're on the Xbox One S


The tamper-evident "Warrant Void If Removed" stickers violate the Magnuson-Moss Warranty Act of 1975, which allows device owners to take their gadgets for service at independent depots without voiding their warranties. Read the rest

Researchers learn about wire-fraud scam after Nigerian scammers infect themselves with their own malware


In Wire Wire: A West African Cyber Threat, researchers from Secureworks reveal their findings from monitoring a Nigerian bank-fraud ring whose members had unwittingly infected themselves with their own malware, which captured their keystrokes and files and uploaded them to a file-server from which the researchers were able to monitor their activities and methodologies. Read the rest

Iraq bans fake bomb detectors


James McCormick, a British fraudster, got rich and got jailed selling fake bomb detectors to police in Iraq. But the devices—dowsing rods in a plastic handle, often sold as golf ball 'finders'—were so popular that even after he was collared, cops remained convinced (by inclination or graft) that they worked. After a series of horrific bombings, the government's stepped in to get rid of the useless gadgets.

It took a massive suicide bombing that killed almost 300 people in Baghdad on July 3 — the deadliest single attack in the capital in 13 years of war — for Prime Minister Haider al-Abadi to finally ban their use.

The reason it took so long is likely the widespread corruption in the government. Iraqis mocked the device from the start, joking that too much aftershave could set off the antenna.

Now there are accusations that plans to start using newly imported explosives-detecting scanners were intentionally held up as part of the political wrangling over which faction — the military or the police — will control security in Baghdad.

Read the rest

One of the copyright's scummiest trolls loses his law license


For more than four years, we've chronicled the sleazy story of Prenda Law, a copyright troll whose extortion racket included genuinely bizarre acts of identity theft, even weirder random homophobic dog-whistles, and uploading their own porn movies to entrap new victims, and, naturally, an FBI investigation into the firm's partners' illegal conduct. Read the rest

Gay Talese learns the subject of his new book is a liar, disavows the book UPDATED


Gay Talese's forthcoming book The Voyeur's Motel tells the allegedly true story of Gerald Foos, a Colorado motel owner and voyeur who claimed to have conducted "research" on human sexuality by spying on the sex lives of his guests through strategically placed ceiling gratings that let him covertly watch them from the motel's attics. Read the rest

Being a Craigslist scammer is hard work

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Roger Grimes tracked down a Craigslist scammer and interviewed him for Infoworld, getting some surprisingly frank answers about what life is like as a small time online con-artist. Read the rest

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