Quote:
Originally Posted by mrvette
Just WHERE and HOW was it supposed to 'help' the bank?? OR the employees doing the scam, how did it cost customers any money?? or show profits?? just another computer entry disappearing into nothing, unless used to launder $$$$
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Long story you may want to google it and have a drink handy, basically...
Employees had to open so many new accounts a month(year whatever) to both keep their jobs and get bonuses. Makes company look better /bigger with more accounts thus bosses and company gets richer(stocks go up also).
It was widespread in the company and supported by management and who knows exactly how high it went.
Can be a ding on your credit if have too many accounts.
They committed identity theft basically.
They were also selling insurance on loans unbeknownst to the people apparently. People had repos/foreclosures as a result of this also it seems.
It wasn't a few accounts, believe it was tens of thousands possibly alot more that were fraudulently opened.
I was reading somewhere but cannot find it now that some of the fines or possibly other fines were going to the stockholders as the stock took such a hit from the scandal and they didn't earn enough or lost money on the stocks, **** the innocent people I guess as it's always about the money.