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Old 02-21-2020, 6:43pm   #1
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Default Yawl bankers the Wells Fargo jig......

News blurb just now about WF opening fake accounts in customer's names....

just HOW in hell that affect a damn thing about the bank's operations, much less profit???

I mean, if I knew I had $$$$ in some account.....take it and haul ASS......

other than creating extra risks for themselves.....watt's the POINT???


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Old 02-21-2020, 6:48pm   #2
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Are they still doing that? They got busted for doing that a couple of years ago...
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Old 02-21-2020, 6:49pm   #3
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History Channel?
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Old 02-21-2020, 6:51pm   #4
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They were fined 3 billion today over the fake accounts and other violations, govt still looking to prosecute employees especially management that knew of the scams.
Frankly as wide spread the issues with that bank they should just close them down and sell the assets off.
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Old 02-21-2020, 7:11pm   #5
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They were fined 3 billion today over the fake accounts and other violations, govt still looking to prosecute employees especially management that knew of the scams.
Frankly as wide spread the issues with that bank they should just close them down and sell the assets off.
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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Old 02-21-2020, 7:13pm   #6
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Old news.
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Old 02-21-2020, 7:36pm   #7
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Old news.
Bank paying/fined 3 BILLION bux on the news tonight......wish I had just .1% of that.....
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Old 02-21-2020, 7:38pm   #8
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History Channel?
Gene lives in a Time Warp.

By some strange coincidence I closed out my Wells Fargo account earlier this week. They never even bothered to ask me why...
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Old 02-21-2020, 7:39pm   #9
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Yes fine as just announced tonight but this scandal first made news three years ago. Government wheels turn slowly, unless it is an action against DJT
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Old 02-21-2020, 7:49pm   #10
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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 $$$$

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.
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