29-Sep-16 World View -- Wells Fargo receives laughable 'punishment' for massive criminal fraud

[John]

29-Sep-16 World View -- Wells Fargo receives laughable 'punishment' for massive criminal fraud


Reasons given why no criminal prosecutions of bankers for criminal fraud

** 29-Sep-16 World View -- Wells Fargo receives laughable 'punishment' for massive criminal fraud
** http://www.generationaldynamics.com/pg/ ... tm#e160929


Contents:
Wells Fargo found to have defrauded millions of customers
Reasons given why no criminal prosecutions of bankers for criminal fraud


Keys:
Generational Dynamics, Wells Fargo, John Stumpf,
Consumer Finance Protection Bureau, CFPB,
Financial Crisis Inquiry, Libor, Forex, The Big Short,
Fiorello!, Little Tin Box

[SouthernGentleman]

You can't make this stuff up. There are no words that even come close to describing the utter insanity of our society. I hate to say it but the only good thing the coming clash of the civilization war will accomplish is eliminating many millions of stupid people. Most likely including me.

[John]

> You can't make this stuff up. There are no words that even come
> close to describing the utter insanity of our society. I hate to
> say it but the only good thing the coming clash of the
> civilization war will accomplish is eliminating many millions of
> stupid people. Most likely including me.

Lol! Me too.

[Jack Edwards]

I was hoping you would post on this topic. Every organization is perfectly designed to give the results it does. Things happen for a reason. When one employee embezzles or commits fraud - it's a individual making a bad decision. When thousands of employees commit identity theft to meet quotas - it's because the system is designed that way. Those in charge of setting the quotas - are ultimately those responsible. I liken it to the loan shark. When he tells the guy he needs 20 grand back by Wednesday or he's going to break his legs - he knows the guy is going to steal the money from someone. It's the same thing with Wells Fargo.

I've lived in a 3rd world country and seen what happens when corrupt governance occurs. It's so sad. One can't win.. it's always rigged. A sense of fatalism sets in. When I lived in the 3rd world country I kept thinking "Thank God I'm going back to America where this sort of thing doesn't happen". We're on our way to becoming a 3rd world banana republic. The rule of law is no longer important. The media cares about power and viewership not about truth. People don't care about truth... I'm done now, as much as I thought a rant would make me feel better it doesn't.

Jack

[Jim Newhouse]

For more info on this scandalous scam, see the following Mpls Star Tribune articles ...
Schafer: Wells Fargo fiasco had roots in Norwest strategy http://www.startribune.com/lee-schafer- ... /393750451
Sack cartoon: Wells Fargo http://www.startribune.com/sack-cartoon ... /395186251
House lawmakers heap blistering criticism on Wells Fargo CEO http://www.startribune.com/wells-fargo- ... /395219171
Inside Wells Fargo, front-line employees describe immense pressure, few rewards http://www.startribune.com/inside-wells ... /394694611
Wells Fargo claws back $41 million of CEO's pay package http://www.startribune.com/wells-fargo- ... /395027361
Bank at Wells Fargo? Here are 4 things you should do soon http://www.startribune.com/bank-at-well ... /395103571
Taking responsibility for the Wells Fargo fiasco http://www.startribune.com/taking-respo ... /394347271
Wells Fargo phony accounts news is even worse than it appears http://www.startribune.com/wells-fargo- ... /393178211
House panel to probe Wells Fargo opening of accounts http://www.startribune.com/house-panel- ... /393710431

[gerald]

When the rule of law AND responsibility is applied equally to all becomes "inconvenient", problems occur, and these problems become progressively worse until there is hell to pay.

Hell is getting ready for payment.

[josa0512]

Dr. Xenakis,

You wrote

And not a single goddam one of these crooks has gone to jail or even been criminally prosecuted.

I understand that you don't believe in God, but I most certainly do and I am sure that you have many other readers who believe in God as well.
Please choose another word or phrase to verbally express your thoughts, instead of taking the name of God and using it profanely and disrespectfully.

I have enjoyed reading your blog for several years now and I hope to continue doing so. We are most definitely living in turbulent times.

Sincerely,
Joseph Johnson

[WorldMan]

Is there a reason the fine is so small legally? Like why 3% of the quarter instead of 4% or 2%? I guess will never understand these investigations..

[Rbutcher]

It's a wonder that Wells Fargo hasn't lost a lot of customers. I know if I had an account and that happened to me they would see every last penny in my account moved to another institution.