Wells Fargo Batshit Crazy Employees

[KQ]

Whoa.



5,300 Wells Fargo Employees Fired For Creating Over 2 Million Phony Accounts

Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn't even sign up for.

That's exactly what happened to Wells Fargo customers nationwide.
On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.

The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.

"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.

Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees related to the shady behavior. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.

The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB.

The way it worked was that employees moved funds from customers' existing accounts into newly-created accounts without their knowledge or consent, regulators say. The CFPB described this practice as "widespread" and led to customers being charged for insufficient funds or overdraft fees -- because the money was not in their original accounts.

Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent, the CFPB said the analysis found. Many customers who had unauthorized credit cards opened in their names were hit by annual fees, interest charges and other fees.

The CFPB said Wells Fargo will pay "full restitutions to all victims."
Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers.

"We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement.
Wells Fargo confirmed to CNNMoney that the firings represents about 1% of its workforce.

"At Wells Fargo, when we make mistakes, we are open about it, we take responsibility, and we take action," the bank said in a memo to employees on Thursday.

It's not clear when Wells Fargo hired a consulting firm to investigate the allegations, nor what triggered the response. Wells Fargo did not respond to a request for comment on this.

[digitaldeath]

i had a wells fargo lady straight frozen yesterday on the phone - thought she was going to cry

she called me to solicit some BS product just 2 weeks after i laid into her for their retarded level of service and privacy boundaries

"waht are you doing with the money you are withdrawing "

they are the most pathetic fucks ever

[TomCrac]

Holy cow, 5300 employees involved?!

"At Wells Fargo, when we make mistakes, we are open about it, we take responsibility, and we take action,"

Maybe a poor choice of wording but I don't think "mistake" is accurate or honest.

[Joey Joe Joe Junior Shabadoo]

Wasn't it Wells Fargo who caught heat last year for all the high pressure sales tactics and pressuring employees to hit crazy numbers and push high-fee products? Sounds like this is just the fall out.

[DBdude]

exactly, that's not employees, that is company culture

[digitaldeath]

when you bail out criminals you get a criminal economy

[jono]

i had a wells fargo lady solicit some BS product just 2 weeks after i laid into her for their retarded level of service and privacy boundaries

The only solution is to work with credit unions whenever possible and eliminate all optional engagement with the big banks.

Bootlickers take note.

[LightRanger]

Yeah, fuck Congressional Republicans and their unending opposition to the CFPB--you know, the agency that investigated this issue and fined Wells Fargo...

http://www.forbes.com/sites/jimhenry.../#2bdcac5034c3
http://www.latimes.com/business/hilt...23-column.html
http://thehill.com/policy/finance/ec...to-republicans
http://www.nytimes.com/2016/03/17/bu...nit-chief.html

[Benny Profane]

Yeah, fuck Congressional Republicans and their unending opposition to the CFPB--you know, the agency that investigated this issue and fined Wells Fargo...

http://www.forbes.com/sites/jimhenry.../#2bdcac5034c3
http://www.latimes.com/business/hilt...23-column.html
http://thehill.com/policy/finance/ec...to-republicans
http://www.nytimes.com/2016/03/17/bu...nit-chief.html

Yeah, right, it's just Republicans. One wonders how much the Clintons received in speaking fees from the firm. And Warren Buffet, a richer than God Democrat, is a major stockholder and Pom Pom cheerleader in the media since the crisis.

I once saw Elizabeth Warren interviewed way back before she was in politics and still writing from Harvard, and she mentioned how the major credit card companies were caught charging small fees for nothing on thousands of bills every month for easy profit. I mean, do you check your bill every month? All the charges? Of course not. Well, maybe 10-20% of consumers do. There's a lot of fraudulent money to be made from the rest.
But, of course, regulation of finance is bad. Politicians and Jamie Dimon tell me this all the time. Right.

[LightRanger]

Cite one instance of a Dem claiming the CFPB shouldn't exist, trying to abolish it, or even trying to substantially water down its enforcement power, and I'll paypal you a dollar.

Plenty of Dems have financial services backing, but I've never seen anybody from that side of the aisle go after Warren or Cordray at all. And certainly not to the level of Congressional Republicans. And certainly not be wholly opposed to the existence of the agency and it's enforcement power. Compare apples to apples and not apples to strawmen. Your shallow attempt at false equivalency is typical.

[Benny Profane]

Cite one instance of a Dem claiming the CFPB shouldn't exist, trying to abolish it, or even trying to substantially water down its enforcement power, and I'll paypal you a dollar.

Plenty of Dems have financial services backing, but I've never seen anybody from that side of the aisle go after Warren or Cordray at all. And certainly not to the level of Congressional Republicans. And certainly not be wholly opposed to the existence of the agency and it's enforcement power. Compare apples to apples and not apples to strawmen. Your shallow attempt at false equivalency is typical.

Oh please. As said above, not one crooked banker has been put in jail in the period since the financial crisis happened, and guess who was President and effective head of the DOJ? It doesn't need rabid critics in the media. Fuck, Chuck Schumer, one of the of the most powerful Dems, can't help getting hysterical defending these crooks when he has a chance. You know, the senator of New York. Like, where Wall Street resides. Please. Or, let me put it this way. Who besides Cranky old Bernie and Warren have been heard in the media insisting upon justice for the greatest financial and white collar crimes in history. You know, Democrats? I'll give you a few hours to goggle that.

250,000 dollar speeches to Goldman Sachs, dude. Three or four of them.

[KQ]

You know.... I *almost* started this thread in Polyass....... moving in 3, 2, 1......

[TahoeJ]

Yeah, right, it's just Republicans. One wonders how much the Clintons received in speaking fees from the firm. And Warren Buffet, a richer than God Democrat, is a major stockholder and Pom Pom cheerleader in the media since the crisis.

What in the fuck are you talking about? The Democrats set this up and have been trying to increase funding and the GOP has been fighting it every step of the way. This isn't an opinion it's a fact.

Not saying they aren't shady too, but in this specific instance it's pretty cut and dry.

[LightRanger]

LR - Dem controlled DOJ has been remarkably flaccid with respect to prosecuting criminal acts in the financial sector. The problem of payoffs (fines) is not confined to one party.

for evidence, see JPM whistleblower on google.

I'm aware, and frustrated. I'm also aware of how hard it is to get convictions in those cases and how DOJ doesn't like to bring cases it can't win because it doesn't like to waste resources. To blame it on the administration, rather than the realities of prosecutions is to misunderstand how USA offices work. If Bharara thought he could bring cases he could win, he would. Same with Schneiderman on the state side.

But that's a separate issue from the one at hand here: the CFPB doing good work, despite Congressional Republicans' nonstop intransigence and attempts to stymie it.

Still waiting for that citation, Benny. Let's make it $10. Might buy you a hotdog during your annual pilgrimage to claim monthlong Colorado local status.

[LightRanger]

You know.... I *almost* started this thread in Polyass....... moving in 3, 2, 1......

It's all PolyAss these days. But read Mann and Ornstein on who's to blame for that.

[Benny Profane]

I'm aware, and frustrated. I'm also aware of how hard it is to get convictions in those cases and how DOJ doesn't like to bring cases it can't win because it doesn't like to waste resources. To blame it on the administration, rather than the realities of prosecutions is to misunderstand how USA offices work. If Bharara thought he could bring cases he could win, he would. Same with Schneiderman on the state side.

But that's a separate issue from the one at hand here: the CFPB doing good work, despite Congressional Republicans' nonstop intransigence and attempts to stymie it.

Still waiting for that citation, Benny. Let's make it $10. Might buy you a hotdog during your annual pilgrimage to claim monthlong Colorado local status.

Jesus fuck, it's hard to get conviction when the wolves are running the henhouse. Google SEC revolving door. It's fucking obvious. Stop with the partisan crap. They're all bought. Just watch where they go after they leave the SEC. They don't even try to hide it. Or, watch how Obama gets rewarded in the next decade. "Thanks dude. Is that drink cold, or should I get you another? How bout those White Sox?"

[MTT]

Once you start took a bit closer, the 5,300 is not a bulk just happened number. this has been going on for a period of years.
Cases moved through courts.

I wonder how many this week? It's a murky story that requires some thought. and yea. Wells Fargo has been pulling some shit from way up the food chain for some time.

[LightRanger]

Rhetorical question: How many career DOJ people do you know, Benny?

ETA: Still waiting, by the way.

[frorider]

http://mobile.nytimes.com/2014/05/04...al-crisis.html

In case you hadn't already read it....splains the bluntness of the tools in the box.

[LightRanger]

^^^ Missed that one. Dig Eisinger's stories. Will check it out later.

[Benny Profane]

Rhetorical question: How many career DOJ people do you know, Benny?

ETA: Still waiting, by the way.

That's a stupid question. What difference would it make if I drank with them every night? The result of the corruption speaks for itself. It's obvious.

Do yourself a favor and get this Republican bad/Democrat good out of your head. That's how they fool you. They want you to think its a game, good guys, bad guys, blue, grey, my side, your side. Such a scam. After all that's come out in the media about the obscene corruption the Clintons have participated in since they both left the White House, and I still hear intelligent, educated people spew that shit. We are so fucked. (That's my new bumper sticker: '16 - We Are So Fucked)

[Benny Profane]

Oh, and, Google Wells Fargo foreclosure fraud, too. That's one that they got away with, amazingly, since there are literally thousands of robo signed, aka, fraudulent documents entered into evidence since 08 in thousands of cases. Stunning.

[LightRanger]

That's a stupid question. What difference would it make if I drank with them every night? The result of the corruption speaks for itself. It's obvious.

Do yourself a favor and get this Republican bad/Democrat good out of your head. That's how they fool you. They want you to think its a game, good guys, bad guys, blue, grey, my side, your side. Such a scam. After all that's come out in the media about the obscene corruption the Clintons have participated in since they both left the White House, and I still hear intelligent, educated people spew that shit. We are so fucked. (That's my new bumper sticker: '16 - We Are So Fucked)

If these things are so obvious, why do you keep responding and failing to answer my question? Are you admitting that you're so incompetent that you're unable to provide a citation to something totally obvious? Because that's how it appears to anybody reading this.

[Benny Profane]

What exactly are you asking of me?

[FLS]

Yeah, but, but, Republicans.../s.