Unless you’re one of the few people still watching CNN, you may have missed what can only be one of the most scandalous in-house criminal activities to be uncovered at a bank. And not just any bank. It happened at none other than Wells Fargo, which, up until the scandal was revealed, was the number one bank (as measured via its market cap) in the U. S. The scandal? Here are just a few highlights as reported. To wit:
‘On Thursday, federal regulators said Wells Fargo (WFC) 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.’
And to use CNN’s own words to describe it: ‘The scope of the scandal is shocking.’
How shocking you may ask? Fair enough, here’s a little more from their reporting…
This post was published at Zero Hedge on Sep 18, 2016.