Why I Wasn’t Surprised by Wells Fargo’s Scam

Jon Corruption, Economy, Market Commentary

This is a syndicated repost courtesy of Money Morning – We Make Investing Profitable. To view original, click here. Reposted with permission.
Management wants us to believe ‘just 5,300 bad apples can spoil the bunch’ at America’s favorite bank… By now we all know that Wells Fargo & Co. (NYSE: WFC), one of America’s premier banking giants, got slapped with $185 million in fines to settle charges of widespread fraud. Or was it a screw-up? Maybe management, compliance officers, risk monitors, and auditors simply failed to catch thousands of employees who happened to be engaged in a massive and likely criminal enterprise going back five years.
In fact, this was encouraged by pervasive ‘trickle-down’ bankster culture that puts a premium on profit above, well, everything else. Wells Fargo just managed to get caught at it.

This post was published at Wall Street Examiner by Shah Gilani ‘ September 19, 2016.