Talk about the greed of the one percent.
Wells Fargo Bank needs to be shut down. I mean if what has been reported is true that one percent of its work force was involved in setting up phony accounts so individual employees could get sales bonuses and as a result customer accounts were robbed and customers were subjected to fees and overdraft penalties, then there is no reason that the bank should be allowed to remain in business.
It was reported that 5,300 employees have been fired over the scandal.
It seems to me the chief executives and their underlings should be the first to go. I mean that is what they get paid the big bucks for, to take responsibility.
And I would think there ought to be quite a few people sent to prison. A message on this needs to be sent.
That many employees could hardly have participated in the fraud without the consent and in fact encouragement from higher-ups. The bank did not lose, until now, possibly, the customers did.
While it is reported the bank is being fined 185 million dollars, I think the penalty should go further than that. The bank will no doubt just somehow siphon that out of it’s customers somehow.
All honest business people should be outraged.
The FDIC or whatever regulatory agency should shut it down, not just fine it.
I would advise any customer to close his or her account and move funds elsewhere.
For that many people to be involved in fraud in one entity is shocking and sickening and indicates that there really are no ethics or morals left it the finance industry — if there ever was. Okay maybe a bit strong, but this sounds like an ethical crisis to me.
I do no business directly with Wells Fargo. Did use the bank in the distant past for my measly account.