Truly massive bank fraud revealed

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Greg
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Truly massive bank fraud revealed

Post by Greg »

Seems it's come out that thousands of Wells Fargo employees have been fired for fraudulent practices like opening unauthorized accounts without customer knowledge or approval.

http://money.cnn.com/2016/09/08/investi ... index.html

An additional story shows this is an ongoing thing at Wells and has been known about for years, it's an outgrowth of their sales-obsessed corporate culture.

http://www.latimes.com/business/la-fi-w ... story.html

Personally I think jail time is in order, not just firing a few people and reluctantly paying people back for fraudulent fees.
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MiddleAgedKen
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Re: Truly massive bank fraud revealed

Post by MiddleAgedKen »

Remember when the long-distance carriers were slamming customers?
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Netpackrat
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Re: Truly massive bank fraud revealed

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So, employees were let go by Wells, and were found to be associated with fraudulent practices? Seems like we have heard this one before.
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308Mike
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Re: Truly massive bank fraud revealed

Post by 308Mike »

Netpackrat wrote:So, employees were let go by Wells, and were found to be associated with fraudulent practices? Seems like we have heard this one before.
AND, they probably hired them back as contractors at a MUCH higher rate. :roll:
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HTRN
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Re: Truly massive bank fraud revealed

Post by HTRN »

308Mike wrote:
Netpackrat wrote:So, employees were let go by Wells, and were found to be associated with fraudulent practices? Seems like we have heard this one before.
AND, they probably hired them back as contractors at a MUCH higher rate. :roll:
Why bother? They're completely replaceable. These are people with masters degrees in Finance from Yale, they're mcsalesmen.
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Catbird
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Re: Truly massive bank fraud revealed

Post by Catbird »

I seem to remember one of our former moderators used to work for Wells Fargo as a IT security guy.
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Greg
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Re: Truly massive bank fraud revealed

Post by Greg »

HTRN wrote:
308Mike wrote:
Netpackrat wrote:So, employees were let go by Wells, and were found to be associated with fraudulent practices? Seems like we have heard this one before.
AND, they probably hired them back as contractors at a MUCH higher rate. :roll:
Why bother? They're completely replaceable. These are people with masters degrees in Finance from Yale, they're mcsalesmen.
Yep. They run a sweatshop.

The low-level folks get forced to sell or suffer. No sell, you get verbal abuse, humiliation, forced unpaid overtime, no raise, eventually fired.

So there are going to be low-level folks who cheat. And the higher level folks indirectly encourage it, then look the other way. If the underlings cheat successfully, the bosses meet their targets and get bonuses. If the underlings get caught cheating, it's on them and the underlings are the ones who get fired. Deniability is nice. Externalized risks are nice, too.

This needs to get a lot more publicity. I had no idea how screwed Wells Fargo was until, well, I read those articles. This is a 'delenda est' type situation, like Goldman Sachs.
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Netpackrat
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Re: Truly massive bank fraud revealed

Post by Netpackrat »

Catbird wrote:I seem to remember one of our former moderators used to work for Wells Fargo as a IT security guy.
That's what I was alluding to, but I guess I was too vague.
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Kommander
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Re: Truly massive bank fraud revealed

Post by Kommander »

I feel kind of bad for these guys because I used to pick up money from them. No matter how many issues the company I used to work for had, they would always, ALWAYS pay you for time worked. The one time I had an issue with this is was resolved instantly and with no questions. Frankly I don't know why tellers would stick around in a place doing this. It's an entry level position that pays just a few bucks over minimum wage.
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HTRN
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Re: Truly massive bank fraud revealed

Post by HTRN »

Greg wrote:
HTRN wrote:
308Mike wrote: AND, they probably hired them back as contractors at a MUCH higher rate. :roll:
Why bother? They're completely replaceable. These are people with masters degrees in Finance from Yale, they're mcsalesmen.
Yep. They run a sweatshop.

The low-level folks get forced to sell or suffer. No sell, you get verbal abuse, humiliation, forced unpaid overtime, no raise, eventually fired.

So there are going to be low-level folks who cheat. And the higher level folks indirectly encourage it, then look the other way. If the underlings cheat successfully, the bosses meet their targets and get bonuses. If the underlings get caught cheating, it's on them and the underlings are the ones who get fired. Deniability is nice. Externalized risks are nice, too.
Hell even the best and brightest get that treatment, because they're are always fresh graduates from the finance programs of Harvard, Yale, Princeton, etc to replace them. Encourage them to do sketchy things for the company, the fire them as soon as the wind shifts, as "rogue elements", to take the heat. There's a movie on netflix called waffle street that has this happen to the main character, based on an autobiographical book by a former bond trader named James Adams who got canned due to the 2008 bond crisis that he admits that he and others like him caused, at the behest of upper management so the company can make billions.
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