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.
Truly massive bank fraud revealed
-
- Posts: 8486
- Joined: Tue Aug 19, 2008 2:15 pm
Truly massive bank fraud revealed
Maybe we're just jaded, but your villainy is not particularly impressive. -Ennesby
If you know what you're doing, you're not learning anything. -Unknown
Sanity is the process by which you continually adjust your beliefs so they are predictively sound. -esr
If you know what you're doing, you're not learning anything. -Unknown
Sanity is the process by which you continually adjust your beliefs so they are predictively sound. -esr
- MiddleAgedKen
- Posts: 2871
- Joined: Mon Aug 18, 2008 8:11 pm
- Location: Flyover Country
Re: Truly massive bank fraud revealed
Remember when the long-distance carriers were slamming customers?
Shop at Traitor Joe's: Just 10% to the Big Guy gets you the whole store and everything in it!
- Netpackrat
- Posts: 13983
- Joined: Fri Aug 15, 2008 11:04 pm
Re: Truly massive bank fraud revealed
So, employees were let go by Wells, and were found to be associated with fraudulent practices? Seems like we have heard this one before.
Cognosce teipsum et disce pati
"People come and go in our lives, especially the online ones. Some leave a fond memory, and some a bad taste." -Aesop
"People come and go in our lives, especially the online ones. Some leave a fond memory, and some a bad taste." -Aesop
- 308Mike
- Posts: 16537
- Joined: Wed Aug 13, 2008 3:47 pm
Re: Truly massive bank fraud revealed
AND, they probably hired them back as contractors at a MUCH higher rate.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.
POLITICIANS & DIAPERS NEED TO BE CHANGED OFTEN AND FOR THE SAME REASON
A person properly schooled in right and wrong is safe with any weapon. A person with no idea of good and evil is unsafe with a knitting needle, or the cap from a ballpoint pen.
I remain pessimistic given the way BATF and the anti gun crowd have become tape worms in the guts of the Republic. - toad
A person properly schooled in right and wrong is safe with any weapon. A person with no idea of good and evil is unsafe with a knitting needle, or the cap from a ballpoint pen.
I remain pessimistic given the way BATF and the anti gun crowd have become tape worms in the guts of the Republic. - toad
- HTRN
- Posts: 12397
- Joined: Wed Aug 20, 2008 3:05 am
Re: Truly massive bank fraud revealed
Why bother? They're completely replaceable. These are people with masters degrees in Finance from Yale, they're mcsalesmen.308Mike wrote:AND, they probably hired them back as contractors at a MUCH higher rate.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.
HTRN, I would tell you that you are an evil fucker, but you probably get that a lot ~ Netpackrat
Describing what HTRN does as "antics" is like describing the wreck of the Titanic as "a minor boating incident" ~ First Shirt
Describing what HTRN does as "antics" is like describing the wreck of the Titanic as "a minor boating incident" ~ First Shirt
- Catbird
- Posts: 1064
- Joined: Tue Aug 19, 2008 4:50 pm
Re: Truly massive bank fraud revealed
I seem to remember one of our former moderators used to work for Wells Fargo as a IT security guy.
"If at first you don't succeed, that's one data point." XKCD
-
- Posts: 8486
- Joined: Tue Aug 19, 2008 2:15 pm
Re: Truly massive bank fraud revealed
Yep. They run a sweatshop.HTRN wrote:Why bother? They're completely replaceable. These are people with masters degrees in Finance from Yale, they're mcsalesmen.308Mike wrote:AND, they probably hired them back as contractors at a MUCH higher rate.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.
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.
Maybe we're just jaded, but your villainy is not particularly impressive. -Ennesby
If you know what you're doing, you're not learning anything. -Unknown
Sanity is the process by which you continually adjust your beliefs so they are predictively sound. -esr
If you know what you're doing, you're not learning anything. -Unknown
Sanity is the process by which you continually adjust your beliefs so they are predictively sound. -esr
- Netpackrat
- Posts: 13983
- Joined: Fri Aug 15, 2008 11:04 pm
Re: Truly massive bank fraud revealed
That's what I was alluding to, but I guess I was too vague.Catbird wrote:I seem to remember one of our former moderators used to work for Wells Fargo as a IT security guy.
Cognosce teipsum et disce pati
"People come and go in our lives, especially the online ones. Some leave a fond memory, and some a bad taste." -Aesop
"People come and go in our lives, especially the online ones. Some leave a fond memory, and some a bad taste." -Aesop
- Kommander
- Posts: 3761
- Joined: Wed Aug 13, 2008 10:13 am
Re: Truly massive bank fraud revealed
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.
- HTRN
- Posts: 12397
- Joined: Wed Aug 20, 2008 3:05 am
Re: Truly massive bank fraud revealed
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.Greg wrote:Yep. They run a sweatshop.HTRN wrote:Why bother? They're completely replaceable. These are people with masters degrees in Finance from Yale, they're mcsalesmen.308Mike wrote: AND, they probably hired them back as contractors at a MUCH higher rate.
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.
HTRN, I would tell you that you are an evil fucker, but you probably get that a lot ~ Netpackrat
Describing what HTRN does as "antics" is like describing the wreck of the Titanic as "a minor boating incident" ~ First Shirt
Describing what HTRN does as "antics" is like describing the wreck of the Titanic as "a minor boating incident" ~ First Shirt