One of America’s most respected financial institutions
gets into hot water:
https://www.bloomberg.com/view/articles/2016-09-09/wells-fargo-opened-a-couple-million-fake-accounts
Matt Levine notes:
“Anyway, yesterday
Wells Fargo was fined $185 million by various regulators for opening customer
accounts without the customers' permission, and that is bad, but there is also
something almost heroic about it. There's a standard story in most bank
scandals, in which small groups of highly paid traders gleefully and
ungrammatically conspire to rip-off customers and make a lot of money for
themselves and their bank. This isn't that. This looks more like a vast uprising
of low-paid and ill-treated Wells Fargo employees against their bosses. The
Consumer Financial Protection Bureau, which fined Wells Fargo $100 million,
reports that about 5,300 employees have been fired for signing customers up for
fake accounts since 2011”