Posted on 12/28/2018 10:20:53 AM PST by bgill
Wells Fargo has agreed to pay $575 million to resolve investigations by all 50 states and Washington, D.C., into a range of practices, the latest chapter in the bank’s long-running legal problems. The deal ends investigations that began after federal regulators revealed in September 2016 that Wells Fargo employees had for years opened millions of unauthorized bank accounts in customers’ names. The employees said they had done so because they feared losing their jobs if they could not meet the bank’s aggressive sales goals. The agreement comes after New York reached a separate, $65 million settlement with Wells Fargo in October over the sham accounts, and after the bank paid $1 billion in April to settle federal charges related to its handling of mortgages and auto loans.
(Excerpt) Read more at nytimes.com ...
At least it won’t go into the slush fund that the Obama administration was using to fund groups it favored.
Fines and settlements should go into the pot with the rest of revenue.
According to Clark Howard, they are a criminal enterprise masquerading as a bank
“Wells Fargo is constantly committing crimes. Why are they allowed to stay open?”
They are a resource for the political class. One never shuts down a viable resource especially one that keeps on producing.
They control my retirement that they inherited from First Interstate long ago.
So they bilk their customers out of some fees, and in exchange, the government gets millions of dollars from them.
It’s more like a bribe to keep out of trouble, than a restitution to those who were impacted.
Seems Wells Fargo, and Bank of America switch off sitting in the government hot seat every few years, and we always later read about some giganticus monetary sums disappearing to government coffers never to be heard from again.
Yep. Lawyers probably made out pretty good too.
Which accounts is the $575 million coming from?
Bingo.
“Which accounts is the $575 million coming from?”
A certain Nigerian prince.
L
Not sure why banks and other Wall st folks pay corporate fines and no one goes to jail.
As soon as you retire from your present employer, move it out.
I bet the customers who were bilked out of money didn’t even get a free toaster.
Clark is tough, but not needlessly harsh. For him to say something like that means he’s seen a LOT of egregious behavior by Wells Fargo.
No more Wells Fargo CDs for my retirement account! The last one matures in November 2019.
Not sure- I remember several years ago they were alleged to have committed a variety of financial crimes during their takeover of the NC based Wachovia bank. The court system in NC was supposed to investigate and keep Wachovia stockholders informed, but nothing ever happened.
Corporate Charters were only good for 20 years under good behavior, why in the Hell does ANY State allow them to even operate as a Corporation?? It is NOT A RIGHT, it is a Privilege. Should Taxpayers have any say about a Criminal Enterprise openly operating in the State, apparently with their blessing?
Can you have it transferred to another source? As long as it doesn’t go into your hands directly, you should be able to transfer to another institution I would think. I’d check into it. I think of WF as another criminal enterprise and would NEVER do business with them.
I concur with Clark Howard. they have been caught too many times of misdeeds. Why anyone would want to do business with those vultures is beyond me.
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