Welllll...They’re the ones who caught it and they can’t be everywhere at once. Not that I’m going to start singing the praises of the government here.
One thing’s for sure: WF fired 5300 underlings like they just thought it up and did this in a vacuum. If WF regulators didn’t catch this, they were in on it. Things will get interesting when executive heads start rolling. What frosts my shorts is that the CEO will hit the bricks citing his “mistakes”, he’ll take a couple years’ salary with him, he’ll vacation in The Bahamas for 6 months, and then surface in a new CEO job. For him this time next year, it’ll be like it never happened.
“If WF regulators didn’t catch this, they were in on it.”
Knowing credit systems as I do, there is no way on God’s green Earth 2 million accounts were created without EVERYONE at WF knowing about it. The audit and compliance systems are larger than the processing systems.