Posted on 02/22/2020 4:55:34 PM PST by E. Pluribus Unum
Wells Fargo was hit with a $3 billion fine Friday by federal authorities outraged by the millions of fake accounts created at the troubled bank over many years.
The settlement with the Justice Department and Securities and Exchange Commission (SEC), years in the making, resolves Wells Fargo’s criminal and civil liabilities for the fake-accounts scandal that erupted nearly four years ago.
The deal does not, however, remove the threat of prosecution against current and former Wells Fargo employees.
Prosecutors slammed Wells Fargo for the “staggering size, scope and duration” of the unlawful conduct uncovered at one of America’s largest and most powerful banks.
As part of the deal, Wells Fargo admitted that between 2002 and 2016, it falsified bank records, harmed the credit ratings of customers, unlawfully misused their personal information and wrongfully collected millions of dollars in fees and interest.
“Today’s announcement should serve as a stark reminder that no institution is too big, too powerful, or too well-known to be held accountable and face enforcement action for its wrongdoings,” U.S. Attorney Andrew Murray for the Western District of North Carolina said in a statement.
The settlement focused squarely on Wells Fargo’s fake-accounts scandal, not the mistreatment of workers, auto borrowers, homebuyers, and other customers that the bank has been accused of in recent years.
(Excerpt) Read more at theepochtimes.com ...
...except for the FBI, DOJ, FISA court, etc.
So thr government get 3 billion and the actual victims get nothing.
But no perp walks
The public will get larger fees ...so, there’s that. Ugh.
That's the first thing I thought.
What they should have been required to do it make right with everyone they had wronged, with a hefty interest added to cover their lost income.
That is exactly the case. Everyone sees the headline that the big, evil bank had to pay a $3 billion fine and thinks that 'justice' is being served. Very few realize that the money just gets kicked up to a bloated government agency and helps absolutely no one that the justice crusaders claim to be concerned about in their faux outrage.
Not only that, but the executives that created the fraud have walked away with millions on bonuses, etc...
This type of thing will not slow down until executives are put in jail....
This fine won’t hurt anyone except the employees left behind who had nothing to do with this crime.
I have good reason to want to see them Bataan Death Marched into an African game preserve and let the animals eat them to the bone.
I went over to the Epoch Times article and immediately got a Firefox flag that they had blocked a “cross-site tracking cookie”. I suspect that if I went from FR to some lefty site they wouldn’t care a bit. Hmmm......
I’ve been an Epoch Times subscriber (daily internet + the weekly print edition) for about 6 months now. Great pub, extensive China and Asia coverage, in-depth articles, AND they actually report news! Check ‘em out - $1 for a trial one month subscription!
You spelled “air dropped into Wuhan or Qom” wrong.
>> ... Bataan Death March ...
Wasn’t this the employees who were creating fake accounts to collect company bonuses?
Has Saint Warren commented on this?
“I’ve been an Epoch Times subscriber (daily internet + the weekly print edition) for about 6 months now. Great pub, extensive China and Asia coverage, in-depth articles, AND they actually report news! Check ‘em out - $1 for a trial one month subscription!”
What is your monthly/yearly rate?
“I have good reason to want to see them Bataan Death Marched into an African game preserve and let the animals eat them to the bone.”
Nahhh, costs too much for transport. We have thousands of hungry alligators in South Carolina now. If they get a bellyache there is always Georgia, Florida, Alabama, Mississippi and if any are left call Troy and the gang down in Louisiana. There could be a whole new reality show, “SWAMP DINNER” on the food network.
>> What is your [Epoch Times] monthly/yearly rate?
I think it was first year $45, then $90 after that.
Among other things. Yup.
Thanks.
Can you just get US news instead of some foreign news?
I’m in Alabama. We can just take them to the backwaters here and throw them out of a pontoon boat.
+1.
Me too.
>> Can you just get US news ...
Well, they send out a daily email - you can choose the articles to read. Just click on them. I read the daily on the computer - my wife reads the weekly print edition cover to cover. We both love it! Seems every couple of days we’re bringing something to each other.
As for the China stuff - even if you just scan the articles I think it’s important to know what’s going on there - Corona virus / Hong Kong / President Trump’s kicking a$$ on trade, etc.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.