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 Fargos 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 Americas 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.
Todays 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 Fargos 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 ...
Not good if non-elected swamp bureaucrats made this decision imo.
Remember in November!
MAGA, now KAGA! (Keep America Great Always!)
Supporting PDJT with a new patriot Congress that will promise to fully support his already excellent work for MAGA will effectively give fast-working PDJT a third term in office imo.
Perhaps the same bloated government agency that created the problem in the first place. Oh, the irony of government interference in the capital markets.
Wells Fargo should lose their charter and be sold off.
I have copied my billing info below. I think Epoch Times is a bargain!
Print (weekly) $79 / 6 months + 7th month free*
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Your subscription will automatically renew at a rate of $79 every 6 months unless you cancel your subscription by calling 917-905-2080 before Jul 14, 2020.
We’ll mail you:
A weekly print newspaper each week*
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Life & Tradition Magazine
Plus our e-newspaper 5 days per week delivered via email
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This settlement is the fruit of a a political attack on an easy target. There’s no way that the depositor victims, or the government, suffered anywhere near damages in the billions. Fine the managerial perps — jail them if you are really out for blood — but don’t loot the bank.
Brilliant move by the government...destroy a whole company instead of punishing the guilty parties. Our DOJ at work.
When do you ever get ‘justice’ from the government. Or that it makes people whole.
The actions were criminal, not civil. Thus only criminal punishment, i.e. jail time was appropriate.
Fining a bank for the crimes of its execs is like fining the parents of a teenage felon and letting the felon walk.
The largest banana republic in the world....from sea to shining sea.
“A stark reminder that no institution is too big...”
Just a fictional show that costs three billion dollars. It is just the State pretending they have more power than private industry.
I went into a Wells Fargo this week. Yeah, it is like using a dial telephone. I went with a senior citizen who still uses a check book and gets cash at the counter. Wow. The Wells Fargo employees went out of their way to be nice: water? coffee? sit down?
B of A and WF are too big and have failed. Both banks have major issues and they needed to fix them twenty years ago.
Capital One bank gets it right in my opinion.
Thanks.
I’m really interested in an email only paper after our CPA figures out the tax damages from last year.
They sent me a month free of their newspaper, and I will prefer an electronic version.
Thanks
EXACTLY! EXACTLY! And just how were THEY harmed...*sshol*s!
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