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Wells Fargo is conducting itself like Enron did
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)


San Francisco Chronicle (San Francisco's leading newspaper), December 15, 2016
Posted: December 19th, 2016
http://www.sfchronicle.com/opinion/openforum/article/Wells-F...

San Franciscos Wells Fargo set up an incentivized system of rewards and punishments for its staff at every level that led to the creation of phony accounts and illicit fees being charged to millions of customers. Yet Wells Fargo ... refused to appear before my state Senate committee last month and has sidestepped federal regulators and inquiries. The last company to conduct itself in such a way before a California legislative committee was Enron. These criminal activities affected up to 2 million accounts - nearly 900,000 in California alone. The financial cost to consumers was in the millions of dollars, and the loss in trust is untold. Wells Fargo knew it had a problem - firing more than 1,000 employees a year for five years is testament to that. Yet, it took no effective steps to stop the fraud. These werent just low-level employees. After my staff pressed them, Wells now says that of the 5,300 staff fired for unethical sales practices, 480 were bank branch managers or higher. An untold number of managers continue to work at the bank despite the fact that they engaged in fraudulent behavior. Wells Fargo has begun to make amends by entering into a settlement agreement with local and federal regulators, paying $185 million in fines. It also has retained an outside accounting firm to audit accounts to identify and fully reimburse every customer for any fees associated with an unauthorized account. Wells Fargo must come clean on how pervasive this scheme was.

Note: The above was written by Steve Glazer, chairman of the California Senate Banking and Financial Institutions Committee. Read more about the massive fraud perpetrated by Wells Fargo. For more along these lines, see concise summaries of deeply revealing banking corruption news articles from reliable major media sources.


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