Posts Tagged 'Wells Fargo'

Pam Martens and Russ Martens – Wall Street Today: Fake Accounts, Fake Money, Fake Courts, Fake Regulators

Last Thursday, the Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers. The employees were attempting to “hit sales targets and receive bonuses.” In one of the most audacious forms of bank fraud, according to the CFPB, employees actually “transferred funds from consumers’ authorized accounts to temporarily fund the new, ...

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SIMON LAZARUS – Don’t Just Whack Wells Fargo’s CEO

Too-big-to-fail Wells Fargo, with its too-big-to-whitewash scheme of charging customers for two million bogus accounts, has done something consumer champions have seldom accomplished on their own: showing ordinary Americans that even the most respected big corporations can opt for blatant, systematic cheating if their leaders believe they can get away with it. Even the banking industry’s most reliable defenders, the Republicans on the Senate Banking and House Financial Services committees, joined their Democratic colleagues in pillorying Wells Fargo’s affably defiant ...

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Our Giant Experiment With “Greed Is Good” Has Failed

Another day, another example of the disastrous effect Reaganomics has had on our country’s business culture.

Ever since his bank was fined $185 million for illegally opening millions of accounts in its customers’ names to help boost profits, Wells Fargo CEO John Stumpf has insisted that he only discovered what was going on in 2013.

That’s what he said when testifying before Congress, and it’s what he’s said in all public remarks on the scandal.

There’s only one problem: John Stumpf appears to ...

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LAINEY HASHORVA – WELLS FARGO WHISTLEBLOWER: “THEY ARE ALL RIDING THE STAGECOACH TO HELL”

It has been and continues to be an interesting week for Wells Fargo, with widespread coverage from mainstream news outlets; John Stumpf, Wells Fargo’s CEO, going before Congress on September 20; and a $185 million settlement announced with the Consumer Financial Protection Bureau.

Interesting, then, that despite all of the monies paid in fines to the CFPB, Wells Fargo still denies any allegations of wrongdoing. Per usual goes the refrain: “Here is $185 million, but we didn’t ...

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Pam Martens and Russ Martens – Wall Street Today: Fake Accounts, Fake Money, Fake Courts, Fake Regulators

Last Thursday, the Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers. The employees were attempting to “hit sales targets and receive bonuses.” In one of the most audacious forms of bank fraud, according to the CFPB, employees actually “transferred funds from consumers’ authorized accounts to temporarily fund the new, ...

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Gold Is Back in Fashion After a $15 Trillion Global Selloff

The $15 trillion rout in global equity markets since May is reawakening the lure of gold for investors seeking safety.

Hedge funds and other large speculators more than doubled their net-long position in bullion last week, just three weeks after they were the most-bearish ever. Investor holdings of gold through exchange-traded products are expanding at the fastest pace in a year, and the value of the ETPs has jumped by $3 billion in 2016.

Bullion has seen a revival of its appeal ...

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Andrew Gavin Marshall – Bank Crimes Pay: Under the Thumb of the Global Financial Mafiocracy

On Nov. 13, the United Kingdom’s Serious Fraud Office (SFO) announced it was charging 10 individual bankers, working for two separate banks, Deutsche Bank and Barclays, with fraud over their rigging of the Euribor rates. The latest announcement shines the spotlight once again on the scandals and criminal behavior that have come to define the world of global banking.

To date, only a handful of the world’s largest banks have been repeatedly investigated, charged, fined or settled in relation to a ...

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More Nails in the Coffin of the Middle Class: 5 Things That Could Make Life Even Worse for Most Americans – Alex Henderson

If trickle-down economics were anything other than a cruel deception, the United States’ embattled working class would have many reasons to join Wall Street in singing “Happy Days Are Here Again.” Giant megabanks have been reporting huge profits for 2015’s first quarter, including $5.91 billion [3] at JPMorgan Chase (the largest bank in the country) and $5.8 billion at Wells Fargo. But trickle-down economics doesn’t work, and in working-class America, there ...

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