The Real Story Behind Wells Fargo Scandals

The CEO of WFB has agreed to a ban from the banking industry for life. Think about that. Whatever your job how bad would have to be in order to lose the right to ever doing it again? Pretty bad.

So the question of the day is this: After tallying all of the Wells Fargo scandals why would anyone, much less a judge, accept the facial validity of documents knowing that the source of those documents had engaged in a long-term pattern of conduct that involved falsifying documents? Why would any judge not insist on actual proof instead of allowing Wells Fargo to make use of presumptions based upon the apparent credibility of documents?

The real story is that this wasn’t just Wells Fargo. All the investment banks and mega commercial banks were in on the plan and raking in huge profits or increases in the value of their shares in market trading or both. Just Make stuff up, label it as though it was something real and then sell it, sell it again and then sell something that is indexed on the fake stuff and then buy contract insurance on the performance of crazy crap that you know will implode.

Nice work if you can get it and you can sleep at night after destroying the lives and livelihood of broad swaths of the population the individual members of which are seen as food.

https://www.msn.com/en-us/money/companies/opinion-that-wells-fargo-accounts-scandal-was-even-worse-than-you-can-imagine/ar-BBZq2UJ?ocid=spartanntp

Posted in Corruption, Wells Fargo |