{"id":21641,"date":"2016-09-17T08:24:24","date_gmt":"2016-09-17T13:24:24","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21641"},"modified":"2016-09-17T08:24:24","modified_gmt":"2016-09-17T13:24:24","slug":"major-problems-announced-at-one-of-the-largest-too-big-to-fail-banks-in-the-united-states-2","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21641","title":{"rendered":"Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States"},"content":{"rendered":"
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Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States<\/a><\/h3>\n<\/div>\n
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\"Wells<\/a>Do you remember when our politicians promised to do something about the \u201ctoo big to fail\u201d banks?\u00a0 Well, they didn\u2019t, and now the chickens are coming home to roost.\u00a0 On Thursday, it was announced that one of those \u201ctoo big to fail\u201d banks, Wells Fargo, has been slapped with 185 million dollars in penalties.\u00a0 It turns out that for years their employees had been opening\u00a0millions<\/strong>\u00a0of bank and credit card accounts for customers without even telling them.\u00a0 The goal was to meet sales goals, and customers were hit by surprise fees that they never intended to pay.\u00a0 Some employees actually created false email addresses and false PIN numbers to sign customers up for accounts.\u00a0 It was fraud on a scale that is hard to imagine, and now Wells Fargo finds itself embroiled in a major crisis.<\/p>\n

There are six banks in America that basically dwarf all of the other banks \u2013 JPMorgan Chase, Citibank, Bank of America, Wells Fargo, Morgan Stanley and Goldman Sachs.\u00a0 If a single one of those banks were to fail, it would be a catastrophe of unprecedented proportions for our financial system.\u00a0 So we need these banks to be healthy and running well.\u00a0 That is why\u00a0what we just learned about Wells Fargo<\/a>is so concerning\u2026<\/p>\n

Employees of Wells Fargo (WFC) boosted sales figures by covertly opening the accounts and funding them by transferring money from customers\u2019 authorized accounts without permission, the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles city officials said.<\/p>\n

An analysis by the San Francisco-headquartered bank found that its employees opened more than two million deposit and credit card accounts that may not have been authorized by consumers, the officials said. Many of the transfers ran up fees or other charges for the customers, even as they helped employees make incentive goals.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Major Problems Announced At One Of The Largest Too Big To Fail Banks In The United States Do you remember when our politicians promised to do something about the \u201ctoo big to fail\u201d banks?\u00a0 Well, they didn\u2019t, and now the chickens are coming home to roost.\u00a0 On Thursday, it was announced that one of those […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[14226,14227,3038,61,63,3405,5983,376,7131,4901,7477,802,14228,3892],"class_list":["post-21641","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-customers","tag-bank-fraud","tag-bank-of-america","tag-banking","tag-banks","tag-citibank","tag-economiccollapseblog","tag-goldman-sachs","tag-jpmorgan-chase","tag-michael-snyder","tag-morgan-stanley","tag-too-big-to-fail","tag-too-big-to-fail-banks","tag-wells-fargo"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21641"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21641\/revisions"}],"predecessor-version":[{"id":21642,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21641\/revisions\/21642"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}