{"id":21743,"date":"2016-09-18T12:04:28","date_gmt":"2016-09-18T17:04:28","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21743"},"modified":"2016-09-18T12:04:28","modified_gmt":"2016-09-18T17:04:28","slug":"wells-fargo-who-says-crime-doesnt-pay","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21743","title":{"rendered":"Wells Fargo: Who Says Crime Doesn\u2019t Pay"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"https:\/\/markstcyr.com\/2016\/09\/18\/wells-fargo-who-says-crime-doesnt-pay\/\">Wells Fargo: Who Says Crime Doesn\u2019t\u00a0Pay<\/a><\/h3>\n<div class=\"entry-meta\">Unless you\u2019re one of the few people still watching CNN\u2122,\u00a0 you may have missed what can only be one of the most scandalous in-house criminal activities to be uncovered at a bank. And not just any bank. It happened at none other than Wells Fargo\u2122, which, up until the scandal was revealed, was the number one bank (as measured via its market cap) in the U.S. The scandal? Here are just\u00a0<a href=\"http:\/\/money.cnn.com\/2016\/09\/08\/investing\/wells-fargo-created-phony-accounts-bank-fees\/index.html\">a few highlights as reported<\/a>. To wit:<\/div>\n<\/header>\n<div class=\"entry-content\">\n<blockquote><p>\u201cOn Thursday, federal regulators said Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts \u2014 without their customers knowing it \u2014 since 2011.<br \/>\nThe phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.<br \/>\n\u201cWells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,\u201d Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.\u201d<\/p><\/blockquote>\n<p>And to use CNN\u2019s own words to describe it: \u201cThe scope of the scandal is shocking.\u201d<\/p>\n<p>How shocking you may ask? Fair enough, here\u2019s a little more from their reporting\u2026<\/p>\n<blockquote><p>\u201cThe way it worked was that employees moved funds from customers\u2019 existing accounts into newly-created ones without their knowledge or consent, regulators say. The CFPB described this practice as \u201cwidespread.\u201d Customers were being charged for insufficient funds or overdraft fees \u2014 because there wasn\u2019t enough money in their original accounts.<br \/>\nAdditionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their customers\u2019 knowledge or consent. Roughly 14,000 of those accounts incurred over $400,000 in fees, including annual fees, interest charges and overdraft-protection fees.\u201d<\/p><\/blockquote>\n<p>As scandalous as all the above is, what is far more insidious, is the damage it inflicts (once again) upon the very fabric of free market capitalism, trust in laws, and last but not least: trust and belief in actual contrition. i.e., \u201cNo we\u2019ve really changed, really!\u201d<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Wells Fargo: Who Says Crime Doesn\u2019t\u00a0Pay Unless you\u2019re one of the few people still watching CNN\u2122,\u00a0 you may have missed what can only be one of the most scandalous in-house criminal activities to be uncovered at a bank. And not just any bank. It happened at none other than Wells Fargo\u2122, which, up until the [&hellip;]<\/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":[145,950,6594,9210,3892],"class_list":["post-21743","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cnn","tag-fraud","tag-mark-st-cyr","tag-scandal","tag-wells-fargo"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21743","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=21743"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21743\/revisions"}],"predecessor-version":[{"id":21744,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21743\/revisions\/21744"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}