We have had some many bank scandals in recent years that I really am losing count of them and the fines are running into tens of billions. The latest scandal has been that Wells Fargo seems to have created some 2 million fake accounts for its customers including credit card accounts to meet both targets and presumably to bill customers for the accounts / credit cards which they didn't even know that they had. Shameful ! As usual, it is someone else to blame but not the CEO and Chairman John Stumpf who of course denies any wrongdoing. It seems all he can say to the senate committee investigating is: “I want to apologise for not doing more sooner to address the causes of this unacceptable activity.”
Please give me a break he has been CEO since 2007 and had no clue about this - so he is either completely incompetent or lying. Since the scandal the market capitalization of Wells Fargo has fallen by $18 billion over the past two weeks .Also what the hell is going on in such a bank when they can create 2 million fake accounts without someone or its auditors noticing anything ? How many in the senior management got huge bonuses based on the fake accounts that were created ? Anyway below is a nice video of Elizabeth Warren giving Mr Stumpf a bit of a talking to.
Please give me a break he has been CEO since 2007 and had no clue about this - so he is either completely incompetent or lying. Since the scandal the market capitalization of Wells Fargo has fallen by $18 billion over the past two weeks .Also what the hell is going on in such a bank when they can create 2 million fake accounts without someone or its auditors noticing anything ? How many in the senior management got huge bonuses based on the fake accounts that were created ? Anyway below is a nice video of Elizabeth Warren giving Mr Stumpf a bit of a talking to.
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