Description: This article is mainly focused on the scandal of the Wells Fargo that they have stolen much money from clients by opening accounts with the customers’ names without telling them.
Wells Fargo was hit with 185 million dollar fine for defrauding their own customers. Wells Fargo’s employees opened up a million-and-a-half bank accounts and half a million credit cards in customers names without ever telling the customers.
Wells Fargo’s CEO fired 5,300 low level employees and he said it takes true leadership to stand up and the buck stops 5300 other places, this scheme ripped off customers about 2.4 million dollars and ruined thousands of credit ratings, but it made Wells Fargo stock go up by $30 a share meaning they earned about two hundred million dollars.
Last week, people dragged stomped in front of the Senate and they held a stump, after these massive years-long scam came to light. What they have done is to hold themselves accountable, they have never returned one nickel of the millions of dollars that you were paid, while this scam was going on, you had to take care of your money. Other banks offer fewer than three accounts per customer on average, but they set the target in the Well Fargo’s annual report at eight accounts, then they should keep their promise, but they didn’t.
Yesterday, Wells Fargo announced that Stumpf would not be paid a salary, during the bank’s investigation, they will be getting 41 million dollars in stock back. Stumpf’s career will be cut short, the senior executive in charge of the retail division had 19 million dollars in compensation taken back from her and was fired out of the company, they walked away with a total of 77 million, and stumped with 200 million dollars in cash.