From Clay Jones on his political cartoon “Wells Forgery,” Wells Fargo’s scandal identity theft scandal, and how it fired over 5,000 employees (and zero executives)
I haven’t spent a lot of time worrying about identity theft. Who would want to be me? As it turns out you don’t have to have perfect credit for someone to commit fraud in your name. It’s even worse when it’s perpetrated by an institution you’ve given your trust.
Wells Fargo just settled a lawsuit for $185 million. If you’re a customer you might get $25 of that. Now you can get fries with your cheeseburger.
Employees of Wells Fargo were creating fake accounts, pin numbers, and email in order to meet sales expectations and earn bonuses. They took some customers’ information to create new accounts for online banking and debit cards. They transferred money temporarily from accounts to the new fake accounts which at times would leave a low balance and trigger overdraft fees and other charges.
The bank says they have fired about 5,300 people. How do you not notice over 5,000 employees committing fraud, especially over a span of four years? The bank is supposed to help you fight credit fraud, not engage in it. How many executives were fired?
If you’re a Wells Fargo customer now might be a good time to check your credit. It might be a good idea even if you’re not. It also might be a good time to find another bank.
claytoonz.com/2016/09/19/wells-forgery
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Yup, this one hits home for me. Elizabeth Warren got the job done today and her Republican counterpart didn’t let up either. Review your banking biz folks, you may find a big surprise, especially I if it is on the loan side. The $ 100,000,000 pay out to one of their retiring execs responsible for the mess is proof that corporations ARE NOT PEOPLE and should not be treated as such under the Constitution. We need a better way to hold corporate execs accountable. When potential fraud is discovered, all retirement parachutes and bonuses go on hold until further notice. This is pure corporate greed and as of now they are free to get away with it. Meanwhile somebody somewhere in this country is doing 6 months in jail for shoplifting a $10 item.