By Bob Walsh
Unless you have been living in a cave in Asscrackistan you are aware that California-based Wells Fargo bank is in deep trouble. It recently came to light that their employees ROUTINELY created new checking and credit card accounts for their clients without their knowledge or permission, moving money around to make their productivity numbers look better. What they did in fact was commit fraud and identity theft and the formerly great state of California may initiate criminal charges. (Who goes to prison when a corporation is convicted of a crime?)
About seven weeks ago it came out that about 5,300 people had been fired from the bank for diddling with about 2 million accounts.
Former Chief Thief at Wells Fargo, John Stumph, has been forced to resign due to the hoorah. He denies any knowledge that this was going on and thought the 5,300 firings were routine turnover. (OK,. I made that last part up, just a little bit.) Stumph also resigned from the boards of Target and Chevron.
Wells Fargo stock has fallen over 9% in the last six weeks.
Oh what a tangled web we weave etc. etc. etc.
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