Whistleblowing Wells Fargo loan officer describes years of fraudulent, criminal culture in the bank


Originally published at: http://boingboing.net/2016/09/24/whistleblowing-wells-fargo-loa.html


A friend of mine was hired to film, Wells Fargo, employees, while they were undergoing sensitivity training to handle the media. The employees were mainly employees of color, who might be questioned by the media (or family and friends) about predatory lending practices. Basically the employees knew the company had prayed upon, predominantly, poor people of color and they need to be able to talk to family, friends and the media without looking guilty or saying too much about the company’s guilt. My friend was really really bothered by this and quit, but what bothered me more was that there is a company, out there, who’s only job is to train people to lie about corporate guilt. I guess I shouldn’t be surprised, they probably get a lot of business.


This was posted a couple of days ago, too.


It was pretty eye opening.


Everything’s okay now though. A few low-level branch managers have been canned and the filthy rich executives, such as CEO John Stumpf, get to keep their hundreds of millions of dollars in bonuses while paying a $185 mil out of corporate coffers. I’m sure they’ve learned their lesson and this will never ever happen again. Well, not until the next banksters who wants to defraud a couple million working poor suckers and laugh all the way to the…oh.


and neither Trump or Hillary will go after these people.


What we really need is someone like Andrew Jackson without the genocide and manifest destiny bits.


I remember very well reading about shady business tactics among banks like Wells Fargo and Bank of America as early as mid-2006 (specifically, minorities being steered into bad loans with higher interest rates).
I worked an atypical analyst job at the time that provided services to banks - but no influence at all, gaining business during boom periods, and losing business during lean times. Having seen the writing on the wall, I was discussing it with my manager - basically stating that soulless behavior like this would lead to some lean times - and that I was going to take some time off before I was laid off. My interest in the scandal was purely human interest, I had no business acumen whatsoever.
A year later, 80% of my floor was laid off. My manager got out before the crash, too, but for some reason decided to get into real estate.


How is this company still allowed to exist. :rage:


Because the people at the top making hundred million dollar bonuses are hard working businesspeople - they are the Job creators and they are only in trouble because of overregulation that obviously is putting pressure on them to lower wages for the small people and increase shareholder value.

(excuse me now while I go puke).



“Wouldtthhppp you like tthhppoo open an account witthhpp ustthhpp tthhppoday?!”


If the manifest destiny is to commit genocide on bank executives, I might even be willing to tolerate these small flaws…


I thought young Winthrop only had problem with his esses. Like in ‘thhalethh goalthh,’ thhub-prime mortgage-backed thhecuritiethh,’ ‘fiduthhiary responthhibility,’ and ‘thhareholder value.’


The wells fargo stock is still ok coming in at $45. Seems like the investors give zero fucks either, probably excited about the next big cash grab scam.


You’re half right.


I just cant understand they can fire 5,300 mid-level managers and lower-level employees and yet the senior managers and C-suite executives who oversaw those mid-level managers and lower-level employees go off scot-free, with performance bonuses to boot. Those 5,300 simultaneously acted of their own accord? Like some sort of autonomous hive mind?


Any paper trail showing that the senior managers and executives were involved has been destroyed by now I mean never existed, because they had no knowledge of nor participated in this scandal. So since there’s no evidence (any more) why shouldn’t they get off scot-free?


only if you count Hillary going after them for fundraising


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