You may have heard about the two million fake accounts that were opened by Wells Fargo employees "to meet their aggressive sales quotas". Well as it turns out, that was not the end of it. Just a few days ago news hit the mainstream that those two million fake accounts is probably a low-ball number and the number of fake accounts created is actually over three and a half million..... 3.5 MILLION!!
Essentially this is the way banks these days defraud average citizens. The banking industry's greed does not seem to have a bottom. Even though they received billions of dollars of bailout money its never enough. The middle class in America is being robbed of all they've got while banks that commit fraud get rewarded with billions, CEOs get bonuses everybody else gets the middle finger.
Wells Fargo's excuse what that the very aggressive sales goals were pressuring employees beyond the bounds of legality. Of course what they don't mention is that in order to save themselves from being fired from their job, these employees chose to make up fake accounts. These fake accounts were then charged all kinds of fees and included charging 500,000 people for auto insurance they didn’t need or asked for.
The fact that Wells Fargo blames the employees is ridiculous. Many employees argue that the fact that this was going on was know to the supervisors, managers and possibly even much higher up the chain of command. I mean if you read/watch some of the interviews you will quickly realize that these people did what they had to do to keep their jobs.
Here is an interesting interview with one WF worker:
Here is another:
To add insult to injury, Wells Fargo has now proposed new "rules" and they want to add an additional layer of employee surveillance to monitor what in more detail every aspect of what their employees are doing, saying and even how they are feeling. Wells Fargo reached out to IBM's Watson devision to deploy this new surveillance. Here is what Marc Andrews from IBM had to say about the detail and span of the new initiative:
"was an employee unhappy with their latest bonus or disgruntled at being denied a promotion?...
“We can see if there are various levels of anger, anticipation, disgust, fear, joy, sadness, or if they being overly aggressive,” Andrews said. “We identify those patterns and build a baseline for the employee, and we see when there’s variances in their communications, and that allows us to generate alerts that aren’t just keyword-based.”
Once again if this makes you sick to your stomach, it should. Instead of putting CEOs in jail, dismantling too-big-to-fail banks, restructuring and re-writing the rules to this cesspool of an industry...nope...the U.S government has chosen to fine these criminals (which equates to a slap on the wrist) and let the party go on. It's pretty obvious that these CEOs and banks are immune to real consequences of any sort so I guess we're going to have to wait for the grand finale of this mighty establishment and man-oh-man do I think that this downfall will be spectacular (go cryptos!!)
What a shame that this is the sad state of affairs in our glorious country.
More sources:
https://www.rt.com/usa/401667-wells-fargo-unwanted-accounts/
and there you go that's why we have shows live 'American Greed' worked with this bank before changing to Well Fargo...just another reason why I refuse to work another corporate america job ...next they'll be watching you in the bathroom lol....nice post