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Honestly I still don't understand why this organization continues to exist. Banks are chartered by the government for the purpose of safeguarding deposits. Th

Honestly I still don't understand why this organization continues to exist. Banks are chartered by the government for the purpose of safeguarding deposits. This bank was engaged in fraud on a huge scale. Their charter should be terminated.

sverige 10y ago
Too big to fail. 2008 wasn't that long ago, remember? If the big banks go down, a lot of politicians lose a lot of money.
- ianai 10y ago
  They should be broken up
- honkhonkpants 10y ago
  It doesn't have to fail. Its administration can be taken over by a purpose-built entity (or the army corps of engineers, who cares really) and all sales and marketing can be halted while everything is liquidated in an orderly fashion.
- ArkyBeagle 10y ago
  https://www.amazon.com/Fragile-Design-Political-Princeton-Economic/dp/0691155240 https://www.amazon.com/Fragile-Design-Political-Princeton-Ec... Read that then form an opinion.
phil21 10y ago
Fraud against themselves mostly. I think you'll find all the major retail banks had policies very similar to Wells Fargo. Wells Fargo was certainly the tall poppy, but I have friends who have worked there and at other similar banks in a retail banker role - they didn't think anything abnormal of the sales pressure at WF, just noted it was a bit more intense than what they were used to and actually generally found WF to be better to work for than the other majors. I would even go so far as to argue the vast majority of consumer service sales operates under such unsustainable models as well, which encourage if not outright imply fraud. Ask any retail cellular employee and they'll be able to tell you stories that sound identical to Wells Fargo. Cramming is the default state of the game, since "corporate" will always continue to ratchet up sales quotas until they are unachievable for most moral people. I think I'm mostly surprised anyone cares, it's been going on for a decade plus and this sort of stuff is an open secret among retail sales in many industries. Why is it only now being reported? Why is only Wells Fargo being singled out? I don't oppose your solution. I'm just curious who Wells pissed off or didn't pay off, that the other banks apparently did.
- honkhonkpants 10y ago
  How did you conclude that Wells Fargo itself is the victim? Nobody has even tried to add up all the fees they charged their account holders on these phantom accounts.
nicobn 10y ago
So, your solution is to liquidate a bank that controls 2 T$, employs 265,000 persons and has over 200 B$ in shareholder value? Don't get me wrong, this fraud affected a lot of people but ultimately liquidating the whole thing will have a negative effect multiple orders of magnitude greater.

sverige 10y ago

Too big to fail. 2008 wasn't that long ago, remember? If the big banks go down, a lot of politicians lose a lot of money.

ianai 10y ago
They should be broken up
honkhonkpants 10y ago
It doesn't have to fail. Its administration can be taken over by a purpose-built entity (or the army corps of engineers, who cares really) and all sales and marketing can be halted while everything is liquidated in an orderly fashion.
ArkyBeagle 10y ago
https://www.amazon.com/Fragile-Design-Political-Princeton-Economic/dp/0691155240 https://www.amazon.com/Fragile-Design-Political-Princeton-Ec... Read that then form an opinion.

phil21 10y ago

Fraud against themselves mostly. I think you'll find all the major retail banks had policies very similar to Wells Fargo. Wells Fargo was certainly the tall poppy, but I have friends who have worked there and at other similar banks in a retail banker role - they didn't think anything abnormal of the sales pressure at WF, just noted it was a bit more intense than what they were used to and actually generally found WF to be better to work for than the other majors. I would even go so far as to argue the vast majority of consumer service sales operates under such unsustainable models as well, which encourage if not outright imply fraud. Ask any retail cellular employee and they'll be able to tell you stories that sound identical to Wells Fargo. Cramming is the default state of the game, since "corporate" will always continue to ratchet up sales quotas until they are unachievable for most moral people. I think I'm mostly surprised anyone cares, it's been going on for a decade plus and this sort of stuff is an open secret among retail sales in many industries. Why is it only now being reported? Why is only Wells Fargo being singled out? I don't oppose your solution. I'm just curious who Wells pissed off or didn't pay off, that the other banks apparently did.

honkhonkpants 10y ago
How did you conclude that Wells Fargo itself is the victim? Nobody has even tried to add up all the fees they charged their account holders on these phantom accounts.

nicobn 10y ago

So, your solution is to liquidate a bank that controls 2 T$, employs 265,000 persons and has over 200 B$ in shareholder value? Don't get me wrong, this fraud affected a lot of people but ultimately liquidating the whole thing will have a negative effect multiple orders of magnitude greater.