24 January 2020

More of This Too

John Stumpf, the disgraced former CEO of Wells Fargo, has been banned from the banking industry for life.

I'd like to see jail time, but this is a more aggressive pursuit of criminal bankers than we have seen in a long time:
Banking regulators pursuing what they describe as “systemic” misconduct in sales practices at Wells Fargo have reached an agreement with former chief executive John Stumpf that bars him from the banking industry and fines him $17.5 million.

The regulators continue to pursue civil charges, fines and prohibitions against five other executives for an array of oversight failures and deceptive methods at the bank.

The misconduct affected millions of bank customers from 2002 to 2016, according to a statement by the Office of the Comptroller of the Currency, which sought the charges. The regulators have found, among other things, millions of accounts opened for customers without their knowledge.

While the deceptive practices were carried out by salespeople, regulators said the executives caused the problems by pushing staff to meet unreasonable sales goals and turning a blind eye to the deception.
This is weak tea, but it is still a lot more than the team of Eric "Place" Holder and Timothy "Eddie Haskell" Geithner ever did.

Seriously, we need to stop the looting, and start prosecuting.


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