Wells Fargo Scams 16 Million Customer Accounts

As the world watches the FTX soap opera unfold, the real banksters, such as Wells Farrago, slither through the sewer with almost complete disdain of regulators.

CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts

WF has a market cap of $155b, so the fine is about 2% of its value.

As corporations have sought over centuries to gain some semblance of personhood - without the conscience or consciousness - maybe such repeat offenders should be given some more "corporeal" punishments. Something akin to debtors prisons, where the company is imprisoned and hence denied its freedom to make a profit.

Also, never forget that banksters always seek to protect vulnerable and gullible retail clients... from other banksters like themselves.

Notice also some of Wells Farrago's previous scams. Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts.

Bank Incentives to Boost Sales Figures Spurred Employees to Secretly Open Deposit and Credit Card Accounts

Spurred by sales targets and compensation incentives, employees boosted sales figures by covertly opening accounts and funding them by transferring funds from consumers’ authorized accounts without their knowledge or consent, often racking up fees or other charges. According to the bank’s own analysis, employees opened more than two million deposit and credit card accounts that may not have been authorized by consumers.

We need better regulations!

Banksta's Paradise