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Author Topic: Wells Fargo Fined for $150Million  (Read 255 times)
BitLinkInvestments
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September 09, 2016, 06:21:53 PM
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So yesterday I was reading this news article about how Wells Fargo was creating fake credit cards under already registered customers.  They were fined for $150Million and received a ton of negative publicity.  Do you think this could be the beginning of bank bail outs?
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September 09, 2016, 06:24:38 PM
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Bank bailouts of what?  150 mil is not a lot for a bank with earnings in the billions.  Not sure what you're asking here.


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HabBear
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September 09, 2016, 06:25:31 PM
 #3

No.

$150M is nothing to these banks. It won't have a significant impact on their financial health...and more importantly, the issue is isolated to fraud committed by Wells Fargo neighborhood bankers. It's not an issue that applies to other banks. The news mentioned that Wells Fargo has been firing people for these offenses over the last several years (totaling 5300 fired). So it's not like some mass exodus of their people will happen now either.

If you bank at Wells Fargo, make sure you didn't get victimized by the fraud.

If you don't, feel good that you don't bank with people that are willing to commit fraud against the regular folks!

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September 09, 2016, 06:26:20 PM
 #4

Could you please share the source to that article?
It sound quite intresting, banks doing carding just like hackers/carders. lol


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September 09, 2016, 06:29:01 PM
 #5

Could you please share the source to that article?
It sound quite intresting, banks doing carding just like hackers/carders. lol

https://www.yahoo.com/news/wells-fargo-co-created-fake-141953798.html

I think the news just broke just yesterday. It's not that interesting. Neighborhood bankers were opening fake accounts and messing with people's money so they could earn a few more dollars in bonus or pay. And we're not talking about Investment Banker bonuses, we're talking a couple hundred or couple thousand dollars.

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