I'm scratching my head about this Wells Fargo issue

[SHRED]

I appreciate Warren lambasting them but I'm wondering why no charges are being filed? Was this legal to do?

[yeoman6987]

1. They fired 5200 workers but no management yet

I am not sure if criminal charges will happen. Is it on the law books not to do this? That could be a problem for those wanting charges. The law is always behind on scams.

[MANative]

2. Definitely not legal. It's fraud. Opening a financial account in someone's

name without their knowledge or permission is certainly illegal in any state I've ever lived in. WF has paid $185Million in fines, but so far, no criminal charges have been brought against any person, to my knowledge. That's what had Elizabeth Warren so fired up at the hearing today.

(My early career was with United of Omaha - life ins, annuities, and securities. Series 6 licensed. One of my co-workers did exactly this - opened accounts in others' names. He went to jail - Massachusetts.)

[misterhighwasted]

6. She has shoved that private door open & I doubt she'll stop till the room is sanitized.

Warren lives for this stuff. Thank goodness for Senators like E Warren

[MANative]

7. Yes, she does! I have enormous respect for her and her dogged determination.

I hope that her influence will only increase with a Clinton win.

[misterhighwasted]

8. I have no doubt that Warren is destined for a BIG promotion with Pres HRC.

One that is exactly where Warren wants to be.

[MANative]

18. Works for me!!

[mulsh]

28. I have a feeling HRC & team are smart enough to keep Warren where she's most effective.

Much as I agree she's earned a big promotion she can do way more beneficial things as a Senator than she could ever do in a cabinet post or even on the Supreme Court.

"Justice Elizabeth Warren" has a melodic ring to it.

[misterhighwasted]

29. Precisely.

[AngryAmish]

14. Wouldn't it be, at a minimum, identity theft?

[MANative]

17. Sure could look at it that way. Fraud is usually a more serious offense, though.

That's been a crime for generations.

[Delmette]

25. Not only that but the bank employees

Transferred funds between accounts without the account Iowners authorization. Each of those transactions should be a separate charge of thief.

An account can't be opened without an initial deposit.

[gelsdorf]

3. No, IMO, this is not legal

and the banks are not the only ones doing this type of stuff.
The grocery business................YOW!!!

[Stinky The Clown]

10. Tell us about the grocery business. Why the YOW?

[gelsdorf]

15. Grocery business makes the banks

look like little bo peep. Money flows everywhere to 'buy' space.
Sales always must go up. Can't do it without fudging numbers.
There is a reason companies change pack size so much. follow the UPC

[misterhighwasted]

4. True! Had a Community Bank done the same thing, the uppet level mgmt

would have faced State and Federal charges.
They would have had to return the $millions in severence pay.
per CNN Money discussion yesterday

[Skittles]

5. not only is it not legal

the gal who oversaw that unit getting over 120 million bucks on departure

[misterhighwasted]

12. As ugly as the whole thing is, that is the one that made me move all my Wells Accts

..to my local Credit Union yesterday.
The $125 mill to the person who lead the scam.
That one just sent it over the edge.
I was going to wait for the 1st of Oct. But that was the final FkU from an over paid hack with a criminal mind, to her clients.
I walked out the door and moved it ALL. So sick of the lack of ethics & decency across the board.

More of GW's "Ownership Society".
Damn!!

[Stinky The Clown]

9. "The wheels of justice turn slowly"?

We can hope they keep turning until these executive type people are actual jail.

[malaise]

11. The question is who else is doing it and hasn't been caught yet?

They ruined people's lives for self-enrichment.

[misterhighwasted]

16. CNN Money said all large financial co's do this on a varied scale. They are

run like any other big business with CEO and investor profits above all else. They lobby politics in their favor.
They're not in it for the average person..

If Trump were President the Corporate investor owned businesses would have a free for all. Regulations in fairness would be gone.

[malaise]

19. How can a bank open an account without a client's permission

steal their money and no one goes to prison?

[misterhighwasted]

20. I have no idea. But then most of us don't think like criminals

This thing with Wells was going on for 5 Years!

Most people are just left feeling astonished and betrayed.
They made fools out of people.

This is so ugly.

[malaise]

21. Sherod Brown on Chris Hayes discussing this now n/t

[misterhighwasted]

22. Thanks. We must have the Presidency & Senate assist on Nov 8th.

We must own the Supreme Court.

[Ilsa]

24. Signatures are digital, frequently...

Maybe they opened the account in a current customer's name, then turned off mail notifications and didn't link the fraud account to the others in the Central Information File set-up. Customer may not have even known it was there unless the Audit Department verified it or it accidentally got linked to an online account.

[Lee-Lee]

13. It should start with the individual employees who did it to meet quotas

And subpoena all email records from all of them any any who discussed it get conspiracy charges.

Move up the chain from there, and see how many willingly turn and testify against supervisors who knew or encouraged it.

And keep going up.

[baldguy]

23. The individual employees are the only ones who'll see any punishment.

The senior management that ordered & directed the scam will get off scot-free - with bonuses.

Same as it ever was.

[KeepItReal]

26. Because our Attorney Generals only go for fines when it comes to Wall Street misdeeds

And no, this stuff was not legal.

[Kablooie]

27. Charges against executives are not appropriate.

This is America and we take care of our own if they are rich.
Rich executives are allowed illegal behavior without consequences.
It's the American way because if we didn't allow this we wouldn't have the right to call ourselves a democ... uh... I mean... an oligarchy.

[Javaman]

30. why no charges? because wall street funds our political process. nt