The Wells Fargo Caper

A cartoon by Wolverton for the L.A. Daily News shows a bank teller robbing a customer, suggestive of the Wells Fargo caper in which ghost accounts were created without the customers’ knowledge. Federal regulators now say Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts.

Thus reads the description for my latest video, “The Wells Fargo Caper”, published to YouTube on September 17, 2016. The clip, which clocks in at 7 minutes and 47 seconds, can hopefully be viewed at the top of today’s blog entry.

On September 14, 2016, Matt Egan reported for CNN/Money that federal regulators allege that Wells Fargo employees “secretly created millions of unauthorized bank and credit card accounts.” These secret accounts, in customers’ names, were unknown to them. [1]

Involved in the caper was $2.6 million in fees charged to customers for the accounts which they hadn’t authorized and of which they had no knowledge. [2]

The House Financial Services Committee is investigating the Wells Fargo caper. [2]

But was it just the $2.6 million in secret fees which motivated the caper? Max Keiser, market analyst, believes there was more going on. In Episode 966 of The Keiser Report, Keiser and co-host Stacy Herbert explored the nitty-gritty beneath the surface. Wells Fargo and other large banks are technically insolvent, according to Keiser, and are desperate to prop themselves up, by any means necessary. And so a raid on customers’ money was a technique used in the Wells Fargo caper to shore up worthless bonds held by the large bank. [3]

My own take is that constant pressure from shareholders for good results influenced the bank CEO to in turn pressure employees to produce new accounts, and they, unable to realistically satisfy the demand, turned to shady practices to yield the desired results. “Must keep the stockholders happy” is the rule-of-thumb which triggered the caper, in my opinion.

——- Sources ——-
[1] “U.S. opens investigation into Wells Fargo fake accounts scandal”, by Matt Egan, Shimon Prokupecz and Cristina Alesci. CNN/Money, September 14, 2016. http://money.cnn.com/2016/09/14/investing/wells-fargo-investigation-federal-fake-accounts/index.html
[2] “Probe to target Wells Fargo opening of accounts”, Associated Press. Published locally in the Champaign-Urbana News-Gazette, September 17, 2016. Page A-5.
[3] “Keiser Report: US Elections Toxic Soap Opera (E966)”, YouTube, September 13, 2016. https://www.youtube.com/watch?v=w7AUri_K5AI

 

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About ersjdamoo

Editor of Conspiracy Nation, later renamed Melchizedek Communique. Close associate of the late Sherman H. Skolnick. Jack of all trades, master of none. Sagittarius, with Sagittarius rising. I'm not a bum, I'm a philosopher.
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