Wells Fargo Terminates 5300 Employees In Wake Of Banking Scandal

These are the kind of things that give capitalism a bad look. Corporately always looking and demanding ways to show more, for the purpose of good returns in the market, some times “slight of hand” is necessary. And this is when we need the protection of government agencies to oversee. Shame on Wells Fargo, it will take quite a bit to recover what little prestige they once had.

According to USA Today:

Wells Fargo Bank, one of the nation’s largest banks, has been hit with $185 million in civil penalties for secretly opening millions of unauthorized deposit and credit card accounts that harmed customers, federal and state officials said Thursday.Employees of Wells Fargo (WFC) boosted sales figures by covertly opening the accounts and funding them by transferring money from customers’ authorized accounts without permission, the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency and Los Angeles city officials said.

I’m not one to tell people what to do with their money, but I at least would sit down and reflect on what would be a good course of action would be with my business with Wells Fargo. What do you think?

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