It has been and continues to be an interesting week for Wells Fargo, with widespread coverage from mainstream news outlets; John Stumpf, Wells Fargo’s CEO, going before Congress on September 20; and a $185 million settlement announced with the Consumer Financial Protection Bureau.
Interesting, then, that despite all of the monies paid in fines to the CFPB, Wells Fargo still denies any allegations of wrongdoing. Per usual goes the refrain: “Here is $185 million, but we didn’t do anything, we swear!”
Yeah? Then what about that part where the bank fired 5,300 low level employees for their egregious, criminal acts committed in order to meet Wells Fargo’s unrealistic sales goal pressures. They were going to lose their jobs anyway if they didn’t commit a crime, so what did they have to lose, right?
One hundred eighty five million dollars is what the bank takes in in a day or two. Wells Fargo will be compensated by insurance for the losses, and will receive a nice tax write-off. All the while, needless to say, it is likely the bank will continue with business as usual.