Wells Fargo: Modern Day Crooks

    Ever wonder why big companies or big banks get away with the shady stuff and no one gets prosecuted or even put in jail?  Is it that the power executives have the money and are able to buy their way out of trouble?  Shady banking, big bankers and CEO’s give way to classic saying of the rich getting richer and the poor getting poorer with the little people suffering and the top people getting greedier and arrogant.

 This latest disaster by Wells Fargo is a total mess and you can’t even imagine what the CEO is thinking.  He tells the public that he didn’t know what was going on with his customers getting accounts open in their name without their consent.  Does he think we are stupid because if he thinks we believe that, he’s clearly bumped his head?  If he didn’t know what was going on under his watch, then he’s one of the worst CEO’s ever to manage a big company and he needs to go.  Really how can he not know what’s going on with his company.  Whoever gave the green light to order such an action had to have the permission of someone higher up from them to approve such a move.

What needs to happen is someone needs to go to jail for what they have done with their 2 million customers and firing about close to 6,000 employees isn’t enough.  Believe me there is going to probably be some class action lawsuit to emerge.  I know if I were a customer and I had another account opened in my name without my consent, I take some serious legal action against Wells Fargo.  The CEO stepping down is good of the company because this latest news on them sheds new light on big banks and it’s not looking too good.

Big banks have been trying to rebuild their image due to the bailout money given to them in 2008.  The money they were given to help out their customers for their over priced homes and re-fi loans.  Most of the big banks kept the money and some of them actually used the money for what they were given for.  These kinds of actions are why the American people don’t trust Corporate America and only think they are in it for themselves and their pocket books.  I keep praying that the next administration will actually take some serious action on corporate America, or maybe one day.  I can only hope for that day to come soon.

The final analysis of this is merely my opinion and no one else’s based on what I know to be true.  What Wells Fargo did was a criminal act opening accounts in their customer’s names with them knowing.  No money in the world paying for damages can make it right.  You want to make a big deal on Hillary Clinton on her issue with the people on trust.  Well guess what Wells Fargo just joined the party on trust issues with the public as well.  So someone needs to be prosecuted and sent to jail, including the CEO stepping down and blacklisted from working with or in that type or kind capacity in any other company.  Those steps taken can only help them in the long run or maybe this crisis by them may hurt them for years to come. Really, who’s to say.

RJ

@rominger007