Have others put it so baldly? The shocking scenario
at Wells Fargo, with unauthorized accounts opened,
complete with fake debit cards, etc. is identity theft,
PERIOD. Execs Stumpf and Tolstedt are forced to forfeit
millions of their inflated salaries/bonuses to recompense
robbed customers. 5,300 employees have been fired in the
wake of these allegations, which sadly appear accurate.
This is a frightening expose' of the USA's largest mortgage
lender, and a black mark on our national reputation--
ruthlessly reflecting shame on us all. Who in the business
world can we trust these days? My answer right now is:
do business locally, with people in your community you
know, not some faceless corporation giant long distance.
My bank is NOT a big, "prestigious" bank, i.e., Chase,
which has had a number of scandals internationally and
domestically. But pride goeth before a fall, and banking
on prestige with "premier, historic firms" like Wells Fargo
is proving to be ruinous.
Bipartisan outrage has haled WF CEO Mr. Stumpf
before the U.S. Senate's Banking Committee; Senator
(R) Bob Corker's indignant ire is especially heartening
to see...more hardline penalties presumably to follow.
Morality may have sunk to a new low in American
business; where's Teddy Roosevelt when you need
him? Even though wealthy, he revered his father, who
imbued him with concern and values sadly lacking
in this era. His trust busting, ending egregious
business combines, still childhood required reading.
Wells Fargo: let's let 'em have it, identity thieves
now at rock bottom.