"Wells Fargo, one of the largest banks in the United States, engaged in an egregious, years-long, illegal practice of ripping off millions of customers.
It fraudulently opened and funded millions of bogus accounts with stolen customer money. In addition to falsely inflating revenue, profits and bonuses, these activities almost certainly manipulated the bank’s stock price.
The Whitewash and Cover Up
You wouldn’t know that from the carefully crafted Report released this week by the independent members of the bank’s Board of Directors.
That Report whitewashed away with misleading Orwellian language these many pervasive illegal and possibly criminal activities.
The Report conceals more than it reveals. It is not surprising that an investigation conducted by a Board exonerates the Board and its handpicked CEO while blaming virtually everything on two senior executives no longer at the bank.
What is surprising is how the Report ignores likely criminal conduct while detailing more than a decade of incomprehensible levels of incompetence, negligence and dereliction of duty by the Board, the current CEO and dozens of other executives and supervisors..."
No comments:
Post a Comment