The Fargo Stink
Wells Fargo C.E.O. and Chairman John Stumpf once again appeared before a House Committee today concerning the ongoing scandal surrouding the company's fraudulent opening of two million additional accounts without the permission of it's customers. The company has terminated 5,300 employees since 2011 for engaging in this behavior which was motivated by the internal mandates that every customer have at least eight accounts. The majority of those fired were low level employees, including whistleblowers. Those low level employees are in the compensation range of $12 to $15 an hour. Anyone that believes these employees created the problem on their own are deluding themselves. The people who had the most to gain from these actions were Branch Managers and above, particularly those above right up to John Stumpf. Watching this hearing reveals a number of things wrong with the culture of banking in general but which will get lost in the news and never change. Stumpf was asked why he r