WELLS FARGO: 160th Anniversary: Wells Fargo History / 160th Anniversary: On March 18, 1852, in New York City, Henry Wells, William Fargo and others signed articles of association for a joint stock company to do a banking and express business in distant California. Rushing for gold and silver in the West, overland by pony and stagecoach, offering “Ocean-to-Ocean” service by 1888 Wells, Fargo & Co. grew with the nation and is part of American History.
A Wells Fargo sign is seen in front of a branch in Pasadena, California on September 28, 2016. Wells Fargo CEO John Stumpf will forgo USD 41 million in compensation, the bank's board of directors announced, as punishment for a bogus accounts scandal that has rocked the company. The California Treasurer John Chiang has said the state will suspend several banking relationships with Wells Fargo (WFC) to sanction the firm following allegations of "fleecing its customers." / AFP PHOTO / Frederic…
Politicians like Liz Warren have been keeping the pressure up on Wells Fargo after it was revealed that the company fired 5,000 employees who, under pressure to meet unrealistic “cross-selling” targets, created millions of sham consumer accounts and were forced to rip off the public. The man who ran the company while it perpetrated a multi-year, CEO John Stumpf, just resigned in disgrace. That's a small victory, but we can't allow him to walk away with millions of dollars, like many corrupt…
Wells Fargo Faces DOJ Investigation for Bending Military Lending Laws
It has been revealed that Wells Fargo may well have been involved in further financial mismanagement. Hot on the heels of scams revealed by Sen Elizabeth Warren (see UTube) we now see further damning claims. Yet another sign much in our financial system is as "rotten as a pear"!
This Week In Credit Card News: Shameful Account Fraud at Wells Fargo; Consumers Dislike Chip Cards
Wells Fargo Fined $185 Million For Fraudulently Opening Accounts For years, Wells Fargo employees secretly issued credit cards without a customer’s consent. They created fake email accounts to sign up customers for online banking services. They set up sham accounts that customers learned about only after they started accumulating fees. On [...]