Executive Intelligence Review
Subscribe to EIR

PRESS RELEASE


Wells Fargo Ripoffs Are Even More Widespread

Oct. 6, 2016 (EIRNS)—It should come as no surprise that the Wells Fargo practice of ripping off customers is even more widespread than what the bank admitted to in its settlement with the Consumer Financial Protection Board (CFPB). In addition to millions of phony accounts that Wells Fargo bankers created for consumers, there are now reports of similar practices for small businesses and retail brokerage customers.

Sen. David Vitter (R-La.) has reported that there were at least 10,000 small business customers of Wells Fargo who were sold accounts and services that they neither needed nor ordered. The Charlotte Observer also reports that brokerage customers had accounts liquidated and then reopened, for which they were charged fees.

Public Citizen has a report that, though the CFPB limited its purview to just the 2011-2016 period, Wells Fargo had pursued this fraudulent "cross selling" strategy since 2000.

All this goes to show, if further proof were needed, that the Wall St. and similar banks are thoroughly and completely corrupt and only function by stealing from anyone they can.

The corruption also makes them bankruptcy candidates. Today even the City of Chicago joined the States of Illinois and California in pulling all investments out of Wells Fargo, due to the stinking scandals. Enough large investors suddenly "running" from the bank could pull it down, hitting the rest of Wall Street as well.

Another strong argument for Glass Steagall and LaRouche’s "Four Laws."