So it has come to light that Wells Fargo employees did the following:
On Thursday, federal regulators said Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011.
The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.
“Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.
In other words, the bank went one step beyond what they normally do, which is to create money out of thin air when a customer requests it. They obviously decided, “Why wait around for customers to come in and ask us to create money for them? Why not just do it on our own? That way…
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