NEP’s Bill Black appears on The Real News Network and explains why criminal prosecutions of executives time after time are not happening. The video is below and if you would like to view with a transcript, click here.
Now CNNMoney is hearing from former Wells Fargo (WFC) workers around the country who tried to put a stop to these illegal tactics. Almost half a dozen workers who spoke with us say they paid dearly for trying to do the right thing: they were fired.
“They ruined my life,” Bill Bado, a former Wells Fargo banker in Pennsylvania, told CNNMoney.
Bado not only refused orders to open phony bank and credit accounts. The New Jersey man called an ethics hotline and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.
Eight days after that email, a copy of which CNNMoney obtained, Bado was terminated. The stated reason? Tardiness.
Rebuild trust??? Stumpf wouldn’t know the word “trust” if it bit him in the butt. Will he give back all of the customers’ monies that they screwed, will restore all screwed customers’ credit report, will he and all board members give back all of the stock and bonuses that they profitted for 5 years and will Stumpf and the entire board get clawback of their salaries??? Sorry Stumpf, don’t want to hear your sob story. Yer just got caught!
From Wells Fargo press release:
Washington, D.C., September 20, 2016
In testimony today before the U.S. Senate Banking Committee on Banking, Housing, and Urban Affairs, Wells Fargo & Company (NYSE: WFC) Chairman and Chief Executive…
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The Re-REMIC Gimmick at JPMorgan Chase
Ever since the 2008 implosion that was created by the TBTF banks, investors have awakened to the fact that the mortgage bonds in their portfolio are worthless. They are worthless because they were issued by a nonexistent REMIC Trust that has never been activated by the receipt of cash from the sale of those securities.
So the Trusts were unable to fulfill their one basic function — acquisition of high-grade mortgages. Instead the money was used or originate mortgages without the use of the Trust as Real Estate Mortgage Investment Conduit (REMIC). And the mortgages that were originated were mostly fatally flawed in their underwriting and fatally flawed in their execution.
Caught with their giant hands in the largest cookie jar ever imagined, the banks negotiated with investors who still don’t want to tell their pensioners or investors that there isn’t enough…
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Deadly Clear 