And I wonder when the Wells Fargo former and current employees will sue the bank for OT (certainly they did OT) that they most likely weren’t paid for their time when they were pressured by upper management for sales goals to open fake accounts for customers who had know idea of these accounts.

Zerohedge:

The lawsuit (Polonsky v. Wells Fargo Bank & Co., BC634475, California Superior Court, Los Angeles County )  filed on Thursday, alleged that “Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts.”

The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. It accuses Wells Fargo of wrongful termination…

Truthout:

I recently spoke to a former Wells Fargo employee turned whistleblower about the ongoing issues of fraud and predatory banking practices implemented by the bank regarding the ongoing housing and mortgage fraud. Beth Jacobson is a former high level employee of the bank, who told me:

“In 1998, I was hired by Wells Fargo Home Mortgage as a ‘Home Mortgage Consultant’ or loan officer. I worked for Wells Fargo Home Mortgage (‘Wells Fargo’) until December, 2007. After a period of time, I was promoted to Sales Manager. I told DOJ over six years ago about Wells Fargo’s quotas. At that time it was subprime loans. A loan officer had to fund three subprime loans per month. If there was a quarter when that didn’t happen, they were fired. So the result is prime borrowers were put in subprime loans so that the loan officer kept their job.

[John] Stumpf…

From Elizabeth Warren facebook:

Elizabeth Warren

I was on a plane recently, waiting to get off when the guy in the row in front of me turned around and said, “You look a lot like Elizabeth Warren.” (I get that a lot.) He laughed when I told him I was, and he said he was a big fan (always nice to hear). But then he paused and said he didn’t think that I should be so angry with the big banks. I told him: “The truth is, I AM angry.” And then, because I’d just read it, I added: “And if you read David Dayen’s new book, you will be too.”

Chain of Title is a careful documentation of the mortgage fraud at the heart of the 2008 financial crisis, and the story of how three people fought back. If you’re looking for a…

Wells Fargo & Co.’s board was accused of breaching its duty to investors in a lawsuit that also names Carrie Tolstedt, the executive whose community banking unit created unauthorized customer accounts to reap extra fees.

The suit adds to the mounting pressure on Wells Fargo and Chief Executive Officer John Stumpf since the bank agreed Sept. 8 to pay $185 million in fines and penalties to resolve regulators’ allegations it created more than 2 million deposit and credit-card accounts without customers’ authorization. Analysts and congressional leaders have called for the bank to claw back Tolstedt’s compensation and for Stumpf to resign.

Board members’ refusal to scale back Tolstedt’s retirement benefits is “a breach of their fiduciary duties to shareholders,” according to the complaint, which may be the first such investor case. The suit, in which Stumpf is a defendant along with Tolstedt and the board, asks a San Francisco state…

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.

CNN Money:

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:

The Re-REMIC Gimmick at JPMorgan Chase

see http://www.nationalmortgagenews.com/news/secondary/jpmorgan-revives-the-re-remic-cmbs-style-1087036-1.html