Wells Fargo Troubles Mount With Penalty for Soldiers’ Loans

Wells Fargo & Co., reeling from weeks of pummeling over fraudulent customer accounts, was sanctioned by the Justice Department over improperly repossessing cars owned by members of the military.

Federal authorities are punishing the San Francisco-based lender for as many as 413 alleged violations of the Servicemembers Civil Relief Act, according to a statement Thursday from the Justice Department, which said the bank agreed to pay more than $4 million to compensate borrowers involved in unlawful repossessions spread over seven years. The bank’s regulator, the Office of the Comptroller of the Currency, also fined the company $20 million for a decade of transgressions, the agency said in a statement....
http://www.bloomberg.com/news/articles/2016-09-29/wells-fargo-troubles-mount-with-penalty-for-soldiers-car-loans

Wells Fargo Scandal Is Just The Tip of the Iceberg For Corporate Corruption

This week Wells Fargo CEO John Stumpf was questioned by the U.S. Senate banking committee about a scandal in which Wells Fargo employees opened roughly 2 million checking and credit accounts without customers' knowledge. Sam Seder explains the scandal with the author of the book, The Best Way To Rob A Bank Is To Own One, Professor William Black....
https://www.youtube.com/watch?v=1Pt9LJFPmHQ&feature=youtu.be
Interview:

'You Should Resign': Watch Sen. Elizabeth Warren Grill Wells Fargo CEO John Stumpf

Facing off with the CEO whose massive bank appropriated customers' information to create millions of bogus accounts, Sen. Elizabeth Warren, D-Mass., had sharp questions Tuesday for Wells Fargo CEO John Stumpf. She said Stumpf made millions of dollars in the "scam," telling him, "You should resign ... and you should be criminally investigated."

As we've reported before, Wells Fargo is paying $185 million in penalties for acts that date to at least to 2011. The firm says it fired some 5,300 employees who were found to have created false accounts as it sought to increase "cross-selling" — building the number of accounts each customer holds.

The exchanges between Warren and Stumpf were among the sharpest, but other senators also pressed the executive about what have become hot topics as public outrage has grown over the case. Here's some of what panel Chairman Sen. Richard Shelby, R-Ala., and others wanted to know:...
http://www.npr.org/sections/thetwo-way/2016/09/20/494738797/you-should-resign-watch-sen-elizabeth-warren-grill-wells-fargo-ceo-john-stumpf?ft=nprml&f=1001