Wells Fargo is Warren Buffett’s bank. (He holds 10% of it.)
Wells thought it could weather the current fraud storm just by firing a bunch of underlings. But the underlings weren’t the ones who developed and encouraged the fraudulent policy of charging clients for “ghost accounts.” It was company leadership.
Seems this sort of thing is (supposedly) anathema to Warren’s down homey philosophy of finance. One would think he’d want to weigh in and set shareholders, bank employees, and customers at ease. But he has decided that he won’t talk about the fraud until November? (Presumably until after his candidate Hillary Clinton wins the election.)
(From CNN Money)
Wells Fargo admitted to firing 5,300 employees for engaging in these shocking tactics. The bank earlier this month paid $185 million in penalties and has since apologized.
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.