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Tuesday, September 13, 2016

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Chanson de Roland

I can see that nefarious employees avoided detection for about five years. But how could they have thought that they would escape detection indefinitely? After all, sooner or later some groups of customers will question the fees and/or the decline in the value of their accounts can't be accounted for by legitimate transactions.

Greed is certainly a blinding lust.

George

Two items:

1. Roland asked a very relevant question: "But how could [Wells Fargo employees] have thought that they would escape detection indefinitely?"

That is precisely why I asked question #3 above about lifespan. It matters how long the secret accounts were live. If the life span was long: opened and never closed, then detection seems inevitable, unless other forces are at work. That suggests one set of solutions involving oversight and compliance. If the life span was short -- only open long enough to receive the bonus compensation, and then closed -- then that suggests different oversight and compliance requirements so this doesn't happen again.

2. For customers affected by Wells Fargo's sales practices:

What you need to know if you were harmed by Wells Fargo
http://www.consumerfinance.gov/about-us/blog/what-you-need-know-if-you-were-harmed-wells-fargo/?utm_source=twitter&utm_medium=social&utm_term=09132016_z3&utm_campaign=WellsEnf

George
Editor
http://ivebeenmugged.typepad.com

George

Federal prosecutors investigate bank:

Feds probe Wells Fargo days after company paid $185M fine
http://nypost.com/2016/09/14/feds-probe-wells-fargo-days-after-company-paid-185m-fine/

And, another perspective suggesting the unlawful sales behavior should have been caught sooner:

How Regulation Failed At Wells Fargo
http://www.newyorker.com/business/currency/the-record-fine-against-wells-fargo-points-to-the-failure-of-regulation

George
Editor
http://ivebeenmugged.typepad.com

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