wells_fargo_bank_521395962-02Could The Return Of Glass- Steagall Prevent Wells Fargo-Style Debacles?


This is a forbes.com article.


Last month, regulators fined Wells Fargo $185 million for creating approximately two million bank and credit-card accounts without customers’ consent. Soon after, eight former employees filed class-action lawsuits claiming workers faced termination if they refused to meet sales goals by creating those fraudulent accounts. The story rocked the financial world and the consumers who rely on banks to make ethical choices when handling their hard-earned money.

Even more frightening: Wells Fargo may not be the only bank conducting unethical sales practices to make a buck.

“I would be amazed if this practice was just limited to Wells Fargo,” said Rep. Stephen Lynch (D., Mass.) during a hearing on bank regulation before the House Financial Services Committee.

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PiggyBankBlog Courtroom Bailiff: “All Rise! The Honorable Wells Fargo Whistleblower ,Elizabeth Jacobson, has entered the Courtroom of Public Opinion in recent Radio Interview!”