Wells Fargo CEO John Stumpf’s Massive Credit Card Fraud
Posted by Warm Southern Breeze on Friday, September 23, 2016
Elizabeth Warren Is Right!
by Donald V. Watkins
Senator Elizabeth Warren is right. Wells Fargo CEO John Stumpf should resign and face a criminal investigation for the 2 million acts of bank account and credit card fraud committed on his watch. This fraud was widespread criminal conduct that was part of Wells Fargo’s bank culture. Top executives at the bank received bonuses based upon this fraud. No one has been prosecuted.
Bank regulators and federal prosecutors are afraid to prosecute the CEOs of the so-called Big Banks. They enjoy immunity from prosecution. Not one of them was prosecuted for running their banks into the ground during the Great Recession of 2008 and losing $13 trillion in American wealth in the process. Other nations sent their crooked bank CEOs to jail. Here, we bailed them out with taxpayers money and gave them bigger bonuses. They thanked us by finding new ways to cheat customers and regulators.
Stumpf and his fellow CEOs are modern-day untouchables, and they know it. The Big Bank bank employees who get prosecuted for criminal wrongdoing are usually low-level tellers and cashiers who embezzle funds from their banks.
Had the bank I own in Birmingham, Alabama, engaged in the same fraudulent conduct, we would have been raided and shut down. All of my executives would have been arrested on the spot. After all, this kind of conduct would never be tolerated at one of America’s 19 black-owned banks.
Sadly, there is not a federal prosecutor in America with the guts to charge John Stumpf or Wells Fargo with bank and credit card fraud. Wells Fargo and other Big Banks in America own most of the Congressmen/women who are investigating them; they control the regulators who supposedly “regulate” their business conduct; and they dare our Justice Department to prosecute them for the bank account fraud, credit card fraud, wire fraud, mail fraud, bid rigging, bribery, price fixing, money laundering, and any other criminal offenses they commit on a routine basis.
Welcome to the world of America’s Big Banks. Not only is Elizabeth Warren right, she is the only one in Washington with the guts to call it like it is. I wish Senator Warren was running for President. She would make a difference.