So the GOP’s alleged boy genius, Ayn Rand fanboy Paul Ryan, “the zombie-eyed granny starver from the state of Wisconsin, ” recently posted this on Twitter.
Note the date of this tweet: September 12, 2016. Matt O’Brien of the Washington Post mocks, And now, a case of really bad Republican timing.
Ryan’s tweet is just days after the Consumer Financial Protection Bureau (CFPB) scored one of the biggest consumer fraud victories in its short history against a bankster of Wall Street. 5,300 Wells Fargo employees fired over 2 million phony accounts:
Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn’t even sign up for.
That’s exactly what happened to Wells Fargo customers nationwide.
On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011.
The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.
“Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.
Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior. Employees went so far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.
The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened over 1.5 million deposit accounts that may not have been authorized.
The way it worked was that employees moved funds from customers’ existing accounts into newly-created ones without their knowledge or consent, regulators say. The CFPB described this practice as “widespread.”
Customers were being charged for insufficient funds or overdraft fees — because there wasn’t enough money in their original accounts.
Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their customers’ knowledge or consent. Roughly 14,000 of those accounts incurred over $400,000 in fees, including annual fees, interest charges and overdraft-protection fees.
The CFPB said Wells Fargo will pay “full restitutions to all victims.”
So the only possible takeaway from this tweet is that the Speaker of the House Paul Ryan, and his Tea-Publican Congress, want to repeal the CFPB because it protected consumers against this bankster of Wall Street in what is the largest case of bankster fraud since The Subprime Swindle and the Foreclosure Fraud Cover-Up. This is your Tea-Publican Party, folks.
By the way, Ryan’s Tea-Publican Congress just voted to roll back Dodd-Frank regulations of Wall Street as well. A Dodd-Frank Rollback Bill Clears a House Committee. These evil GOP bastards are shameless in their lickspittle service to their masters, the banksters of Wall Street.
Today the U.S. Justice Department issued subpoenas to Wells Fargo over the opening of millions of fake accounts at the bank. U.S. opens investigation into Wells Fargo fake accounts scandal:
The Department of Justice has issued subpoenas to Wells Fargo over the opening of millions of fake accounts at the bank, a U.S. official told CNN.
Multiple U.S. attorneys’ offices are investigating, the source said.
The investigation is still in the early stages and it’s not clear if it will lead to charges.
Wells Fargo declined to comment. The news was reported earlier by The Wall Street Journal.
News of the federal investigation comes less than a week after Wells Fargo was slapped with a $185 million fine by regulators for creating over two million fake bank and credit cards. Wells Fargo also said it had fired 5,300 people over the past few years due to improper sales tactics.
The shocking scandal has rocked the banking industry and raised serious questions about the sales culture that led to the opening of unauthorized accounts. Employees told CNNMoney they experienced relentless pressure and wildly unrealistic sales targets. The pressure cooker environment is also described in a lawsuit filed by Los Angeles against Wells Fargo in May 2015.
On top of the federal investigation, Wells Fargo is set to be grilled by Senator Elizabeth Warren — the creator of the CFPB — and her colleagues on the Senate banking committee on September 20. Wells Fargo CEO John Stumpf has accepted an invitation to testify at the hearing.
Rep. Elijah Cummings, the ranking member of the powerful House Oversight committee, has also requested Wells Fargo turn over documents about its sales tactics and other material.
Stumpf, in his first televised comments since the scandal broke, said he’s “sorry” for the fake accounts that were opened but also indicated he has no plans to resign. “The best thing I can do is lead this company,” the Wells Fargo CEO told CNBC.
“I’m innocent I tell ya!” it was those 5.300 employees who were to blame, “I know nothing!” (the Sargeant Schultz defense). Wells Fargo CEO blames employees for fraud.
I’m sorry. This fraud was widespread and appears to have been a systematic practice at Wells Fargo, i.e., 5,300 employees, all of whom should be criminally charged along with their superiors and management employees who had knowledge that this practice was going on. There is no way that top management did not know this was happening.
“Somebody’s going to emergency, somebody’s going to jail.”