Wells Fargo has now become a never ending story of greed and fraud as the charges against them continue and even more charges come to light. It now looks as if they have uncovered an additional 1.4 million fake bank and credit card accounts for a total of up to 3.5 million accounts from their… [Read More]
Bankers Haven’t Gone to Jail Because They Are Innocent…Of Crimes?!
Astounding! Or so states the editorial board of the Wall Street Journal. Author and journalist William D. Cohan notes in a recent article that the WSJ op-ed asserted that bankers and traders didn’t go to jail for their bad behavior in the years leading up to the financial crisis “because they haven’t committed any crimes.” Mr. Cohan,… [Read More]
Wells Fargo, Fried Again!
Well, it looks as if Wells Fargo, the self-proclaimed “community-based financial services company” is once again on the hot seat.The bank had been forcing unneeded collision insurance on customers who financed their car purchases through the bank. That practice, first disclosed by The New York Times, affected 800,000 customers according to an analysis commissioned by the bank. The bank… [Read More]
Did We Learn Anything From the 2008 Financial Crisis?
Last year, fellow Bank Whistleblowers United colleague, Michael Winston, the Countrywide Whistleblower, and I, along with C.R. “Rusty” Cloutier, MidSouth Bankcorp. Inc, Founding President and CEO, and Rashad Abdel –Khalik, PhD. Professor of International Accounting at the University of Illinois, joined Dennis McCuistion; the host of the McCuistion Program for an insightful look at “What… [Read More]
Is Wall Street a National Threat?
A sentence in a recent NY Times editorial captured my immediate attention: “But the American Public Is short of memory and naively susceptible to the siren song of snake oil.” In its first system-wide “all clear” since our last financial crisis, “the Federal Reserve announced last week that all of the nations’ big banks are… [Read More]
Respected Business Leaders Call Out for Ethics and Accountability!
And it’s about time…principles matter; in business and in our personal lives. For some time you’ve heard me rant on the lack of principles exhibited by many companies and the TBTF banks that endangered our economy in 2008; the lack of principles that eroded our financial systems and the fraud that resulted because of the lack of ethics and… [Read More]
Are Clawbacks and Shareholder Proposals Essential to Corporate Governance?
The recent Wells Fargo financial misdoings situation has focused much-needed attention once again on clawbacks, the forced return of pay and stock grants, and shareholders involvement in corporate guidance policies. The Wells Fargo’s board voted to claw back an additional $75 million in compensation from the bank’s former chief executive, John G. Stumpf, and its former head of community… [Read More]
Whistleblower Program Wins Telly Award
The McCuistion television program, Whistleblowers: Who They Are and Why You Should Care, in which Michael Winston, William (Bill) Black, and I appeared last year, has been selected as a Telly Award winner. The Telly Awards is a widely known and highly respected national and international competition with awards based on overall production excellence, including… [Read More]
It’s available! “Business Ethics Lessons Learned…A Citigroup Whistleblower’s Perspective” – Now At Amazon
The 2008 financial crisis, the worst in our history and the egregious fraud, greed and corruption which led to it, impacted not just the banking world but businesses and individuals worldwide. And, it could well have easily been prevented if best business practices had been followed. For the last two years, my team and I… [Read More]
Is the Fed Really Interested In Protecting Consumers or Is It just Lip Service?
Eric Ben Artzi … is a former risk officer at Deutsche Bank. Mr. Ben-Artzi was one of three former Deutsche Bank employees turned whistleblowers who in 2010-2011 notified regulators of improper accounting at Deutsche. What was discovered resulted in a five-year investigation and a $55 million settlement between Deutsche Bank and the SEC. While Mr. Ben-Artzi was… [Read More]
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