For many, the American dream is still about owning your own home. So imagine your financial situation, never as healthy as it was before the 2008 financial crisis, growing worse, you fall behind in your mortgage payments and contact your bank for help. In fact, you reach out to them to negotiate a mortgage loan… [Read More]
Why is Wells Fargo Still Struggling?
Wells Fargo is once again in the news and not in a positive way. Still struggling with the fallout from the fake accounts scandal two of its senior executives, Hope Hardison, the bank’s Chief Administrative Officer and David Julian, its Chief Auditor have been placed on leave at the request of regulators at the Office… [Read More]
So What’s New: Wells Fargo Caught Again!
Wells Fargo will pay more than $2 billion for allegedly lying about the quality of subprime and Alt-A mortgages that secured residential mortgage-backed securities in the run-up to the 2008 housing crisis, the Department of Justice (DOJ) announced just last week. It was similar abuses in the mortgage-backed securities industry that led to the 2008 financial crisis that… [Read More]
Wells Fargo: The Poster Child of Greed & Fraud
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]
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]
The Saga of Wells Fargo – Are Banks Reaping What They Sow?
Wells Fargo is once again making national headlines for its less-than-ethical business practices. Recent headlines bowled me over: Wells Fargo being forced to reinstate employees – whistleblowers – who reported the ethics issues to their superiors, and pay their back pay! Their Board of Directors report decision laying the responsibility of the 2 million plus unauthorized bank and… [Read More]
Banking In the 21st Century: The Great American Ponzi Scheme at Wells Fargo (and all TBTF)
“You should resign, you should give back the money, and you should be criminally investigated.” a fiery Senator Elizabeth Warren told Wells Fargo’s chief executive, John G. Stumpf, during Senate hearings last month. (Watch in Times Video) In September, Wells Fargo reached a $185 million settlement with federal regulators and acknowledged that thousands of employees, under… [Read More]
Speaking Out Has a Price… Are You Willing to Pay the Cost?
This week I had the opportunity to speak to the University of Nebraska at Omaha for their fifth annual Accounting Speaker Series. Close to two hundred accounting alumni as well as business school students taking ethics courses attended. Many of these young men and women would be auditing company books. Many would see red flags… [Read More]
