Naked Capitalism: “Wells Fargo Fake Accounts Hidden by Fake Whistleblowing”

Wells Fargo have been implicated in not only forging signatures to set up fake accounts for customers, but they’ve now been found to have fired whistleblowers for reporting it. Naked Capitalism via Richard Stallman:

Mind you, the CNN story didn’t establish that Wells Fargo had larded up the numbers by including internal dissenters it fired. But what it has found is far worse: the bank terminated employees who made use of formal whistleblower procedures to object to account fakery and other abuses, like forging signatures.

Not only does the story have multiple sources, most of whom let their names be published, but it also includes a source from Wells Fargo who confirms that the “can the whistleblowers” process was institutionalized. For instance, the Human Resources department gave the business units tips as to how to created trumped-up charges so as to cover for the real reason for the firings.

Why won’t anyone, including the CEO, be prosecuted? Wells Fargo have contributed $1,370,643 to political parties and has been significantly increasing their contributions year over year since 1990.

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