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Wells Fargo
I have always been fascinated by the term “white collar crime.” It makes it seem as if stealing lots of money is not as bad as stealing a small amount. It rarely results in punishment that fits the crime. Yet the small-time thief is often thrown under the jail, like the guy who stole $20 from a parking meter and was sentenced to 10 years.
Contrast that with the fallout from the recently exposed Wells Fargo Bank scam, in which two million credit cards and customer accounts were opened using phony signatures and email addresses. More than 5,000 low-level employees got fired for trying to meet impossible sales targets set by their supervisors. The CEO said it was all their fault, as if thousands of bank workers making $12 an hour woke up one morning and decided to defraud their customers. Not one manager was terminated. And even if the CEO eventually loses his job, he will reportedly walk away with company stock that grew to be worth more than $200 million because of the scam. That’s on top of the $19.3 million salary he was paid last year. Continue Reading Wells Fargo