Seth Meyers takes a look at Wells Fargo’s phony accounts scandal and the lack of consequences being levied against them, which inspires me join him in saying; ‘Dammit Wells Fargo!’ Banks once gave away toasters, gemstone earrings or savings bonds to draw customers, but these are modern times. I have a million of these ‘olden times’ stories. Wells Fargo ‘motivates’ employees in much the same way retail stores motivate poorly paid sales associates. In other words, their pay depends upon sales numbers, as do the bonuses of themselves and of higher-ups.
You’ll see how at least 5300 creative employees ‘found’ new customers by inventing ‘ghost accounts’ and by helping themselves to the information and money of current customers to create multiple accounts. Dammit Wells Fargo! But stealing millions from a bank is no reason for excitement unless you do it with a mask and a paper bag.
Bank higher ups are not unscathed. Tragically, a director in charge of consumer banking took an early retirement, in which she will strive to survive on her paltry $125 million dollar retirement.