Who is guarding the (dictatorial) guards?
Regulators mete out fines and stymie growth, but are rarely punished for their own misconduct
By Paul Driessen —— Bio and Archives--September 26, 2016
Global Warming-Energy-Environment | Comments | Back To Full Article
Several years ago, Wells Fargo Bank discovered that employees had boosted sales, by opening some 2 million deposit and credit card accounts without customer knowledge or authorization. Over the next few years, the bank fired more than 5,000 employees for misconduct and reimbursed customers $2.6 million in fees that they may have incurred on the bogus accounts.
Insufficient response and retribution, regulators and politicians howled. They played no role in uncovering the fraud, but they are hounding bank officials and demanding $185 million in fines.
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