Federal regulators dropped the money hammer on Wells Fargo, imposing a $1 Billion fine. The bank was guilty of massive insurance and mortgage fraud against its customers. This is the same bank that created all those fake accounts to bilk real fees out of the people.
Car loan takers were charged for insurance they did not need and mortgage debtors were charged illegal fees. The fine is good but will be passed along to the same customers sooner or later. Why isn’t anyone at Wells going to prison. This was a reverse bank robbery.
Picture by CNBC.