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Banksters Shenanigans


Rob Kirby-Massive Fraud 8,000 Tons of Paper Gold Dumped on Market 11/16/2016

Who Is Funding the Dakota Access Pipeline? Bank of America, HSBC, UBS, Goldman Sachs, Wells Fargo

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The Incriminating History Lesson on Money They Can't Teach in School.  You better believe they will ABSOLUTELY NOT teach this in school! It'll become painfully clear why. There is NO DOUBT: If THIS house of cards falls, the entire world will feel the catastrophic effects!


California attorney general investigating Wells Fargo over identity theft claims
Published time: 20 Oct, 2016
Image result for wells fargo boycottThe California Attorney General’s Office has launched an investigation into whether Wells Fargo committed criminal identity theft, in the wake of the sales practices scandal that ousted the bank’s CEO.
A search warrant was served to Wells Fargo on October 5 and was first obtained by the Los Angeles Times. It showed California Attorney General Kamala Harris demanding the identities and account information of California customers who had “any accounts, credit cards, life insurance, or other product or service,” created without customers’ authorization between May 2011 and July 2015.

The warrant also demands the names of bank employees who opened the unauthorized accounts and identities of employees’ managers, including “any and all communications, including email referencing” the bogus accounts.

Image result for wells fargo boycottHarris is also seeking information for customers who do not live in California.

A spokesperson for Wells Fargo said the bank is “cooperating in providing the requested information.”

A 14-page affidavit filed with the search warrant said investigators are looking into potential violations of state law banning impersonation of another and the unauthorized use of personal information, the LA Times reports. Both offenses are considered felonies and are punishable by more than a year’s imprisonment.

The warrant also demands the names of bank employees who opened the unauthorized accounts and identities of employees’ managers, including “any and all communications, including email referencing” the bogus accounts.

Image result for wells fargo boycottHarris is also seeking information for customers who do not live in California.

A spokesperson for Wells Fargo said the bank is “cooperating in providing the requested information.”

A 14-page affidavit filed with the search warrant said investigators are looking into potential violations of state law banning impersonation of another and the unauthorized use of personal information, the LA Times reports. Both offenses are considered felonies and are punishable by more than a year’s imprisonment.

It’s not certain whether Harris, who is running for election for the US Senate this November, is considering charges against individual bank workers, high-level bank executives or the bank itself. The claim of ‘identity theft’ is also being seen as novel.

“One wouldn’t typically think of a financial institution opening an account in the name of a customer as being an act of identity theft,” Paul Stephen, police director at the San Diego nonprofit Privacy Rights Clearinghouse, told the LA Times. “It’s a creative way of looking at these activities and finding them unlawful under a statute that arguably could be prosecuted in state court.”

Wells Fargo has already agreed to a settlement for $185 million with the Los Angeles City Attorney’s Office and federal regulators in early September over the 2 million fake bank accounts.

During that investigation one victim, identified only as "Ms. B," said she had declined a request by a Wells Fargo teller in late 2011 or 2012 to open new accounts.

But sometime in late 2013 or early 2014, she started to receive notices that she and her husband "allegedly owned on three life insurance policies held by the bank," the affidavit says.

She also told the investigator that Wells Fargo often claimed that her accounts had to be closed and reopened because of "problems" that it could never fully explain. The constant changes, she added, sometimes caused her to incur fees because her checks would bounce.

Another day, another $185mn: Wells Fargo fined for opening fake accounts

Another alleged victim, identified as "Ms. C," told the investigator she noticed the bank was transferring money from her checking account to her savings account in amounts that grew over time, from $50 to $150.

The bank claimed the transfers were done as overdraft protection, but it refused to provide her bank statements when she asked to see them.

Last week, Wells Fargo CEO John Stumpf resigned a few weeks after the bank’s board required him to forfeit $41 million in invested equity. He still retired with $134.1 million.

US attorneys in San Francisco, New York and Charlotte, North Carolina, have opened their own investigations.

Wells Fargo is also under investigation by the federal Labor Department, an outside law firm hired by the bank’s board, and two congressional committees. source


Ohio State announces plans to stop doing business with Wells Fargo Published 15 Oct, 2016

Image result for wells fargo fraud investigationOhio Governor John Kasich became the first state-level Republican to take action against Wells Fargo after suspending the big bank from doing business with the state. This makes the Buckeye State the third to officially halt business with the bank.
The Wells Fargo fraudulent accounts scandal continues to rock the bank and jeopardize its business dealings. After allegations against the San Francisco-based bank revealed that employees had opened up unauthorized customer accounts to reach sales targets, the fallout resulted in Wells Fargo losing the ability to work with state bonds.

Governor Kasich (R) said in a statement, "while Wells Fargo only does limited retail banking in Ohio, it does regularly seek state bond business so I have instructed my administration to seek services from other banks instead.”

"This company has lost the right to do business with the state of Ohio because its actions have cost it the public's confidence," he added.

This could present a sizable loss to the company. In the past four years alone, Wells Fargo has participated in about $830 million of Ohio’s state bond offerings, according to Associated Press.

The ban against Wells Fargo is set to last a year, but it could be extended if new Wells Fargo CEO Tim Sloan does not repair the bank’s reputation with the public.

Ohio is not alone in their concerns that Sloan would be more of the same. California State Treasurer John Chiang told CNBC that he was apprehensive that the new top executive would offer anything different than former CEO John Stumpf.

On Thursday, Chiang appeared on “Closing Bell” and explained, “If we're going to have more of the same, that's not acceptable.”

"We are beyond the point of tweaking. We want to see fundamental reform of Wells Fargo before we make a decision," he said.

Given that California is the nation’s top issuer of municipal debt, their sanctions could cost the bank millions.

Illinois set the trend earlier this month when Treasurer Michael Frerichs announced his office would suspend its annual $30 billion in investment activity for one year with the potential for an extension, USA Today reported. In a presser, Frerichs said, "Wells Fargo is a big financial player in Illinois, and I hope to send the message that their unscrupulous practices are not welcomed and will not be tolerated.”

However, Wells Fargo spokesman Gabriel Boehmer downplayed the ramifications of losing Illinois contracts, telling USA Today, "Respectfully, the actual amount in lost revenue for the company from business conducted with the Illinois Treasurer’s office is approximately $50,000 per year.”

Wells Fargo did, however, lose a substantial bond from the city of Seattle. A letter from Seattle Mayor Ed Murray, council president Bruce Harrell and budget committee chair Tim Burgess explained that they would no longer work with the bank as a lender on a $100 million bond with their city’s public utility provider.

In their letter, the trio held Wells Fargo responsible for the practices that led to the scandal. They wrote, “Wells Fargo's practice of opening accounts in customers' names without their knowledge or approval is reprehensible, particularly in that it appears this strategy was not only condoned by management, but encouraged,” according to KIRO.

The scathing letter continued, saying, “your organization's underhanded practices greatly harm not only the customers who have been shouldered with bogus fees and unfairly reduced credit scores through no fault of their own, but also your own reputation and relationship with your institutional customers, including the City of Seattle.”

Seattle officials stressed the need for Wells Fargo to regain the public’s trust through reforming business practices and making reparations to those affected by the illegal practices.

Local government operations have also grown skeptical of doing business with the bank. The New York Metropolitan Transportation Authority did not grant Wells Fargo pre-authorization status for underwriting bonds but instead opted to review its business practices before recommending it to the board.

Many eyes will be on Sloan as he handles the new parameters set forth by various governments. Meanwhile, Stumpf is facing some trouble of his own. The former CEO and chairman was found to have sold $61 million worth of Wells Fargo stock a month before regulators announced that the bank had been fined $185 million for its illegal practices.

As a result, Stumpf walked away with roughly $26 million in profit. While he may have been laughing all the way from the bank, his action did sound alarms for regulators who expressed concerns of insider trading.  source


Wells Fargo’s John Stumpf resigns, still makes millions Published time: 14 Oct, 2016

Wells Fargo CEO John Stumpf resigns in the wake of a massive scandal over fraudulent, unauthorized customer accounts, but is keeping millions in compensation. Edward Harrison has the details. Bianca Facchinei takes a look at San Francisco’s “Proposition Q,” which will forcibly relocate the homeless if approved by voters. Ameera David reports from Goa, India on preparations for the upcoming BRICS 2016 summit.
Eswar Prasad, Senior Fellow at The Brookings Institution and author of “Gaining Currency,” tells Ameera of the potential pitfalls for the Chinese Yuan and what India needs to do to keep up its stunning growth. In The Big Deal, Alex Mihailovich breaks down the latest on the Canadian-European Union “CETA” free trade deal, which just got a boost from Germany and Canada.

Employees, customers blew whistle over Wells Fargo fraudulent bank accounts years ago – reports. article from sept 20, 2016

Image result for wells fargo fraud investigationCalling into question why Wells Fargo was only recently fined $185 million for fraudulently opening more than 2 million accounts, the US Senate is now hearing reports that employees and customers blew the whistle on the Wall Street bank’s illegal activity several years ago.
After settling with regulators for $185 million over signing up its customers for more than 2 million accounts without their knowledge and subsequently charging them fees, Wells Fargo became the focus of a Senate Banking Committee hearing on Capitol Hill on Tuesday.

White-collar criminologist William Black told the Real News that the hard work exposing the bank’s practices was “done by the customers, by the employees and by Los Angeles County, that bought the suit in 2015, building on these whistleblowers.”

“You see almost no credit for that, in the coverage,” said Black, associate professor of economics and law at the University of Missouri-Kansas City. “Instead these federal agencies held absolutely not a single individual accountable, there were no admissions, there was absolutely no admissions in the settlement agreement. So this settlement agreement, principally negotiated by the Consumer Finance Protection Bureau (CFPB) is disgustingly weak.”

The Senate hearing comes after five senators requested a committee investigation into the bank’s pressure-cooker sales practices. Last week, federal and California regulators reached a $185 million settlement package with the US’s largest bank by market capitalization after investigating its practices that led to the opening of more than 2 million fake accounts.

About 5,300 Wells Fargo employees were fired in connection to the allegations.

“This is the place that absolutely refused to clean up its house and, by the way, while it was firing over 5,000 employees, the people who were being coerced and not only encouraged but demanded and praised Wells Fargo managers to cheat. The person who was in charge of the entire consumer banking division was allowed to retire. Praised as the model of what a banker should be, by the CEO and given millions of dollars with absolutely no claw-back for the abuses,” Black told the Real News.

Black said employees held public protests outside Wells Fargo branches to try and warn the public of the practices.

Black said in an interview that Wells Fargo CEO John Stumpf held that “the bank didn’t do anything wrong, that it didn’t have any perverse incentives, it was just there happened to be more than five thousand fraudulent employees. Who apparently got hired by somebody but not by Wells Fargo, except, of course, it was Wells Fargo.”

“The whole story is preposterous,” Black added.

Among those scheduled to testify at the hearing are John Stumpf, chief executive of Wells Fargo, and Richard Cordray, director of the Consumer Financial Protection Bureau.

Some 115,000 Wells Fargo accounts had to be refunded due to overdraft and other fees linked to these improper sales tactics.

Black was one of the regulators investigating the savings and loans crisis in the 1980s where people were charged and convicted and went to jail.

In an interview about the savings and loans investigation, where over 1,000 loans associations failed, Black said regulators made over 30,000 criminal referrals, which produced over 1,000 felony convictions in cases designated as “major” by the Department of Justice.

“But even that understates the degree of prioritization, because we, the regulators, worked very closely with the FBI and the Justice Department to create a list of the top 100 — the 100 worst fraud schemes. They involved roughly 300 savings and loans and 600 individuals, and virtually all of those people were prosecuted,” Black told Moyers and Company in 2013. “We had a 90 percent conviction rate, which is the greatest success against elite white-collar crime (in terms of prosecution) in history.”

Since the announcement of the fines against Wells Fargo, the FBI and federal prosecutors have opened an investigation. The House of Representatives Financial Service Committee is set to hold a hearing later this month but has already launched an investigation and has requested documents and executive interviews related to its banking practices.

On Friday, three residents in Utah filed a lawsuit brought by customers against Wells Fargo. The plaintiffs are seeking class-action status on behalf of up to a million people who may have been affected. They are seeking damages. The suit accuses Wells Fargo of “knowing theft, engagement in a continuous pattern of fraud, [and] conspiracy to commit fraud.” source


Sept 2016 Wells Fargo will pay $190 million to settle customer FRAUD case. (a pattern of fraud, dating back to 2011)

WASHINGTON (Reuters) - Wells Fargo has long been the envy of the banking industry for its ability to sell multiple products to the same customer, but regulators on Thursday said those practices went too far in some instances.

The largest U.S. bank by market capitalization will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts they never requested.

"We regret and take responsibility for any instances where customers may have received a product that they did not request," the bank said of a settlement reached Thursday with California prosecutors and federal regulators.

The Consumer Financial Protection Bureau will receive $100 million of the total penalties - the largest fine ever levied by the federal agency.

"Today's action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences," said CFPB Director Richard Cordray.

Los Angeles officials and the Office of the Comptroller of the Currency were also party to the settlement.

In a complaint filed in May 2015, California prosecutors alleged that Wells Fargo pushed customers into costly financial products that they did not need or even request.

Bank employees were told that the average customer tapped six financial tools but that they should push households to use eight products, according to the complaint.

The bank opened more than 2 million deposit and credit card accounts that may not have been authorized, the CFPB said Thursday.

Wells Fargo spokeswoman Mary Eshet said t
he bank fired 5,300 employees over "inappropriate sales conduct." The firings took place over a five-year period, Eshet said, adding that the bank has 100,000 employees in its branches.

Wells Fargo regularly releases numbers about how many products it sells to customers, a practice it calls "cross-sell." Its wealth and investment management unit, for example, sold 10.55 products per retail banking household in November 2015, up from 10.49 a year earlier, according to the bank's annual 10-K financial filing.

In the second quarter, however, the bank changed how it tallies up some of those numbers and said it was considering more changes.

Piper Jaffray analyst Kevin Barker said he does not think the crackdown on Wells Fargo will have much of an impact on others in the industry.

"I think this is unique to Wells Fargo and their particular situation and how hard they push on cross-sell," he said.

(Reporting By Patrick Rucker in Washington and Dan Freed in New York; Editing by Alan Crosby and Jonathan Oatis) source &

Bottom Line: wells fargo bank is a Fraudulent bank they Cheat, Lie and Steal and they finally got caught for some of many illegal unethical shenanigans. They should be shut down and CEO should be in Jail but no he resigns and gets 150 million dollars of the victims stolen money and wells fargo allowed to continue doing business.

All Wars Are Bankers Wars

TRUNEWS Jim Willie
Jim Willie fires both barrels on today's program regarding the implosion of the Western banking system, the disappearance of large quantities of gold bars, a possible Chinese foreclosure of the U.S. Fed, the Saudi plan to end the U.S. Petro Dollar, and the Chinese-Russian timetable to unveil a gold-backed currency.


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