Thursday, October 20, 2016
‘Lions Hunting Zebras’: Wells Fargo Bankers Preying on their Customers
Mexican immigrants who speak little English. Older adults with memory problems. College students opening their first bank accounts. Small-business owners with several lines of credit.
These were some of the customers whom bankers at Wells Fargo, trying to meet steep sales goals and avoid being fired, targeted for unauthorized or unnecessary accounts, according to legal filings and statements from former bank employees.
“The analogy I use was that it was like lions hunting zebras,” said Kevin Pham, a former Wells Fargo employee in San Jose, Calif., who saw it happening at the branch where he worked. “They would look for the weakest, the ones that would put up the least resistance.”
Read the rest here.
Banks are the enemy. The big ones need to be broken up under the various anti-trust laws and the people running them need to be jailed if it can be proven that this kind of behavior occurred under their watch. And it is way past time to put the Glass Steagall Act back on the books. Enough is enough!