They know how to deal with white collar crime in Vietnam 👍👍👍
sataniccapitalist reblogged
Source: newcanadianmedia.ca
sataniccapitalist reblogged
Source: documentedny.com
sataniccapitalist reblogged
If you ever get laid off or fired… think of this.
“Wells Fargo’s John Stumpf resigns, still makes millions
Published on Oct 13, 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.”
“Former Wells Fargo Chairman and CEO John Stumpf sold $61 million worth of Wells Fargo (WFC) shares in the month prior to settling a long-running investigation that charged the bank with falsifying millions of customer accounts to boost sales and fees.
The following month, when regulators announced on Sept. 8 that they’d fined Wells Fargo $185 million for falsifying more than 2 million customer accounts to meet aggressive sales goals, the company’s stock price plunged and Stumpf was called on the carpet before Congress before finally resigning this week.”
sataniccapitalist reblogged
The federal regulator alleged Monday that the bank knew its employees were opening fake accounts since at least 2008 and up until 2016, the same year that Wells Fargo admitted its own employees had opened fake accounts to meet aggressive sales goals. Wells Fargo was forced to pay billions of dollars in fines and penalties for its bad behavior.
The CFPB alleges that some of the fake Fifth Third accounts were actually funded, meaning bank employees moved money from a customer’s existing account to their new one, without their consent. Fifth Third’s sales program required the accounts to be funded, so once the employee was credited for the sale, the money was moved back.
However, moving money without a customer’s consent is a violation of the Truth in Savings Act.
In a statement, Cincinnati-based Fifth Third said the CFPB’s lawsuit was unnecessary. The bank said it had already investigated the allegations and found 1,100 accounts were opened fraudulently out of 10 million existing accounts and the amount of financial damage caused by these employees was less than $30,000.
“When a federal court examines the evidence, we believe it will agree with Fifth Third that this is a limited and historical event,” said Susan Zaunbrecher, chief legal officer of the bank, in a statement.
sataniccapitalist reblogged
Josh Sigurdson talks with author and economic analyst John Sneisen about the countless scandals plaguing Wells Fargo topped by the slumping housing market which is forcing the insolvent bank to lay off 638 mortgage employees. From creating millions of fake accounts, giving people car insurance when they didn't ask for it and repossessing their cars, foreclosing on 400 homes due to a computer glitch, the list is extensive. Now Wells is laying off countless people and there's no doubt why. The bubbled housing markets in several major cities which Wells Fargo helped prop up are starting to retreat, or pop if you will. As the housing markets take a turn for the worse, the cash to deposit ratios and countless major banks are below 1% covered! Most at below 10% however still proving the vast insolvency of the banking system which is completely in the red year to date when it comes to share prices.
If your money's in the bank, it's not yours, it's the bank's. That should teach you a major lesson right there, but people don't learn. Wells Fargo was heavily involved in the 2007 housing bubble burst with their mortgage backed securities, collateralized debt obligations, credit default swaps and the usual crazy paper derivatives. Well they are doing it again and it's of no surprise to those of us who know how banks operate. It doesn't help that they're doing fractional reserve lending and printing currency out of thin air with help from their friends at the Federal Reserve. Deutsche Bank which is also laying off 10,000 employees (1 in 10) and has officially laid off 1,000 employees is a sign that Wells Fargo isn't alone.
Wells Fargo and Deutsche Bank also go well together considering the schemes they've both been involved in over the years with extensive market manipulation. The answer is clear. Individuals must be self sustainable, educated and responsible. Individuals must decentralize, rule themselves, protect their purchasing power and not be depending on massive centralized entities. Banks, central banks, governments benefit from the dependence of collectives.
Stay tuned as we continue to cover this issue!
Video edited by Josh Sigurdson Featuring: Josh Sigurdson John Sneisen
sataniccapitalist reblogged
On March 14 the Securities and Exchange Commission charged Theranos founder and CEO Elizabeth Holmes with a “massive fraud.” According to the SEC, Holmes had made wild and false claims about the company’s purportedly revolutionary blood testing device as the company fraudulently raised $700 million from investors.
But despite the SEC investigators’ well-developed “massive fraud” charges against Holmes, five days later the SEC let the 30-something woman off the hook with a $500,000 fine, surrender of her shares in the company, and barred her from being an officer or director of a publicly traded company for 10 years. In other words, when Holmes is in her early 40s, she will have the opportunity to once again run another massive fraud and bilk investors. This is exactly the kind of hubris we have come to expect from the SEC. (See related articles below.)
This past Sunday, CBS’s 60 Minutes detailed the history of fraud at Theranos. It had to own up to the following: “…almost every media outlet including us here at CBS bought into the Theranos myth.”
Smart people bought into the Theranos myth because Holmes had learned a pivotal lesson from Wall Street: stack your board with prestigious names and hire a big name lawyer and you can pretty much get away with enormous amounts of fraud for a very long time. At its peak, Theranos was valued at almost $10 billion, making Holmes’ a billionaire from her stake in the company.
