Does Banking Help More Than Harm?

Posted: October 4, 2016 by Nazim in Class Actions


The answers to the question “does banking help more than harm?” range from the naively optimistic to the conspiracy-theorist bleak. It doesn’t help that, in the face of scandals Wells Fargo’s CEO had to forfeit $41 million in stocks, his salary while the investigation goes on, and will not be eligible to get a bonus this year. It’s mind numbing that the reaction to this kind of penalty, which is an amount of money I’m not sure I can fathom, is a shrug. I mean, he’ll be fine. Or, at least, I’m confident he’ll be fine. I could be wrong. But I’m certainly not losing sleep over it.

I’m relatively sure he didn’t offer a set of steak knives to the employee who opened the most accounts, but those who opened too few accounts were certainly fired. So, to keep earning a living, they opened about 2 million accounts and additional services without anyone asking them to. You might have an account in your name (here’s how to get a free credit check to see what accounts you have open). And it certainly wasn’t just a few bad apples: after all, the saying is there to illustrate that when you see a few rotten apples in a barrel, the rest aren’t far off. It was systemic. It was so bad that the employees are suing because they were forced to meet aggressive sales quotas or face demotion, forced to resign, or be fired.

What’s that saying? The best way to rob a bank is to be a banker.


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