WFC-R

Wells Fargo

Wall Street

The Latest Wells Fargo Criminal Activity Uncovered

The dirt at Wells Fargo knows no depths. This week, yet another example of systemic fraud was unearthed.

From 2017 through early 2018, employees at the Systemically Important Financial Institution (SIFI) fraudulently altered social security numbers, addresses, and dates of birth on thousands of corporate customer documents.

Here's what the bank was dodging, who should be fired (and jailed), and where to put your money when major institutions fail you...

Wall Street

Wells Fargo Is Facing the Fire (and They Should Be)

The prospect of big bank deregulation in light of the outrageous ongoing criminal activity – because that's what it is – at Wells Fargo makes me cringe.

Last week, the U.S. Federal Reserve, the principal regulator of America's systemically important financial institutions, proposed the first big bank-friendly rule changes under the Trump administration.

Have you heard about this? No, probably not.

Maybe it was because the changes, which are mostly revised capital and stress test rules, must go through a comment period before they can be adopted, and that's why the news wasn't front-page worthy.

Apparently, neither was talk last week that the Consumer Financial Protection Bureau could possibly fine Wells Fargo $1 billion for egregious auto insurance and mortgage lending abuses.

And, no, the mortgage abuses aren't legacy issues from the financial crisis era; they're a new rip-off.

Here's what the news neglected to mention, and what it means for your money...