This is not about need it’s about greed by banks.

Wells Fargo Fraud,

Then CEO dumps its stock, after illegal sales practices going back to 2007 are exposed and admitted before Congress for the second time.

It was a massive fraud on a scale unprecedented resembling a pyramid scheme where bank employees opened accounts without the knowledge of its customers. It was a scheme known to the CEO where Wells Fargo employees stole its customers money deposits without their knowledge.

This corrupt selling mania by Banks opening 2 million accounts phony accounts is the tip of what is fraud, fraud on a scale that makes 2008 crash a minor violation.

This is alarming fraud by the to big to fail banks, who are to big to control and to big to jail. Bank chairman and CEO Stumpf of Wells Fargo was penalized every year since 2007 and fined every year since for fraudulent acts. Congressmen laid into the CEO over this leaving him stuttering as he admitted bank employees stole from its customers. Then afterwards send in collection agencies to collect fees the bank charged fraudulently for what is effectively identity theft.

Republican Congressman said: your problems are coming when prosecutors get hold of you. This is a course of actions which you were aware of for over five years, 550,000 credit cards were opened in the name of your customers, this racketeering was all done with your knowledge and is time to break up the Banks.

It is clear this level of fraud is perpetrated by some of the largest banks in the world. Where CEO and Chairmen cannot see fraud or be aware of $10.8 Billion in fines. This is not about need it is about greed a cross selling fraud and business as usual for Wells Fargo Bank.

This leaves now only one option open to authority.

Break up the banks, the Italian banks will break up the European Union so will the German banks along with most western EU countries anti austerity groups.

Comments are closed.