The CEO of Wells fargo, the San Francisco=based financial giant, has released a statement in house to the effect that more bad publicity is soon to be announced. A report by an outside agency will be released this week or next that will expand on data found recently that the bank was cheating millions of its own customers by juggling their accounts with various charges without authorization.
How can this massive ethical breakdown occur? When the entire organization is rotten to the core, that's how.
It is a systemic failure brought about by leadership that depends on expanding profits at "ALL" costs. The attitude filters down to the lowest level of management and is exemplified in the misdeeds of large numbers of employees who feel propelled to cheat the customers who expect honesty and ethical behavior as banks used to be known for back in the day. Bank of America, formerly Nations Bank of North Carolina, has its share of problems and continues to be fined by regulators. This is what happens when the regulated are sleeping with the regulators.
Put your money under the mattress. I think it's time for all depositors to withdraw all moneys from the National banks or national cheaters as they are known among government overseers.
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