Josh Sigurdson talks with author and economic analyst John Sneisen about yet another scandal coming out of Wells Fargo as the bank is being investigated by the Department of Labor. Wells is accused of deliberately pushing customers into more expensive, higher fee retirement accounts. These are accounts that are far more lucrative for the bank but not at all good for the customer. Go figure, a bank has lied.
This just piles onto the countless scandals Wells Fargo has been caught up in over the past few years. Like when they created nearly 4 million fake bank accounts. Or when they gave 570,000 people car insurance they didn’t ask for which lead to 20,000 clients getting their car repossessed.
They’ve already been caught deliberately giving clients bad investment advice in funds likely to lose and fail.
We also can’t forget when Wells Fargo charged 100,000 people with late fees despite the problem being on their end.
They also sold customer information to identity thief rings in 2016.
Then the CEO gets a pay raise as the bank sees signs of crashing.
We could go into the scandals all day and all night. There are many more of them. But this leads up to last week when Wells Fargo signed off on a 1 billion dollar check as a penalty for their car insurance scam. Literally a week later we see another scandal. How can Warren Buffett’s favorite bank possibly continue to stand?
People have to stop trusting the banking system and instead decentralized themselves and their finances. If your money’s in the bank, it’s not yours, it’s the bank’s.
People need to be self sustainable and financially responsible. As Wells Fargo puts out circa 2006 collateralized debt obligations which should concern everyone, it’s time to look elsewhere!
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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