thousands of Wells Fargo employees siphoned funds from their customers

FILE - In this July 14, 2014, file photo, a man passes by a Wells Fargo bank office in Oakland, Calif. Regulators announced Thursday, Sept. 8, 2016, that Wells Fargo is being fined $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals. (AP Photo/Ben Margot, File)

9-11-16     L.A. City Attorney Mike Feuer announced a $185 million settlement reached with Wells Fargo after thousands of bank employees siphoned funds from their customers to open phony checking and savings accounts raking in millions in fraudulent fees.

A chastened (sarcasm alert) Wells Fargo cashiered 5,300 employees, the alleged perpetrators of this massive theft….If Russian hackers had siphoned funds from Wells Fargo customers and opened 1.5 million bogus accounts and 565,443 unauthorized credit cards the Federal Government would have had the FBI searching every haystack for every needle.

What would that headline have done to confidence in our banking system?  But this was an inside job.

So where is the FBI?  Where is the Department of Justice?  How about California Attorney General Kamala Harris?  Too busy campaigning for the Senate to notice?  How about L.A. District Attorney Jackie Lacey?

Only City Attorney Mike Feuer took action, and he only has authority to prosecute misdemeanors.  A settlement of $185 million is chump change to a company valued at $250 billion.  And who gets the $185 mil?…The actual victims?  The Wells Fargo customers whose accounts where hacked?  They’ll split $5 million.  And not a single banker will go to jail.  Not one.         http://www.dailynews.com/business/20160910/wells-fargo-when-the-bank-robs-us

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