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Notices tagged with wellsfargo
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https://www.politico.com/news/2022/12/12/ftx-founder-bankman-fried-arrested-in-the-bahamas-00073597 [www politico com] #FTX #cryptocurrency exchange ex-CEO arrested.
> Bankman-Fried’s arrest comes the night before he was scheduled to testify remotely in front of the House Financial Services Committee, which is investigating the collapse of his multibillion-dollar crypto empire. Bankman-Fried — who until early November was the toast of Washington policy circles — has faced mounting allegations that he misused FTX customer assets to prop up his investment firm Alameda Research.
> In prepared testimony for House Financial Services, the company’s new CEO John Ray III, wrote that Alameda used client funds to engage in margin trading, exposing customers to massive losses.
> "[T]he FTX Group’s collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money or assets,” Ray, who stepped in as the bankrupt cryptocurrency exchange’s top executive last month, wrote in prepared Congressional testimony on the exchange’s collapse.
If he was going to try to follow #Wells_Fargo's example, he needed to follow it more closely. I recently posted a link to angryretailbanker's article where they described why they didn't believe WF's top managers should be jailed. (I personally disagree about Wells Fargo management, simply because if you see the same misbehavior sprout up at the same time across the whole organization, it generally means one person or group with supervision over the entire group ordered or suggested it ... often off-the-record, so you'd have to actually investigate to find enough evidence to convict.)
#cryptocurrency #finance #crime #fraud #theft
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https://nu.federati.net/url/288878 [www angryretailbanker com]
Remember, #Wells_Fargo paid $3,000,000 in fines, but no one went to jail for their scheme to misuse depositors' funds. If you're looking for the spiritual parent of #FTX, this is it.
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#Wells_Fargo, the bank that pushed its employees to increase sales to the point that many of them committed fraud, is now laying thousands of employees off. https://nypost.com/2020/07/09/wells-fargo-preparing-to-cut-thousands-of-jobs-report/ [nypost com]
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https://nu.federati.net/url/263931 [cnbc]
#Wells_Fargo pays #3B to avoid prosecution. This is #USDOJ abdicating their duty. There should have been officers and directors and CxO people perp-walking in orange jumpsuits on NBC news. This is not something to brag about. You failed America and its people.
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Bank regulator #OCC bans former #Wells_Fargo CEO from working in banking, fines him $17.5Mil https://nu.federati.net/url/259388 [CNBC] ... great start! Now where's the jail time announcement? I know it must be coming.
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Too little, too late.
#The_FED drops the hammer on #Wells_Fargo [CNN] http://money.cnn.com/2018/02/02/news/companies/wells-fargo-federal-reserve/index.html #Federal_Reserve
If we wonder why banks / banksters repeatedly commit these kinds of offenses every few years, this is why. Years later, and all WFB has to do is not grow their assets for a couple of years while they prove they're good people again.