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[CNN - BUSINESS, JANUARY 23, 2020] Former Wells Fargo CEO banned from banking industry and fined $17.5 million - By Anneken Tappe [NOTE: We are often told about the corruption in developing countries by the self-appointed Western "corruption monitors". This are the same people who seldom talk about the rampant corruption in their own backyard.]

Posted by: sam abrams

Date: Friday, 24 January 2020

CNN - BUSINESS, JANUARY 23, 2020

Former Wells Fargo CEO banned from banking industry and fined $17.5 million.

[Note: Wells Fargo is one of the world's largest banks. It has offices in locations across Europe, the Middle East , Africa, Asia, Latin America and Australia.] 

Former Wells Fargo CEO John Stumpf on Thursday agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in leading the bank through its massive fake accounts scandal and other sales practice misconduct.

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The bank has admitted its employees opened millions of fake bank and credit card accounts to meet wildly unrealistic sales goals. Wells Fargo has acknowledged that it forced borrowers to pay for auto insurance they didn't need. Some of those auto borrowers ultimately had their vehicles repossessed

Click on the link below to read the full news report 

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