Wells Fargo CEO John Stumpf(ucker) was at the controls as his minions illegally opened at least 1.5 million accountshttp://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/ in people's names without their permission in order to generate fees. As the fee revenue escalated, he played sergeant Schultz (I know nothing, I see nothing, I hear nooooothing!). But now that the herd is awakening, congress is running scared for its own jobs and so now they want to play the champion of the people by prosecuting the evil Wells Fargo.
Now generally these little dog and pony shows are toothless. The asshole moneyman banker weasels up to the table, congress makes a big loud show of trying to humiliate a person who has zero moral, and then it all goes away. Nobody pays anything, nobody goes to jail, nothing really changes.
But now congress is talking about clawing back actual pay of the CEO and of the head of the division responsible for the fraud. I say clawbacks my ass, charge the mofo and his little girlfriend with RICO level fraud and toss both of their useless banker asses in the klink (to keep the Hogan's Heros theme). A little time in the "cooler" would be good for those useless banker assholes.
At some point I expect these dog and pony shows to get downright ugly because congress is now desperate to deflect attention from their useless corrupt asses to someone, anyone else. It's getting to the point where I would pretty much enjoy watching anyone associated with banking in any way get broken down in public and sent to jail for a long time.
I think I'm going to need another bag of popcorn and a coke.
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