Tuesday, September 20, 2016

5,300 fired for doing what they were told says MA Sen. Elizabeth Warren (D)

“When it all blew up, you kept your job, you kept your multi-million-dollar bonuses and you went on television to blame thousands of $12 an hour employees who were just trying to meet cross-sell quotas that made you rich,” Warren asserted. “You should resign, you should give back the money that you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission.”

“The only way that Wall Street will change is if executives face jail time when they preside over massive frauds,” she said. “We need tough new laws to hold corporate executives personally accountable, and we need tough prosecutors who have the courage to go after people at the top.”






Even more mind-numbing, perhaps, is the fact that many Wells Fargo customers during this time were often forced to withdraw money from their legitimate accounts to pay fees levied on them from their unauthorized Wells Fargo accounts. These high level executives - despite numerous and proven instances of fraud, knowledge of fraudulent actions by lower level employees, and worse, incentivizing, i.e., threatening, those same lower level employees by requiring them to commit fraudulent activity - have almost never suffered a single, negative consequence. You can literally count on one hand how many corporate-level executives sit in federal prisons today. And by that, I mean those executives who were in full control of these operations that cost the public billions and padded their own bank accounts with millions of dollars in stock options and bonuses. 

In short, those white collar scumbags are regularly rewarded for screwing over the public. If it weren't so utterly tragic and unfair, it would be hysterical satire. And do you care to take a guess which side of the aisle not only protects those same buffoons (Trump is one of them, by the way), but also works tirelessly to lower their taxes and deregulate their trading practices? 

"Oh, silly Elizabeth. You're just a woman, so . . ."

Starts with a 'C' and ends with an 'assholes'. Oh sure, there are plenty of Democrats in corporate pockets, but by and large, the luxury of what is essentially diplomatic immunity that these executives enjoy is engineered almost entirely by those in the Republican party. And you are more than welcome to challenge me on that.  

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