One of the big four banks issued hundreds of thousands of fraudulent credit cards and opened more than a million bank accounts without customer consent, according to recent reports.
Prominent individuals in the financial services industry are coming forward to condemn the mass theft underway by historically trusted agents. “Wells Fargo has been a trusted brand since the west was won,” Eric Schiffer, finance expert and CEO of The Patriarch Organization, tells the Daily Caller News Foundation. The leadership of John Stumpf, CEO of Wells Fargo, “led to bullet holes piercing the brand like a suicidal west gunslinger taking action,” Schiffer tells TheDCNF. Under Stumpf’s leadership, the company has been nothing but “shakedown artists,” Schiffer added.
Schiffer thinks the scandal “has decimated trust with hundreds of thousands of customers, many of which have dumped Fargo. And I think that the CEO Stumpf should be fired for this horror show.”
The scandal makes Wells Fargo into an “emblem of economic evil,” says Schiffer, at a time when the American people don’t trust leadership in most facets of society. This “disgusting” fraud by Wells Fargo under Stumpf’s leadership is just “one more choice by a person in charge that hurts the trust of the public,” Schiffer tells TheDCNF.
Wells Fargo says it fired 5,300 employees over the last few years as a result of unearthing these fraudulent practices, reports CNN Money. (RELATED: Wells Fargo Just Got Hit With The Biggest Fine In CFPB History)
Blaming employees for this scandal is “the biggest lie in the history of banking in the last several years,” Schiffer tells TheDCNF, adding that, to insinuate employee fault is “as fraudulent as their activity.”
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