Re:5,300 Wells Fargo employees fired for creating over 2M ph...
by rlucas on Thursday September 08, 2016 @09:48PM
(#12459134)
WF is an institution where there almost certainly are 5300 people who've never shook the hand of, much less meaningfully reported to, a C-level.
Re:5,300 Wells Fargo employees fired for creating over 2M ph...
by Zigurd on Thursday September 08, 2016 @10:11PM
(#12459218)
You are overstating corporate facelessness and deniability. 5300 is about 2% of Wells Fargo's global headcount, maybe 4% of US headcount. That's enough for top of that management hierarchy to be senior management. There is an easy way find out how high it goes. Keep squeezing the biggest fish you have caught and see who they name.
But since the names are secret, it's not possible to know how far DoJ got.
Re:5,300 Wells Fargo employees fired for creating over 2M ph...
by rlucas on Friday September 09, 2016 @02:10AM
(#12459951)
I'm not somehow advocating for executive impunity.
I'm just responding to ggp about c-levels; saying that it's very plausible that 5300 folks at WF are effectively isolated from c-levels.
Also, I tend to agree that secret corporate settlements do a disservice. Perhaps there should be a max life on the seal/secrecy.
If I stole one credit card application and created a fraudulent account, forging a signature, I'd be doing time.
If I ran a ring of 20 people stealing credit card applications and forging signatures, I'd be a fairly major federal case. Stephen Heymann would be giving talks on how his clever cyber crime people put me away.
If I was the Keyser Soze of fraudulent credit card account creation, with thousands of people working for me, they would put me in isolation in a federal supermax.
But when a pillar of American banking does it, the fine is a mosquito bite and nobody goes to jail.
EDIT: And we don't even get to find out the names of the individuals involved. This NEEDS a leak.