In the latest installment to the currently unfolding saga of the years-long fraud perpetrated by Wells Fargo bank against its customers, former employees have come forward to reveal why exactly that “former” comes before their employment status at the bank — they were fired for reporting fraud.
For years routine fraud was normalized at the bank. Employees routinely opened fake accounts with fake email addresses under vulnerable and unknowing customers’ names. These accounts eventually numbered in the millions.
After the massive fraud was revealed earlier this month, Wells Fargo Bank paid out $185 million in penalties for turning a blind eye — to put it nicely — to the fraud.
U.S. Senator Elizabeth Warren was much less accommodating, demanding in a recent Congressional hearing that the CEO of Wells Fargo resign immediately. Being tough on the often shadily corrupt financial dealings among the nation’s “big banks” has long been a plank of the progressive platform to which Warren subscribes.
And now, a number of former employees have come forward to tell CNN Money that they were fired when they tried to put a stop to the illegal behavior within their spheres of influence.
CNN Money reports on the background of one of the employees who spoke to the news affiliate, Bill Bado, formerly of Pennsylvania:
‘Bado not only refused orders to open phony bank and credit accounts. The New Jersey man called an ethics hotline and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.’
And then what happened? Was Bado thanked and/or acknowledged for his contribution to the effort to properly handle the monies being dealt through his bank?
No. He was fired, with the stated reason for his termination listed as “tardiness.”
A former Human Resources official for the bank told CNN Money that tardiness was an easy way to get rid of someone who the top brass wanted to go in retaliation for their “shining a light” on shady and corrupt business practices. This official spoke anonymously “out of fear for his career.”
As the unnamed former official stated:
‘If this person was supposed to be at the branch at 8:30 a.m. and they showed up at 8:32 a.m, they would fire them.’
CNN says they spoke to a total of four former Wells Fargo workers, including Bado, who all told similar stories — they were fired for reporting fraud.
The progressive drum beating against the “big banks,” intensified with the Bernie Sanders presidential campaign, is thus painfully on point.
Watch Elizabeth Warren interrogate the CEO of Wells Fargo, John Stumpf, in a video below via CNN Money.