Wells Fargo's Predatory Practices Are More Than Petty Frauds
Big banks like Wells Fargo will continue to behave badly so long as they are allowed to quietly settle such "massive frauds" by paying fines that sound huge to ordinary people but in actuality are trivial to the banks.
Wells Fargo is not the only big bank plagued by scandals. Other leading banks, such as JPMorgan Chase, Bank of America, Citigroup and HSBC have also racked up a long list of banking crimes.
Driven by greed and unethical practices, most of the big banking scandals have been settled through multibillion-dollar fines. Wells Fargo's recent scandal showed how traditional fraudulent activities that originated five years back can result in loss of trust and faith of millions of customers. This month's scandal at Wells Fargo shows that big banks continue to get away with such acts by paying fines, often leaving the general public clueless as to what happened.