When John Stumpf, the (soon-to-be-former) chairman and CEO of Wells Fargo, testified before Congress last fall, we was presented with a dubious achievement award from one of his interrogators. Senator Jon Tester, Democrat of Montana, said that WF's wide spread practice of opening bogus accounts for customers and charging fees to do so had united the Senate Banking Committee on a major topic for the first time in a decade. “And not in a good way,” he added.
Thing is, this isn't the first time Wells Fargo accomplished this amazing feat of uniting a bitterly divided house. It happened before, in the midst of the housing crisis that derailed the World's economy, when Wells Fargo was levying improper fees and incorrectly foreclosing on homes.Maybe things will change this time? Read at In Wells Fargo’s Bogus Accounts, Echoes of Foreclosure Abuses