Calling into
question why Wells Fargo was only recently fined $185 million for
fraudulently opening more than 2 million accounts, the US Senate is
now hearing reports that employees and customers blew the whistle on
the Wall Street bank’s illegal activity several years ago.
After
settling with regulators for $185 million over signing up its
customers for more than 2 million accounts without their knowledge
and subsequently charging them fees, Wells Fargo became the focus of
a Senate Banking Committee hearing on Capitol Hill on Tuesday.
White-collar
criminologist William Black told the Real News that the hard work
exposing the bank’s practices was “done by the customers, by the
employees and by Los Angeles County, that bought the suit in 2015,
building on these whistleblowers.”
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