Go figure....
https://www.bloomberg.com/news/articles/2020-10-14/wells-fargo-wfc-fires-more-than-100-workers-over-covid-relief-fund-abuse?srnd=premium
16 replies (most recent on top)
I thought pretty much everybody was getting cut off immediately?
I know someone who was let go yesterday. They are saying layoff but they were cut off (ZZ) immediately as in no goodbye email to the team he was on for 20 years. I think they were probably caught up in this instead? Idk seems suspect.
All of the compliance tests meant nothing to some.
I'm sure a few employees with family members managing businesses were doing it legitimately but because it was so easy to get fast cash, the news probably spread like wildfire throughout the workplace. If a lot of people you work with are doing it, chances are you will jump on the band wagon thinking it's no big deal since so many people are doing it. That's one of the biggest reasons for white-collar crime. They rationalize away the ethics and figure it can't be all that bad if their coworkers are doing it.
Rich people do this all the time only they go through the "legitimate' channels and bury everything in documents and legal papers so they get away with it.
The article suggests that 80%+ of the JPM EIDL applicants were actually legit (I’d be surprised if the % much diff @WF). If you had a side gig that suffered due to Covid you still could get EIDL funding. So EIDL alone does not mean a crime was committed, especially if you were forthright in your app.
I don’t know the particulars but my question is how or why people think they can steal money and get away with it. The only people that can steal money are billionaires, politicians and your good ole’ neighborhood bank robbers. Whoever they are, I hope they go to jail.
There will be more
Typical. I am sure there is more.
Just like Merrill Lynch.
Just like Deutsche Bank
Just like Wachovia.
A corrupt corporate culture is not fixable.
Yep saw this coming
What an embarrassment
Where did we get these employees from? We have 100 workers in one area of the bank who are offhandedly willing to commit theft? Did they put their heads together and everyone agreed? Or did they each think of it on their own? What are the chances these are the only potential thieves working at the bank? Do we still perform background checks?
And JP Morgan had another 500.
I feel so boring and harmless.
Post ID: @hbk+17qtgPCJ
How about we stop dropping little half-truths?
@hbk, you’re going to have to be more specific. They pocketed funds illegally pro bono? Um, thanks?
The company did this work pro bono, nothing but a headache with no thanks from anyone.
Good riddance