Thread regarding Wells Fargo & Co. layoffs

"For those of you that don’t know about these accounts, the attorneys general are typically responsible for policing these accounts and attorneys."

Yeah no shocker here, but you have no idea what you're talking about.

We have teams and teams of people whose only job is to investigate accounts; we're obligated to by law. With this amount of money moving in and out for that long, it was definitely flagged and looked at by someone along the way. We may have cleared it in good faith, because of the nature of these schemes being hard to detect with the small window we have into account activity, but believe me those investigations are going to be scrutinized now.

Really strange that some Wells Fargo shill would turn out to be a rightwing nutcase who doesn't understand the regulations the bank is beholden to.

@2yni Sounds like you lost some money. It would be obvious due to some very specific circumstances like when opening said account he claims there will only be a million dollars and instead there was a billion. The account doesn’t have a limit. Why would we care if you open a consumer account for your direct deposit and estimate a balance of 10k and month and then later it has 25k? Why is that the bank’s business to monitor your income or spending? It isn’t our responsibility!! Again, are there things we could do? Sure, but guess what Einstein? If there is some red flag, we’re just going to report it and we cannot stop it without government intervention. How about stop blaming the bank for every misdeed EVER. While we’re at it, why not demonize us for transporting gold and money that may have been obtained in a nefarious way without our knowledge, back in 1860? Climate change is probably our fault too.

@2jhw, stop trying to defend the misdeeds. Did you read the following?

“from a bank’s perspective, the fraudulent scheme was obvious. A Ponzi scheme of this magnitude cannot run surreptitiously through an IOLTA and various related-party accounts.”

For those of you that don’t know about these accounts, the attorneys general are typically responsible for policing these accounts and attorneys. If we policed these accounts, we would ultimately be creating an expectation that we are a fiduciary or have a stake into how monies are spent. Further, these are settlements paid to clients held by counsel. We do not need to be involved in their business. Now, could we put some measures in place or do some monitoring to mitigate this issue in the future? Sure but as 100% of employees here know, half the time the left hand has no idea what the right hand is doing due to the structure of this company. It’s “too big to manage” half the time. This is not our role and it never should have been.

this predates CS so not his fault

Guy who keeps posting under different names hasn’t heard of the bank secrecy act.

The only people affected by Ponzi schemes are those looking to make a fast easy buck (too good to be true).

It's like a warm bowl of soft feeces.

We get it, we get it, you don't like the bank.

How is this related to layoffs?

@gbh+1mvVCwgE
@bwq+1mvVCwgE
@fjx+1mvVCwgE
@wwn+1mvVCwgE

You can just say all this in a single comment next time, you're not fooling anyone. We also see you sitting there upvoting your own comments yet again lol

Who cares about this? It doesn't affect anyone's day to day life at Wells.

I don’t see how this is Wells Fargo fault.

I like how Wells Fargo had nothing to do with this deal and they just try and toss us into the mix to get money. The legal system is full of parasites.

That's because Wells has deeper pockets than that attorney. We'll see what happens.

Wells Fargo. Nations number 1 fraudster