Skip to main content

Tell us if you’ve heard this before: Wells Fargo lied to some customers, rewarded employees for ripping them off and then lied to them again.

Of course you have. And now, you’re gonna hear it again.

Wells Fargo told the commercial customers they were being charged certain fixed rates, but then incentivized salespeople to “overcharge FX customers,” according to the lawsuit. The bank then concealed the overcharges and gave “false explanations” for the inflated prices, the government said.

On the bright side, we guess Wells wasn’t lying when it said it forex follies had nothing to do with collusion, front-running or market-manipulation. On the less bright side, those bad apples sure are piling up and giving Elizabeth Warren a thirst for blood.

“Your record gives me grave concerns. Over and over, you have acted to make our banking system less safe, and that makes you a dangerous man to head up the Fed, and it’s why I will oppose your renomination,” Warren said [to Federal Reserve Chairman Jay Powell].

Of course, there is something Jay could do that might change Liz’s mind. She’ll be happy either way.

Wells Fargo pays $72.6 million to resolve Justice Department claims it defrauded currency customers [CNBC]
Sen. Warren calls Fed Chair Powell a ‘dangerous man,’ says she will oppose his renomination [CNBC]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.



Elizabeth Warren Would Like Wells Fargo’s Latest Setback To Be Its Last

Well, it’s second-to-late. And if not that, let it be Jay Powell’s last.

Wells Fargo.Insane

So, Wells Fargo Has Gone And Lost Its Damn Mind

Is John Stumpf smoking bath salts?!?!

Wells Fargo.Insane

Wells Fargo May Finally Get To Spend That Rainy Day Fund

All at once. In the form of some very large checks to the Justice Department and SEC.

Wells Fargo.Insane

Wells Fargo Employees Still Know How To (Fraudulently) Gussy Up An Application

And like some of their bad apple brethren are thusly former Wells Fargo employees now.

Wells Fargo Bless this Mess

Wells Fargo To Limit The Number Of Mortgages It Can Screw Up, Get In Trouble For

And the simplest way to do that is just to limit the number of mortgages it writes.