by Danielle Park
More excellent evidence on why banks must be run as deposit taking utilities and not allowed to cross-sell financial products to their customers. These institutions are presently criminal, predatory and socially destructive franchises that are gutting the financial strength of families who look to them for ‘advice’. So far we, the people, have let them get away with it, while paying a steep social and financial cost for our apathy. See “Lions hunting zebras’: Ex-Wells Fargo banker describes abuses:
“Mexican immigrants who speak little English. Older adults with memory problems. College students opening their first bank accounts. Small-business owners with several lines of credit.
These were some of the customers whom bankers at Wells Fargo, trying to meet steep sales goals and avoid being fired, targeted for unauthorized or unnecessary accounts, according to legal filings and statements from former bank employees.