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Wells F*rgo

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In Wells Fargo’s latest massive criminal activity, they stole people’s identities to open new accounts, in many cases stealing money in the process. In most cases this would adversely affect the victim’s credit score as well. They have admitted to committing identity theft at least 2,065,000 times, by opening 1.5 million deposit accounts and 565,000 credit card accounts. They were fined $185,000,000 for these activities.
185m / 2.065m = $89.59
 
So identity theft, fraud, and possible outright theft carries a total fine of under $90, and not a single minute of jail time for anyone.
(If you are a TBTF corporation.)
 
In Minnesota, this is considerably less than the fine for expired license tabs on your car.
 
Wells Fargo also has an extensive criminal history over the past several years. From February 2009 through December 2013, Wells Fargo Bank paid over $22.9 billion in 30 separate fines or settlements due to criminal activities.
 
Imagine if you or I committed these crimes just one time, with a rap sheet like that. Would the penalty be more than a $90 fine?
 
 
Sources:
 
 
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