Comments by "kxmode" (@kxmode) on "Bloomberg Originals"
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No, scalping their future bonuses is not "moving past" the issue. The company committed multiple felonies, among them, are identity theft, securities fraud, and a soft form of money laundering. At a minimum, the penalty for aggravated identity theft is five years. For securities fraud, it is 20-25 years imprisonment. For money laundering, it is 14 years. Moreover, this is PER count. Wells Fargo opened 2 million fraudulent checking and credit card accounts using a form of money laundering to move money into and out of those accounts. That act created an artificially inflated value of Wells Fargo stock. Cross-selling, as the dominant source of this fraud, was one of the line items CEO John Stumpf mentioned specifically as the reason for unsuspecting investors to buy Wells Fargo stock. This is outright criminal behavior!
For the ID theft, there's about 10,000,000 years worth of indictments, collectively.
For the money laundering, there's about 28,000,000 years worth of charges, collectively.
For the securities fraud, there's about 50,000,000 years worth of charges, collectively.
All told 88 MILLION years. If 80 were used as the average lifespan, the government would need to arrest and sentence about 1.1 MILLION people to life sentences for the full term with no time off for good behavior.
That is the weight and gravity of the crime committed.
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