Dodd Frank agency cacthes Wells Fargo in massive fraud

Remember that awful Consumer Protection Bureau created by the over-reaching Dodd Frank law that's killing jobs and business? You know - that big government mess that nobody wanted and Repuiblicans promise to get rid of as soon as its within their power?

Well it just nabbed Wells Fargo in a massive fraud scheme that
" opened roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by customers"

Thanks for nothing, Obama.

Stupid Consumer Protection...who the hell needs that?

The Republican response to the discovery of this widespread criminal activity is to even more aggressively insist that Consumer Protection Bureau be disbanded.

1. Weren't 'widespread criminal activity' and 'massive fraud scheme's' illegal before Dodd Frank?
2. Why didn't Dodd Frank reinstate provisions of Glass-Steagall that so many Democrats think was the cause of our near banking system collapse?
3. Wasn't Barney Frank Chairman of the House Banking committee during the financial crisis? Wasn't he on that committee for over a decade? When did he know there was a problem? Why didn't he warn us?

Yes, but without adequate cops on the beat, any law is toothless.

And the Great Recession of 2007 was largely caused by criminal fraud. When Moodys rated subprime mortgages as AAA that was criminal fraud, but there were no cops on the beat. When Goldman hyped the value of collateralized debt options while simultaneously shorting them, that was criminal fraud, but there were no cops on the beat.

If you really want that kind of criminal fraud to go unpunished, vote Republican, because they want to gut the agency and get rid of enforcement.

Well, lets just realize that the Dodd Frank bureaucracy DID NOT catch Wells Fargo. You can contribute that to the LA times.

You could say that the Dodd Frank bureaucracy completely failed in it's task.

How profoundly stupid.

That's like saying that cops didn't "catch" a bank robber because the bad guy was originally identified by civilian witnesses.

Actually it is called the SEC

"When Moodys rated subprime mortgages as AAA that was criminal fraud, but there were no cops on the beat. When Goldman hyped the value of collateralized debt options while simultaneously shorting them, that was criminal fraud, but there were no cops on the beat."

How profoundly stupid of you.

The correct analogy is to say the cops were sitting at the bank but didn't see anything. When the witnesses yelled "hey the bank is being robbed" the cops milled around and decided to do something two years later.

Top WF officials likely devised this highly unethical scheme, motivating/rewarding employees for each new account they opened to meet sales goals, even if the customer closes it a week later. In the world of ethics it is called "coercive", the reward being great enough to tempt the employee to do something they normally wouldn't do.

You beat me to it, almost verbatim.

I always find it extremely hilarious when one of forkys attempted insults makes him look..umm, even less intelligent.