The Treasury Sec. has addressed your concerns this morning. Hope this eases your mind a little to know the Gubberment is on top of the fraud.
Treasury Sec. Lew says financial system is dangerous if you don’t have protections in place
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The recent controversy over Wells Fargo creating phony accounts for customers highlights the need for strong banking regulation, Treasury Secretary Jack Lew said Tuesday.
Speaking at the 2016 Delivering Alpha conference, Lew declined comment on the specific Wells Fargo case but said it does make a more general point.
“This ought to be a moment where people stop and remember how dangerous the system is when you don’t have the proper protections in place,” Lew said. “This is a wake-up call and should remind all of us that culture and compensation make a difference. How you reward people, how you motivate people and what values you hold people to matters.”
The conference is hosted by CNBC and Institutional Investor.
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Comment; He talks about culture, compensation, reward, motivation….does not mention a thing about prison time. The laws to prevent such abuse are already there, but you have to enforce them to make it real. Pitchforks can be a great motivator yes? 🙂