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Wells Fargo Under Fire After Labor Department Launches Review

Thomas Perez, the U.S. Labor Department Secretary, announced earlier this week that Wells Fargo will be investigated due to complaints, violations, and other conduct reviews that have come to light in the past few years.

The review comes on the tail end of numerous whistle blower complaints from the Occupational Health and Safety Administration (OSHA) and other company-wide accusations.

Recently, 2ndVote reported that Carrie Tolstedt, a Divisional Senior Executive Vice President at Wells Fargo is set to receive $125 million retirement package when she retires at the end of the year. The number has raised eyebrows due to Tolstedt role in a “sandbagging” scam where employees in her unit created almost 2 million unauthorized accounts.

It is unclear if Tolstedt bears any responsibility for the scandal, however, Wells Fargo fired “5,300 employees as a result and agreed to a $185 million settlement with the defrauded customers”, according to Fortune.

Last week, Senator Richard Shelby, chairman of the Senate Banking Committee, appeared on CNBC’s “Power Lunch” to discuss the hearing on the scandal involving the millions of fraudulent accounts opened by bank employees without customers’ knowledge.

Senator Shelby explained that, “When…you have employees, up to 5,000 that they terminated for bringing forth fraudulent accounts, there’s something wrong with the culture and there’s something wrong with the bank.”

Click here to read the rest of 2ndVote’s article on Senator Shelby’s story.

Senator Shelby hit the nail on the head: our research shows that “there’s something wrong with the culture” at Wells Fargo indeed. Not only does this company score a 1 on each of the issues 2ndVote scores, but Wells Fargo contributes to liberal organizations like Planned Parenthood, the Human Rights Campaign, and even La Raza, who lobbies for sanctuary city policies. Click here for more information on how Wells Fargo is one of the most liberal companies we’ve scored.