To the editor: When exactly did we lose the will to prosecute white-collar criminals in this country?
Wells Fargo & Co. has paid more than $4 billion in fines for criminal wrongdoing, yet neither the bank itself nor a single executive has been indicted on criminal charges.
The precedent seems to have been set during the financial crisis of 2008, when only a single Wall Street banker was criminally prosecuted for the profligate and fraudulent behavior that resulted in a devastating recession. Bankers and corporate executives now know that they can avoid any accountability for their actions as long as they’re wiling to pay a fine.
U.S. Atty. Andrew Murray said in his statement that the fines imposed on Wells Fargo go far beyond the “cost of doing business.” He’s wrong.
Stephen Bulka, Los Angeles
To the editor: After reading the article, this reader feels so much better knowing how much criminal activity (identity theft, fraud, forgery and more) can occur over so many years, without anyone approving and supervising said activity being held criminally responsible.
When an individual forges your signature, steals your credit card or uses your information without your knowledge or permission, that is criminal activity for sure. When Wells Fargo does the same, millions of times over a period of years, it is called, “widespread consumer abuses.” How cute.
This is too funny (or sad).
Ted Rosenblatt, Pacific Palisades