First, some brief background which saw the bank firing some 5300 frontline employees
roughly 1 percent of its workforce — for signing up customers for checking accounts and credit cards without their knowledge. Authorities said about 2 million sham accounts were opened going back to 2011, complete with forged signatures, phony email addresses, and fake PIN numbers — all created by employees who were hounded by supervisors to meet daily account quotas. The bank then charged customers at least $1.5 million in fees for the bogus accounts.The greater scandal is that Ceo Stumpf knew about this practice going back to at least 2013 and did nothing. Indeed, his performance bonuses only grew, and Carrie Tolstedt, who oversaw the banking division responsible for the fake accounts, just left in July with a $125 million retirement package.
The following videos are brief; the first one shows Senator Warren masterfully outlining the parameters of, as she calls it, "this scam;" the second shows her eviscerating the no-longer-smug CEO.