BP#2 revised Wells Fargo will not admit to any wrong doing

Wells Fargo was recently caught making over 1.5 million sham bank accounts without costumer approval.  The bank ended up paying $185 million in fines and hired an independent consultant to look over their sales practices.  Wells Fargo, “was able to settle the investigation into the questionable accounts without officially admitting to any of the suspected misconduct.”  Mary Eshet, the spokeswoman for Wells Fargo, even admits that the sham accounts occurred, but were not made intentionally. By not admitting to any wrong doing, Wells Fargo avoids many lawsuits from the customers. They also talk about how bank employees may have applied for over 565,000 credit card accounts, as well as move money from customer accounts so they could open up another one.  This was done because employees were given financial incentives for opening up new accounts.

Wells Fargo is a very large banking company, and to have its employees open up new accounts and credit cards for their customers without letting them know shows that they lack one of Calhoun’s main points of integrity, which is social virtue.  “Social virtues consist in having the proper relation to others.” Having Wells Fargo employees open these sham accounts, it shows that they really lack social virtue by stealing from their customers.    Wells Fargo even shows a lack of integrity by not admitting to their wrong doing.  Spokeswoman Mary Eshet said that these sham accounts were not made on purpose, but yet employees were receiving financial benefits for making the accounts.  This to me seems like a lie from the spokeswoman.  Why would Wells Fargo employees open up more and more accounts if they weren’t receiving any incentive?  These employees knew what they were doing was hurting the customers a little bit financially, and I don’t think so many employees would open all these accounts if they weren’t getting any benefit in return.  This proves that Wells Fargo is more focused on the making even more money than they already make, and disregarding their social virtues and integrity, by practically stealing from their customers and not admitting to any wrong doing.

 

 

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