This article from the New York Times says Wachovia Bank allowed telemarketers to fleece their customers for years. They were repeatedly told but did not do anything about it. They were making millions off them. Don’t you just love it? Memos and communications show they were aware and lied.
Is the plural of “e-mail” now “e-mail”?
That is fucked up. If the facts are as presented in that story, i hope Wachovia goes down big time.
Crikees! 400 million? There better damn well be some bank people put in prison if these allegations turn out to be true.
Doesn’t AOL say “you got mails?” 
I used to work for those assholes. Well, actually any large financial institution probably makes its decisions based entirely on money and what they think they can get away with, not on anything as quaint as moral considerations. Corporate entities are basically sociopaths.
Still, I think I’ll close my account.
Oh great, they will designate this as a class action and the attorneys will settle for $100,000,000 in attorney fees, no admission of wrongdoing and a lollipop for each defrauded customer, six months later it will be business as usual but some pretty white chick will be killed on a tropical island or Brittany will get drunk and we will all forget about it…
I want a lollipop!
Apparently, they’re using the word “e-mail” as a collection noun, as in, when I tell my daughter Calliope to “Go get the mail from the mailbox,” she may find there one piece of mail or six.
Thanks, Cally.
I’m also concerned that a certain Ms. Pera, who wrote down things that part of the incriminating evidence, has left the bank and could not be found for comment.
For those of us who aren’t registered with NYT, is it really all that fucking difficult to quote the relevant portions in your post?
They gave her an all expenses paid vacation in Aruba.
I’m not registered and was able to access the entire article just fine.
Or you could probably get it at Daily Kos. Just trying to help.
I’m not registered and was able to see it. Here are some juicy quotes for you:
Close, she got plane tickets to the Bermuda Triangle; one way.
What is the sound something makes when it’s going over your head?
My general understanding is that banks are not liable for aiding and abetting the wrongs of another unless (1) the bank had actual knowledge of a specific wrong (mere suspicion is not enough); and (2) the bank substantially participated in the commission of that wrong.
I assume the bank will argue they had no actual knowledge of any specific wrong in connection with this customer and this account. The fact Wachovia heard that other banks and other accounts may have had alleged similar problems with this client may warrant mere suspicion on Wachovia’s part, but does not give rise to actual knowledge of any specific wrong in committed in this case.
High ranking bank officials frequently warned colleagues about tele marketing fraud through its accounts.
Wachovia was alerted by other banks and agencies. 400 million was stolen.
This is actual knowledge but Wachovia made millions off the transactions. That is the point. They sold out their customers for money.
I’m not defending Wachovia, just speculating at their defense, FYI.
Whether or not their defense is successful the worst that will happen is they will pay a minuscule fine a few people will be fired and maybe have to settle a few lawsuits for an undisclosed amount without admitting any wrongdoing and then it will be business as usual with big corporations bilking us little people while the big fish take home ludicrous paychecks. It really is getting depressing. Enron, WorldCom, Wachovia, Oil and Gas Companies, Defense Contractors, Phone Companies with incomprehensible pricing plans, banks with hidden fees, credit card companies with usurious rates and hidden fees, mortgage companies, it never ends big companies coming up with more and more ways to dig deeper into our pockets. It seem kind of self defeating I mean who are they going to steal from when all the jobs are overseas and we are all broke? Where is the consolidation of wealth leading. When all that is left is the few Haves and the masses of Have Nots, who are the Haves going to take from?