Wells Fargo fired an employee because a background check revealed 40 year old shoplifting charge.
"Because Wells Fargo is an insured depository institution, we are bound by federal law that generally prohibits us from hiring or continuing the employment of any person who we know has a criminal record involving dishonesty or breach of trust," Wells Fargo spokesman Jim Hines said.
I take it it is OK for the bank executives to steal billions of dollars or forge mortgaes, et al, as long as they don't steal dresses.
I doubt this belongs in P&R, since no politics or relgion is mentioned, but it could go viral or whither on the vine.
Paul in PA
there is more to that story. she worked there for 5 years. you don't just randomly run an FBI background check on someone who has been a great employee for 5 years with no problems. someone was looking for a reason to can her.
Yea, that is funny coming from Wells Fargo.
Wells Fargo was one of the most conservative major banks when it came to lending during the bubble build-up. They would have come out of it sitting pretty, had they not purchased Wachovia. Some people believe that a lot of pressure was put on major banks to purchase the bankrupt regional banks and lenders (Wachovia, WaMu, Countrywide, etc.)
Also, wouldn't a person in that position be asked about criminal records on their application? The person probably lied on the app.
If the shop lifting charge was 40 years ago, it was probably committed when the person was a kid. Give me a break! We live in an incarceration culture. Convict people for petty crimes, then screw them for the rest of their life.
I know people who use crack, Meth, and Oxi who have responsible jobs at banks. Everyone knows their life style, but they never get fired. Some have even taken leave of absences for treatment. The only difference is that the shoplifter got caught.
> If the shop lifting charge was 40 years ago, it was probably committed when the person was a kid. Give me a break! We live in an incarceration culture. Convict people for petty crimes, then screw them for the rest of their life.
>
> I know people who use crack, Meth, and Oxi who have responsible jobs at banks. Everyone knows their life style, but they never get fired. Some have even taken leave of absences for treatment. The only difference is that the shoplifter got caught.
And it was probably a misdemeanor charge, not a felony.
> And it was probably a misdemeanor charge, not a felony.
A misdemeanor conviction related to fraud or theft effectively bans you for life from holding any government or privately regulated financial services job.
Was just reading James' comment above and remembered this article. Really couldn't square that last paragraph with what James had posted, which stands to reason and everything I've ever understood.
“Because of that, a lot of people moved from the broker world to the banking world because they couldn’t pass the test or didn’t like it or couldn’t pass the background test. That’s where we’ve been,” Frommeyer says."
HOUSINGWIRE
by Justin T. Hilley
WELLS
Interesting article by Chris Whalen on Wells
HOUSINGWIRE
by Christopher Whalen
