Richard Herman: ‘There Is So Much Bad Stuff Going on’ About Wells Fargo

HERMAN: "I think they have to go after the banking license for Wells Fargo. It is one thing to give incentives to employees to open up new accounts and then we find hundreds of fake accounts being opened, and they get exposed on that, and now they are violating this federal statute and reposing these cars. In order to repossess these vehicles, Wells Fargo had to get a court order do it, and that's what they were doing. They got caught. You know what, Fred, there are federal regulators who oversee Wells Fargo and other banks, and they have a blind eye to this. I mean, if you were a prosecutor and you want to get into a major investigation, I think Wells Fargo is a good place to start right now, because there is so much bad stuff going on there. Who knows what else is happening in violation of federal banking laws."