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“You should resign, you should give back the money you made… and you should be criminally investigated.”
That’s a quote from a recent Senate hearing over Wall Street’s Wealth Stealer of the moment: Wells Fargo.
The “megabank” admitted its personnel falsified records and opened new accounts in depositors’ names without their knowledge. Employees did this in order to earn bonuses and other perks.
In today’s 3-Minute Market Minder, The Palm Beach Letter’s Teeka Tiwari shares the simple step everyone can—and should—take to insulate their savings from this sort of chicanery. (It’s another reason PBRG recommends everyone hold some cash outside of the corrupt banking system…)