Could be the Wells Fargo scam ?

ASIC told ANZ to clean things up IF doing the same when the Wells Fargo account

scandals hit the media last year...

$1k overdrafts on credit cards were part of what banks were up to in 2011 ..See second

link ...interesting names from 2002!

A Few Words About This Little Wells Fargo Scam

http://www.esquire.com/news-politics/politics/news/a48477/wells-fargo-scam-social-security/

9 September 2016

............On Thursday, federal regulators said Wells Fargo (WFC) employees secretly created millions of unauthorized

bank and credit card accounts—without their customers knowing it—since 2011. The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.

"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.

Again, the CFPB is the brainchild of Senator Professor Warren, whom the Republicans brilliantly kept from being its director so that she could run for the Senate, where she can really stick it to them, day after day. It has saved ordinary Americans billions of dollars already. 

The Republican Party considers the CFPB to be an example of "onerous regulation" and has vowed to kill it dead so that Americans can be free to get swindled by these sharpers.

The scope of the scandal is shocking.

An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened over 1.5

million deposit accounts that may not have been authorized.

The way it worked was that employees moved funds from customers' existing accounts into newly-created ones without their knowledge or consent, regulators say. The CFPB described this practice as "widespread." Customers were being charged for insufficient funds or overdraft fees—because there wasn't enough money in their original accounts. Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their customers' knowledge or consent. Roughly 14,000 of those accounts incurred over $400,000 in fees, including annual fees, interest charges and overdraft-protection fees.

There are days when I sadly contemplate the possibility that the American imagination is now solely the property of

a bunch of crooks with spreadsheets.

You have to give it to them. Eight years after their industry nearly incinerated the entire world economy, they're still coming up with new and spectacular ways to steal money from their customers. It is really a remarkable thing, if predatory pillage is your thing.

Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers. "We regret and take responsibility for any instances where customers may have received a product that they did not request," Wells Fargo said in a statement.

Apparently, it is the position of WF that 5,300 of its employees all had the same great idea for massive consumer

fraud largely independent of one another. The problem is, even if this were true, and it's not entirely implausible

that some variation of the argument might be, this says something truly awful about the company's upper

management and the culture that has developed at all levels of the institution. A den of thieves, with elevators and

Christmas bonuses. The truest thing that Bernie Sanders said in his stump speech always was that the basic business

plan of this industry is fraud. It also was one of the few examples of understatement he allowed himself.

Two million ghost accounts.  Small price to pay for freedom, suckers

Related Story   

What We Learn from Elizabeth Warren

Elsewhere on the trail, Tailgunner Ted Cruz summed up the Republican position.

For Release: 3 April 2002

ANZ reorganises senior management around specialised businesses and strategic priorities

ANZ today announced a number of organisational changes to advance the development of its distinctive specialised business strategy.

ANZ will flatten its business structure to give greater freedom and development opportunities to its senior business executives. The current two divisions, Personal Financial Services and Corporate Financial Services will be unwound, together with their infrastructures. The specialised businesses will now be grouped under senior segment heads reporting directly to the CEO:

Personal Banking and Wealth Management businesses, headed by Elmer Funke Kupper

Corporate Banking businesses, headed by Bob Edgar

ANZ Investment Banking businesses (ANZIB), headed by Grahame Miller

Consumer Finance (including cards) headed byBrian Hartzer

Mortgages, headed by Greg Camm

Asset Finance, headed by Elizabeth Proust

Small to Medium Business, headed by Graham Hodges

As a logical extension of its specialisation strategy and Restoring Customer Faith program, over the next two years within the 16 specialised businesses, ANZ will create up to 200 individual profit centres.

This will take decision-making closer to the customer and will expand the opportunity for talented people to manage businesses within the Group.  With the increased decentralisation of the business, there will be a corresponding strengthening of the Group centre, which will now play a more active role in strategic development, business portfolio management, senior customer representation, capital and expense allocation, performance management, risk management, and people and cultural development across the company:

Peter Hawkins, Group Managing Director, will become head of Group Strategic Development, responsible for initiatives to take the specialised businesses into sustainable leadership positions, international expansion, reshaping the balance of the group business portfolio, mergers, acquisitions and disposals, and for overseeing the strategic cost agenda.

Roger Davis, Group Managing Director, will take on the new important group role of Customer Origination responsible for the group’s senior contact with our major customers worldwide and the origination and structuring of major corporate and investment banking transactions. This move demonstrates commitment to ANZ’s vision of putting customers first. Roger will continue to be based in Sydney.

Peter Marriott, Chief Financial Officer, will be responsible for group financial performance, resource allocation, and for high-level controls in addition to his normal responsibilities.

Mark Lawrence, Chief Risk Officer; Shane Freeman, Head of People Capital; and Gerard Brown, Head of Corporate Affairs, will continue to report to the CEO in their current roles.

The operational foundation of the Group will also be strengthened with David Boyles becoming Chief Operations Officer reporting to the CEO with responsibility for generic operations, technology and shared services. David will pursue a broad agenda across the Group to advance quality and productivity, to reengineer operational processes and technology around customers, to streamline operations, and to outsource and partner with others to reduce costs and to grow revenues from operational services.

A new Group Leadership team will replace the former Executive Management Committee, and comprises the

twelve most senior executives and the CEO:

David Boyles Greg Camm Roger Davis Bob Edgar Shane Freeman Elmer Funke Kupper Brian Hartzer Peter Hawkins

Mark Lawrence Peter Marriott Grahame Miller Elizabeth Proust

Announcing the changes, ANZ Chief Executive Officer Mr John McFarlane said: “ANZ has become distinctive strategically, with a growing reputation for execution, our performance culture and for the quality of our senior talent. We are now entering the next phase in the development of

our specialisation strategy. We are therefore positioning ANZ to take advantage of the growth opportunities that will present themselves in the coming business cycle domestically and internationally, by giving our senior executives new opportunities to make a unique contribution to

the Group.”