Nailed 'Em - Richard Eggers

  • Aired:  02/14/13
  •  | Views: 16,313

One bank finally nails the highest level white-collar mortgage banker to date: a 68-year-old customer service representative. (4:29)

[CHEERS AND APPLAUSE]

>> Stephen: WELCOME BACK, EVERYBODY.

THANKS SO MUCH.

[CHEERS AND APPLAUSE]

IN THE "A" BLOCK", I TOLD YOU HOW SOME STILL THINK BANKS ARE EVIL-- JUST BECAUSE AFTER THEY

PHOTOGRAPH KITTENS FOR YOUR CHECKS, THEY BUNDLE THEM INTO BURLAP DERIVITIVES AND INVEST

THEM IN A RIVER.

[LAUGHTER]

[CHEERS AND APPLAUSE]

WELL TONIGHT, THE BANK-BASHERS CAN STAND DOWN.

BECAUSE AT LEAST ONE PROMINENT BANKER HAS FINALLY BEEN BROUGHT TO JUSTICE.

THIS IS NAILED 'EM.

♪ ♪ DHAWZ.

[CHEERS AND APPLAUSE]

FIVE YEARS AFTER THE GLOBAL FINANCIAL CRISIS AMERICANS ARE STILL ANGRY AT BIG BANKS.

>> NO WALL STREET EXECUTIVES HAVE GONE TO JAIL.

>> NO ONE HAS BEEN HELD ACCOUNTABLE.

>> NO CRIMINAL CHARGES, NO INDIVIDUAL FINES WHICH WAS INCREDIBLE.

>> BUT NOW ONE BANK WELLS FARGO HAS FINALLY NAILED THE HIGHEST LEVEL WHITE COLLAR MORTGAGE

BANKER TO DATE.

>> MY NAME IS RICHARD ACHIEVES.

I'M 68 YEARS OLD.

>> Stephen: THIS IS THE FACE OF CORPORATE GREED.

>> WELLS FARGO MORTGAGE CENTER IN WEST DES MOINES, IOWA.

>> Stephen: THE FINANCIAL NERVE CENTER AT THE GREATER DECEMBER MOINES METRO -- DES

MOINES METRO PLEX THEY BROUGHT THE HAMMER DOWN ON HIM.

>> THERE'S NO PLACE IN BANKING.

BANKING IS ABOUT PUBLIC TRUST.

>> Stephen: THE FORMER HEAD OF FDIC SHEILA BEAR SPOKE WITH US FROM DEEP WITHIN THE BANK VAULT.

>> IF YOU DO SOMETHING ILLEGAL YOU SHOULD SUFFER THE CONSEQUENCES FOR IT.

>> Stephen: MAKE NO MISTAKE HIS CRIMES GO WAY BACK.

>> I WAS 18 YEARS OLD IN 1963.

ON THIS PARTICULAR EVENING I WAS SPENDING TIME WITH A HIGH SCHOOL FRIEND AND TODAY TAKE HIS

CLOTHES THROUGH THE LAUNDRO-MAT.

I CUT OUT TWO DIME-SIZED PIECES OF PAPER.

I WOULD TRYING TO SEE IF THE CARDBOARD DIME WOULD OPERATE THE MACHINE.

>> Stephen: HE MADE A FAKE DIME.

THAT IS CALLED MONEY FRAUD.

HE WAS ARRESTED FOR THIS MONEY LAUNDERING.

FOR THE NEXT 50 YEARS HE RAN FROM HIS PAST.

[ LAUGHTER ]

UNTIL WELLS FARGO CRACK TEAM OF INVESTIGATORS UNCOVERED THE TRUTH AND DID THE RIGHT THING.

[ LAUGHTER ]

I WAS TAKEN TO A CONFERENCE ROOM.

THERE WERE TWO INDIVIDUALS FROM HUMAN RESOURCES THERE PLUS MY SUPERVISOR AND THEY SIMPLY LET

ME KNOW THAT DUE TO THIS CRIMINAL ACTIVITY IN MY PAST I WAS NO LONGER QUALIFIED TO WORK

FOR WELLS FARGO.

>> Stephen: NAILED 'EM!

WITH THIS ACTION WELLS FARGO IS SENDING A STRONG MESSAGE TOLL ALL CORPORATE CRIMINALS.

SAY GOOD BYE TO YOUR LIMO, YOUR PRIVATE JET, YOUR LUXURY YACHT OR IN HIS CASE HIS SUBURBAN

ESTATE AND DESIGNER SUSPENDERS.

HARSH, YES BUT THAT'S THE PRICE OF MALFEASANCE IN INTERNATIONAL HIGH FINANCE.

>> I WAS NOT INVOLVED IN HIGH FINANCE.

I WAS INVOLVED IN HANDLING ROUTINE SMALL PROBLEMS THAT CUSTOMERS MAY HAVE WITH THEIR MORTGAGES.

>> Stephen: CLOSE ENOUGH.

REACHED FOR COMMENT WELLS FARGO TOOK A REFRESHING STAND FOR INTEGRITY.

>> ONCE WE KNOW SOMEONE HAS A CRIMINAL RECORD WE CAN NO LONGER EMPLOY THEM.

>> Stephen: YES, BECAUSE THOUGH CONFIDENCE CAN BE RESTORED TO THE GLOBAL FINANCIAL

INSTITUTIONS, A MORTGAGE CALL CENTER EMPLOYEE FROM WEST DES MOINES MUST BE HELD ACCOUNTABLE,

RIGHT VAULT LADY.

>> I SAID A CRIME IS SAY CRIME BUT THAT MAY BE JUST.

>> Stephen: WHAT?

>> THAT DOES SOUND A LIMB -- PEOPLE SHOULD BE ABLE TO --

>> Stephen: WHAT BE A CRIMINAL?

>>

>>O NO WHAT TO SAY TO THAT.

>> Stephen:

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