Posts Tagged ‘fraud’
Tim Madden: Banking IS Fraud
on Monday, May 22, 2023Meaning of Tim Madden Money Quote: saying Banks not simply having some aspects of fraudulent activity, but actually epitomize fraud. Tim Madden said:
“Banking doesn’t involve fraud, banking IS fraud” — Tim Madden
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Bernie Madoff: Don’t Have Money
on Wednesday, April 14, 2021Bernie Madoff Money Quote saying in 2008 to long-time aide Frank DiPascali that there was no way to save the Ponzi scheme he’d built from investor fraud. The former NASDAQ chairman died in Federal prison April 14, 2021. Bernie Madoff said:
“I’m at the end of my rope, I don’t have any more goddamn money. The whole goddamn thing is a fraud” — Bernie Madoff
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Andy Green: Wells Fargo Fraud & KPMG
on Saturday, August 19, 2017Andy Green Money Quote saying few have asked why outside auditors (KPMG) didn’t call attention to Wells Fargo fraudulent sales practices. Andy Green said:
![There’s been far too little attention since the [Wells Fargo] crisis on how the external auditors [KPMG] should be looking out for the public. They are not just bookkeepers, but the investors’, and the capital markets’ last defense against accounting manipulation and fraud Quote](https://itsamoneything.com/money/wp-content/uploads/Andy-Green-KPMG-Wells-Fargo-Fraud.jpg)
“There’s been far too little attention since the [Wells Fargo] crisis on how the external auditors [KPMG] should be looking out for the public. They are not just bookkeepers, but the investors’, and the capital markets’ last defense against accounting manipulation and fraud” — Andy Green
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Elizabeth Warren: Bank CEO Massive Fraud
on Wednesday, October 12, 2016Senator Elizabeth Warren Money Quote saying about former CEO of Wells Fargo Bank, John Stumpf that he should face prosecution for fraud. Senator Elizabeth Warren said:
“A bank CEO should not be able to oversee a massive fraud & simply walk away to enjoy his millions in retirement” — Elizabeth Warren
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In this quote, Elizabeth Warren arguing that bank executives should not be able to commit major misconduct or illegal acts and then face no real consequences. Some key points:
- She refers to a bank CEO “oversight of a massive fraud”, implying serious wrongdoing or corruption.
- Warren states that such a CEO should not just be able to “simply walk away to enjoy millions in retirement” after such an offense.
- This suggests she believes executives personally responsible for significant corporate fraud or other financial crimes should face stronger penalties than just being allowed to retire wealthy.
- The quote conveys Warren’s view that bank leaders need to be held personally accountable for major transgressions on their watch, rather than escaping punishment by resigning.
Overall, Elizabeth Warren appears to be advocating for tougher accountability and enforcement against top banking executives involved in legal/ethical breaches.
A bank CEO should not be able to oversee a massive fraud & simply walk away to enjoy his millions in retirement.
— Elizabeth Warren (@SenWarren) October 12, 2016
A bank teller would face criminal charges & a prison sentence for stealing a handful of 20s from the cash drawer.
— Elizabeth Warren (@SenWarren) October 12, 2016
If @WellsFargo’s John Stumpf is leaving with all of his ill-gotten millions, that's still not real accountability.
— Elizabeth Warren (@SenWarren) October 12, 2016
Maxine Waters: Wells Fargo to be Broken Up
on Thursday, September 29, 2016Maxine Waters Money Quote saying as ranking democrat on House Financial Services Committee that she will move forward with action to break up Wells Fargo Bank. Maxine Waters said:
“Wells Fargo should be broken up. It’s too big to manage. … some of the most egregious fraud we have seen since the foreclosure crisis. I’m moving forward to break up Wells Fargo bank” — Maxine Waters
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Bernie Sanders: Wells Fargo Business Fraud
on Sunday, September 25, 2016Bernie Sanders Money Quote saying when Wall Street banks fraudulently open fake accounts to inflate stock prices, it is criminal behavior. Bernie Sanders said:
“Business model of Wall Street is fraud. In my view, there is no better example than the recently-exposed illegal behavior at Wells Fargo” — Bernie Sanders
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In this quote, Bernie Sanders is harshly criticizing the business practices of Wall Street banks like Wells Fargo. By stating their “business model” is “fraud”, Sanders is asserting that the core way these large financial institutions operate and generate profits is through fraudulent and illegal behavior. He cites the “recently-exposed illegal behavior” at Wells Fargo, which involved opening millions of fake accounts without customers’ consent, as evidence of this.
Overall, Sanders appears to be arguing that Wall Street culture systematically promotes deception and law-breaking in order to maximize earnings, and that Wells Fargo is just one example of a deeper problem across the industry. His language portrays the banking sector in an extremely negative light and suggests more stringent reforms are needed to curb fraudulent practices.
William Black: Weapons of Mass Destruction
on Monday, February 9, 2015William Black Money Quotation saying controllers are usually seen as harmless bean counters, when they are often dangerous financial criminals. William Black said:
“Control fraud is what happens when the people who control, typically a CEO, a seemingly legitimate entity, use it as a weapon to defraud, and these are the weapons of mass destruction in the financial world — William Black
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George Washington: Cash Ruins Commerce
on Tuesday, August 19, 2014George Washington Money Quotation saying his concerns over effects of paper money ruining business via fraud. George Washington said:
“Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice” — George Washington
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