| In other lines of business, this kind of scheming is known as "backdating," and it's considered "fraud." But Wells Fargo officials are unlikely to be prosecuted for this outright theft, because they were aided and abetted by the top federal bank regulatory agency, the Office of Comptroller of the Currency. In 2004, the OCC issued an interpretive letter granting formal approval to overdraft backdating. |
Read the rest of the story HERE:
At blogs.alternet.org
Margaret Bassett passed away August 21, 2011. She was a treasured member of the Opednews.com editorial team for four years.
Margaret Bassett--OEN editor--is an 89-year old, currently living in senior housing, with a lifelong interest in political philosophy. Bachelors from State University of Iowa (1944) and Masters from Roosevelt University (1975) help to unravel important requirements for modern communication. Early introduction to computer science (1966) trumps them. It's payback time. She's been "entitled" so long she hopes to find some good coming off the keyboard into the lives of those who come after her.
