The Universal Commercial Code, Banks, and Fraudulent Activity

In the document is also said that even when people have money in that bank people would go to the bank and go get their money since that bank was going to be a failed and it also said that after their failure the repressive effect on the spending of its clients. They couldn’t do anything to help the bank to crash even though they will all be crashed any day.

Before the advent of the Federal Deposit Insurance Corporation (FDIC) in 1933 and the general conception of government safety nets, the United States banking industry was quite different than it is today. Depositors assumed substantial default risk and even the slightest changes in consumer confidence could result in complete turmoil within the banking world. In addition, bank managers had almost complete discretion over operations. However, today the financial system is among the most heavily government- regulated sectors of the U.S. economy. This drastic change in public policy resulted directly from the industry’s numerous pre-regulatory failures and major disruptions that produced severe economic and social

I doubt that Wells Fargo had done an independent investigation to find the root cause of the problem, otherwise, they would have reached to the same conclusion that top management's obliviousness on purpose was a crucial factor in elongating this problem. Not taking any action against the unlawful act is same as facilitating the unlawful

About 2009, Wells Fargo came up with a plan to dump unwanted bank products on their depositers.They set "sales quotas" on their employees, and if these quota were not met, employees were fired. The bank set up over a half million credit card accounts to unsupecting costomers of their bank. Extra debit cards were issued and costumers money was moved from one account to bogus account that the bank set up. All the time, Wells Fargo collected a fee for these bogous transactions, from their depositors. Wells Fargo CEO John Stumpf assured Senator's that he and other top bosses knew nothing about this mass breach of the bank's code of ethics. He then went on to blame low-level employees. CEO John Stumpf kept blaming his $12-an-hour employees for this bank-run swindle of depositors money. Stumpf had a bunch of $12 dollar an hour and mid-level managers fired to back up his claim. Some of the fired employees aked, "what about all those calls that we made to your "ethics hotline" telling you about this fraud. Elizabeth WARREN has chastised WELLS FARGO'S CEO, saying "You should be criminally investigated". She continues with the following statements during Senate hearings into the matter, here are some

Any Kind Checks did not have prior notice of the check being dishonored by Mr. Talcott when Guarino attempted to cash it. However, because of its value, they show that they had reason to contact the maker for approval. It is also reasonable for Any Kind to take Mr. Guarino’s actions as suspect. As is pointed out in the brief, why would a small business owner, particularly one who is a broker of investments, utilize a check cashing business for this transaction rather than a traditional financial institution? This question in and of itself should give cause for concern to Any Kind considering their policy that any check over $2,000 requires approval. A revision to Article 3 of the UCC added a provision for not only “honesty in fact,” but also for the “observance of reasonable commercial standards of fair dealing.” Because a reasonable party could reasonably consider Guarino’s actions as suspect, and outside of the commercial standards of fair dealing, the burden of proof is significantly higher in showing good faith and fairness toward all parties (including the maker of the instrument).

The Statute of Frauds acts as a sort of life insurance for permanent or relatively long term agreements. The portion of the Statute examined herein deals solely with “transfers of real property other than a lease of less than one year’s duration” and the argument is made that the Statute should be extended to include leases less than one year’s duration despite the additional required time, effort and cost. Issues of trespassing, neglect, adverse possession and disputed arguments of sale are identified and the effects of the notions are analyzed though the lens of the Statute’s expectations and requirements for viability. The effects of this specific portion of the Statute of Frauds will be examined in regards

The task force steering committee is made up of the Department of Justice, Department of the Treasury, Department of Housing & Urban Development (HUD), and the Securities and Exchange Commission (SEC). The investigators would also work with local authorities to “investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, address discrimination in the lending and financial markets and recover proceeds for victims.” (Justice News, 2008).

Bank of America is one of the largest banks in the nation. It is a multinational company and it is recognized by its high revenue value. Unfortunately, Bank of America has endured many complaints and harsh views regarding their lack of ethics. Ethical issues occur when there is a blatant disregard to implement integrity, trust, and responsibility. In some financial institutions, ethical matters are displayed in the way the consumers are treated. Within the past nine years, Bank of America has diminished all of their ethical promises by revealing customer information without their permission; discriminating against consumers based on their race; and manipulating overdraft fees in order to benefit the bank. In order to assess these problems, it is vital to recognize what Bank of America claims to stand for and determine where their most concerning issues are generated from.

The outcome of the situation that involves ethics is that at the end how does the ethics work at the facility and how the society is going to make a ethical decision. This involves ethical decision because the bank have taken really people’s identity and used them towards completing the goal. It is ethical decision making because they did something that involves basic ethics. They can not touch or use somebody else’s identity for their own goods and make profit from it. The outcome wold be to give back the damage that they did to this people and apologize for doing something that is so not

He alleges he does not understand or know how any monies are distributed or taken from any of bank accounts which the insured banks with for his company. He maintained he has nothing to do with the bookkeeping being conducted with the company or assists Ms. Patty Chan with her accounting

“Financial crimes enforcement network (FinCEN) is a bureau of the treasury department and the financial intelligence unit of the United States of America”. FinCEN’s typically involved in the process of solving the financial crimes. FinCEN’s faced data and IT problems to control the financial corruption. Incompatible or unpredictable and unstandardized i.e. data errors, financial data were lessen the strength of FinCEN’s. Because of these data chaos FinCEN’s evaluates the financial organizations or company’s data with small data firm and normal patterns. The authority cannot put up across higher data sets and minus effectiveness for dedicated analysis and tendency prediction. Broadcasting the data to companies through various offline systems

1. The potential sex harassment charge from Carla Goodman. If Valley National Bank doesn’t have a policy that clearly stated the prohibition of sex harassment, they would need to address it immediately and they have to investigate who was the employee that acted inappropriately to Carla Goodman; otherwise, she can file a lawsuit against the bank (Bernardin & Russell 2013).

The banks ensure their safety and money over the publics. The banks took advantage of the uninformed workers for their own personal gain. To make matters worse government intervention in these matters is very minimal, the state and private corporations have a complex

Scandals in the business world are not an uncommon topic to appear in new headlines. Recently Wells Fargo has fired over 5,000 employees for creating over 2 million fake accounts. New bank and credit card accounts were created without prior knowledge from their customers. The accounts that were created resulted in those customers inquiring fees such as overdraft fees. These fake accounts have been created over a five-year timeframe.

An analysis by the San Francisco headquartered bank found that an employee accessing consumer account without the consumer permission.