In Ripple, CEO Brad Garlinghouse reacted to the fact that the Wells Fargo company, which was sentenced to a record penalty, was not talked about as much as FTX.
Ripple CEO Brad Garlinghouse made a comparison of Wells Fargo-FTX on his Twitter account and stated that what the giant bank is doing is not different from what is happening in FTX. Ripple CEO reacted to the fact that Wells Fargo was not even talked about as much as FTX and said:
“The world is (appropriately) outraged by SBF and FTX’s fraud, but when Wells Fargo mismanages billions in customer funds as well, it’s barely a blip on the radar. Food for thought….”
Garlinghouse also placed a cartoon with famous movie characters Batman and his sidekick Robin under his tweet. “But what Wells Fargo does is illegal,” Robin tells Batman in the image. Batman slaps him and says, “We’re just talking about FTX.”
Wells Fargo, one of the largest US banks, was fined a record $3.7 billion for mismanaging some of its loan and deposit accounts. It was stated that between 2011 and 2020, the company improperly managed accounts and did not report certain payments, so it would pay 2 billion dollars in compensation to consumers and 1.7 billion dollars in penalties for legal violations.