- 5,300 Wells Fargo workers fired, bank fined for scheme that set up 1.5 million sham accounts for online banking services
- Douglas Rushkoff: It's"extreme capitalism" at work. Banks making money by extracting funds from trusting customers
- Rushkoff: Only way to stop this push for 'synthetic' growth is for banks - like any business - not to be required to grow
Douglas Rushkoff writes a regular column for CNN.com. He is a media theorist, the author of the book "Throwing Rocks at the Google Bus" and professor of digital economics at CUNY. The opinions expressed in this commentary are his.
(CNN)It's not hackers breaking into your bank account that should scare you; it's the banks themselves. Details are now surfacing about more than 1.5 million unauthorized Wells Fargo bank and credit card accounts created on behalf of unwitting customers by bank employees hoping to cash in on new account bonuses.