Yves Smith at Naked Capitalism notes that:
Court filings indicate Wachovia not only permitted telemarketers to steal from individuals, but they were aware of the practice and turned a blind eye because it was profitable to them. And the targets of the fraud were typically elderly.
A very interesting detail:
Note also that the victims of the fraud had to turn to civll suits because banks accused of participation in this type of fraud have never been prosecuted or publicly fined.