Wells Fargo Debacle

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kbot
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Wells Fargo Debacle

Post by kbot » 09-21-2016 08:18 AM

I haven't been among Senator Warren's biggest fans, but no these sort of issues she has my support. I watched some of the Congressional hearings on Wells Fargo's actions over the past few years with them opening credit card accounts for unsuspecting customers. While the customer's had adverse effects to their credit standing, Wells Fargo execs "earned" obscene salaries and bonuses linked to the actions of subordinates.

As Senator Warren noted, (paraphrased) "If a frontline teller at one of your branches pocketed three $20 bills, you would push for prosecution and jail time. Do you know what the income level for the poverty rate is in this country? It's barely below what you're paying your clerks. So, you would prosecute and jail someone making just above the poverty rate for pocketing three $20 bills, but you don't feel what you did was wrong. THAT has to change......."

Some people, had their credit scores changed, which affected what they paid in mortgage interest, or interest on other loans, or their ability to get credit at all.....

As a senator from Montana noted, the number of Wells Fargo employees that were let go as a result of this exceeded the population numbers of most towns in Montana, and collectively, the number of Wells Fargo employees far exceeds to total population of Montana..... Wells Fargo is not only too big to fail, but obviously too big to manage if we're to believe the testimony of corporate execs that 1% of their workforce was fired fro FRAUD, and they knew nothing about it......

Elizabeth Warren to Wells Fargo’s CEO: “You Should Give Back the Money That You Took”

In less than 10 minutes, Massachusetts Sen. Elizabeth Warren all but destroyed Wells Fargo CEO John Stumpf’s excuses for the wide-scale fraud that occurred on his watch, accusing him of presiding over a scam that not only ripped off millions of customers but also boosted the pay of senior executives like himself.

Until Tuesday morning, Strumpf had all but pinned the blame for the scandal—in which Wells Fargo employees opened an estimated 2 million bank and credit card accounts for customers without their permission—on the company’s rank and file, who were seemingly desperate to keep up with the bank’s unrealistic sales goals, and who often only earned $11 or $12 an hour. “So, you haven't resigned, you haven't returned a single nickel of your personal earnings, you haven't fired a single senior executive,” Warren told Stumpf. “Instead, evidently, your definition of accountable is to push the blame to your low-level employees who don't have the money for a fancy PR firm to defend themselves. It's gutless leadership.”

http://www.slate.com/blogs/moneybox/201 ... _that.html
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Re: Wells Fargo Debacle

Post by kbot » 09-21-2016 11:07 AM

Good article:

Ask Matt: How to check if Wells Fargo tricked you
Matt Krantz, USA TODAY 10:54 a.m. EDT September 21, 2016

Q: How can I see if Wells Fargo secretly opened acccounts for me?

A: Wells Fargo's (WFC) CEO John Sumpf was grilled by Congress Tuesday over the company’s recent disclosure of inappropriate actions taken by thousands of employees to secretly open accounts. The discussion might lead some Wells Fargo customers to wonder if they were tricked, too.

Wells Fargo agreed to pay a $185 million fine associated with allegations roughly 5,000 bank employees opened millions of accounts unbeknownst to customers to help the employees reach sales targets. Wells Fargo says it has identified the accounts that were improperly opened and repaid fees that averaged about $25. Even though the alleged fraud was large, even if you're a Wells Fargo customer you were likely not affected. The bank has said the number of accounts refunded was just 1% of those reviewed. It's always a good idea to for customers to know what's going on with their accounts. Banking customers need to have online access. Log into your bank account and make sure you recognize all the accounts. Wells Fargo says all accounts in your name will appear. You can also get a free credit report that will show all accounts in your name.

http://www.usatoday.com/story/money/mar ... /90735752/
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Re: Wells Fargo Debacle

Post by Riddick » 09-21-2016 04:58 PM

kbot wrote:Wells Fargo is not only too big to fail, but obviously too big to manage if we're to believe the testimony of corporate execs that 1% of their workforce was fired fro FRAUD, and they knew nothing about it......
Impugning the managerial capabilities of Wells Fargo execs is an insult to all hard working psychopathic CEOs

viewtopic.php?f=103&t=50639

Do anything, but DON'T.diss the Pathocratic corporate/government culture! Everything's gonna be fine, just fine.

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Re: Wells Fargo Debacle

Post by kbot » 09-22-2016 05:52 AM

Psychopath is right my friend........
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Chicago Bans Wells Fargo From City Business For One Year

Post by Riddick » 10-07-2016 12:59 AM

The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo & Co from city business because of its scandal over phony accounts, joining the states of Illinois and California in punishing the bank.

The ban includes bond underwriting, brokerage, trustee and other services the bank has provided to the city. Wells Fargo has earned $19.5 million in fees from Chicago since 2005.

"I hope this action by the city of Chicago will echo around the nation and make it clear to other institutions this conduct is unacceptable," said Alderman Edward Burke, who heads the council's finance committee.

Illinois penalized the bank earlier this week while California announced a 12-month sanction against Wells Fargo, that state's oldest financial institution, on Sept. 28. California replaced Wells Fargo as a lead underwriter on two bond sales in the wake of its decision.

On Wednesday, Wells Fargo said it would continue to serve Chicago customers and support non-profit community agencies, educational institutions and foundations.

FULL STORY
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Wells Fargo Chief Quits Under Attack

Post by Riddick » 10-13-2016 11:04 AM

Wells Fargo & Co. Chairman and Chief Executive John Stumpf, under fire for the bank’s sales-tactics scandal and his own handling of its fallout, is stepping down from both roles, effective immediately, the bank said Wednesday.

Stumpf departs as the scandal continues to roil the firm. In remarks before a House committee hearing in September, Mr. Stumpf said he is “deeply sorry” and “fully accountable” for the bank’s sales practices.

Mr. Stumpf will be replaced as head of the third-largest U.S. bank by assets by President and Chief Operating Officer Timothy J. Sloan, who was widely seen as his heir apparent.

Mr. Stumpf won’t receive a severance package, the bank said. The board, at Mr. Stumpf’s own recommendation, had previously decided he should relinquish $41 million in unvested equity, one of the biggest-ever forfeitures of pay by a bank chief. He still retires with tens of millions of dollars earned during roughly 35 years at the bank.

FULL STORY
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Letter Warned Wells Fargo Of 'Widespread' Fraud In 2007

Post by Riddick » 10-19-2016 03:31 AM

Former Wells Fargo CEO John Stumpf told Congress under oath last month that he wasn't notified of a serious fake account problem at the bank until 2013. However, a whistleblower's letters, combined with testimony from other employees, suggest the shocking scandal could be even more massive and began years earlier than Wells Fargo has admitted. FULL STORY
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Re: Wells Fargo Debacle

Post by Doka » 10-23-2016 03:48 PM

This is a 1st hand experience , AFTER, WF was caught . Really interesting, be sure and read "Comments"..........
=====================================

I Went to a Wells Fargo Branch, this is What Happened Next

"Yet at the counter for safe deposit boxes, I was in for a surprise. The young man – a 30-year-old employee would have looked suspiciously over-age at that branch – checked the computer for my box number. There was a problem. He asked for my driver’s license. He rummaged through a file cabinet, found the signature cards. He conferred with another kid. He came back, embarrassed. Turns out, the fact that I’ve been renting the box for a decade wasn’t in their computer system. So no-go."

"I thought: That’s how easy it is to block you from getting into your safe deposit box."


http://wolfstreet.com/2016/10/23/i-went ... -happened/
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