Wells Fargo

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Re: Wells Fargo

Post by corplinx » Tue Sep 20, 2016 1:55 am

Because he didn't do it?

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Re: Wells Fargo

Post by WildCat » Tue Sep 20, 2016 2:03 am

corplinx wrote:Because he didn't do it?
He owns 10% of it and profited from the illegal activity.
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Re: Wells Fargo

Post by corplinx » Tue Sep 20, 2016 2:11 am

Anyone who owns stock in Wells Fargo is complicit then too?

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Re: Wells Fargo

Post by WildCat » Tue Sep 20, 2016 2:12 am

corplinx wrote:Anyone who owns stock in Wells Fargo is complicit then too?
When you own 10% of it you're a bit more influential than the average shareholder.
Do you have questions about God?

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Re: Wells Fargo

Post by Anaxagoras » Tue Sep 20, 2016 2:17 am

Well, technically Buffet doesn't personally own those shares, Berkshire Hathaway does. Buffet himself owns about 20% of Berkshire Hathaway, so by extension he owns about 2% of Wells Fargo. He does not serve on the Board of Directors of Wells Fargo either.
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Re: Wells Fargo

Post by Skeeve » Tue Sep 20, 2016 11:34 am

Can someone show weather or not Warren received any indication this was happening (ie whistle blower)?
I rather doubt any whistle blowers went to Warren about this.

However there are more than indications that whistle blowers at W.F. have been poorly received by W.F. management in the past...
...
Last month, Wells Fargo paid a record $1.2 billion to settle a U.S. Department of Justice lawsuit claiming the bank had for years engaged in reckless underwriting and lending and then relied on government mortgage insurance to pay for the loans when they went bad.

Tran's wrenching transition from happy 10-year veteran at Wells Fargo to self-proclaimed whistleblower began in December 2013 when he fielded a call from a couple terrified they were going to get foreclosed out of their home. They were overdue on their second mortgage and Wells Fargo was demanding a balloon payment.

Tran, who worked at the bank's Beaverton call center, checked and checked again. He claims he could find no trace of the couple's loan in the bank's computer system and he told the couple so.

Tran says his bosses were not happy. Three months later, on April 21, 2014, Tran and the rest of his team received an email from a supervisor telling them that full disclosure was a bad idea.

"Please remember when you come across a situation where we have a lost contract, deed, any type of document, really, but especially when It relates to securing a property, we are not to share that with the customer," reads the email, which Tran submitted into the court file.

Tran was troubled. The first-generation Vietnamese-American and volunteer in the US Army Reserve considered it illegal and unethical for the bank to threaten foreclosure when it didn't have the mortgage contract in question.

"The company told me to lie about that," he said in an interview. "I don't think that's right, for the customers, for the company or the entire country."
link: http://www.oregonlive.com/business/inde ... s_far.html
One example of the way WF treated one alleged whistle blower...granted not the same activity.


Yet all we know so far is
...
The core of the case against Wells Fargo has been well-known since a remarkable investigative report by the Los Angeles Times in 2013, and hints of the troubles were already apparent in a Wall Street Journal article in 2011. It took years, but now the company has been fined a hundred and ninety million dollars—a record, the Consumer Finance Protection Bureau says. More than five thousand employees were fired for the offenses. This practice was so widespread around the country that it would be a truly remarkable coincidence if each team member had come up with the strategy independently. Still, only low-level managers were fired. Once again, a big bank was caught doing something awful, received a fine, admitted no wrongdoing, and no senior manager or, God forbid, C.E.O. was punished in any way.
...
I spoke with Kermit Schoenholtz, a former chief economist at Citibank and now a professor of banking finance at the N.Y.U. Stern School of Business, and the co-author of an essential banking textbook. He told me that, since the beginning of the Great Depression, our system of bank regulation has relied on bank self-monitoring; it’s long been clear that government banking cops could never match the resources of the banks themselves. Each fine, then, serves two purposes: to punish the wrongdoing and also to warn all banks that they will pay a stiff price if they don’t root out such activity. But he warned me, “The mechanism isn’t working.” He explained that it is incredibly easy for banks to conceal their bad behavior. One of the most shocking aspects of the Wells Fargo case is that it was so crude and blatant. It had none of the finesse of other banking frauds, such as when, for more than twenty years, bankers quietly and secretly manipulated the Libor rate for hundreds of trillions of dollars in derivative contracts and bank loans. Schoenholtz said that it is not easy—or cheap—for a large bank to monitor every one of its quarter million employees. It’s not something that senior executives are going to take on with enthusiasm unless they are forced to by a fear, deep in their gut, that they will pay a much higher price if they don’t. Bad behavior should lead to fines large enough to infuriate shareholders and cost C.E.O.s their jobs. What’s more, these executives need to know that they will face criminal prosecution when they direct or ignore criminal activity.
Fuckin A!

link: http://www.newyorker.com/business/curre ... regulation
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Re: Wells Fargo

Post by Skeeve » Tue Sep 20, 2016 2:52 pm

sparks wrote:It's perfectly simple: If everyone who deals with Banksta Fraud Fargo would simple cancel all accounts and move them elsewhere, then Wells Fuckwit would soon be hurting big time and that'd be the end of that shit.

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:lmao:

Skank of America....
:doglaugh:

Good one sparks, have to add that one to the signature line.
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Re: Wells Fargo

Post by Skeeve » Tue Sep 20, 2016 3:15 pm

Meanwhile back at the scandal...
Wells Fargo CEO denies orchestrated fraud in accounts scandal
Wells Fargo CEO John Stumpf apologized to customers for more than 2 million fake accounts opened in their names, but denied any orchestrated fraud by bank management.
Well, I guess that's that...
In testimony to the Senate Banking Committee Tuesday, Stumpf also said the bank plans to expand the internal review of accounts and refund process by two years, starting in 2009 now.

He addressed the outrage over Carrie Tolstedt, the head of the division where the fake accounts were created who is set to walk away with $124 million in stocks and options, when she retires later this year. Stump indicated Tolstedt was pushed out after the bank determined she "did not do enough" to fix issues in the retail bank.
hrmmnmm, okay what do the 'just plain folks' have to say?

Former Wells Fargo Employees to CEO John Stumpf: It's Not Our Fault
Huh?
Wells Fargo’s former employees don’t agree with CEO John Stumpf’s assessment that they were the rotten apples.

While still training at a California Wells Fargo in 2013, Khalid Taha, then a personal banker, was approached by a co-worker and pressed to open a second account under false pretenses. The co-worker told Taha that he couldn’t convert his existing Wells Fargo account into an employee account. She also told him he could buy credit card insurance with no fees.

When Taha discovered later, during his ethics training that he had been lied to about both products, he reported the employee. It did not go as expected.
...
Wells Fargo WFC 0.93% CEO John Stumpf though, seems to have shifted blame for the scandal on to a few bad apples—the 5,300 employees fired (He clarified to CNBC that he did feel accountable, but maintained that nothing in Wells Fargo’s culture had promoted such behavior).

Yet, both Taha, who left Wells Fargo in July, and former branch manger Julie Miller, who left in 2013, say management was central to allowing to scandal to proliferate.

Taha and Miller recalled reporting multiple instances of reporting co-workers for illegally opening deposit and credit card accounts without consumer consent—only to see the same employees promoted or receive a raise later. Meanwhile, the bank continued to set high sales targets for its branches.
Looks like more whistle blowers to me, YMMV.
...
“Corporate executives designed the sales quota systems and created the culture of harassment and fear when we did not meet them,” Miller said. “When John Stumpf blamed the frontline workers for the unauthorized accounts, I was disgusted.”
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Re: Wells Fargo

Post by Skeeve » Tue Sep 20, 2016 8:08 pm

Elizabeth Warren Just Eviscerated the Wells Fargo CEO
The Senate Banking Committee conducted a hearing Tuesday about the massive scandal currently engulfing Wells Fargo. The word "fraud" was used repeatedly by senators on both sides of the aisle when describing the bank's creation of millions of unauthorized bank and credit card accounts for existing customers.

Fallout from the account scandal continues to pile up. The bank is also facing an investigation by the House Financial Services Committee, subpoenas from the Department of Justice, and at least one potential class action lawsuit.

First up at Tuesday's Senate hearing was Wells Fargo CEO John Stumpf, who was grilled by the committee for almost three hours.

Massachusetts Sen. Elizabeth Warren—a long-time advocate for more stringent regulation of Wall Street—tore into Stumpf, describing the unauthorized accounts as a "massive, years-long scam." She asked Stumpf what he has done to take responsibility for his bank's actions. "You have said repeatedly 'I am accountable,'" she said. "But what have you done to actually hold yourself accountable? Have you resigned?"

Stumpf avoided answering the question directly, prompting Warren to repeat her question, her voice rising, at least three times. Finally, an exasperated Warren said, "I'll take that as a 'no.'"

Warren proceeded to pummel Stumpf with more questions. "Have you returned one nickel of the money you earned while this scam was going on?" she asked. Stumpf, stumbling, said the unauthorized accounts weren't a scam and answered the question directly only after Warren repeated the question. "No," Stumpf said. Stumpf said earlier in the hearing that he earned $19.3 million last year.

She then asked if he'd fired any members of his senior management. Stumpf initially began by describing the firing of regional branch managers, but Warren stopped him, emphasizing that her question was not about low-level leadership but about the people at the top. Again, Stumpf's answer was no.

When Warren asked Stumpf if he knew how much the value of his bank's stock had gone up over the time that the unauthorized accounts were created and maintained, Stumpf replied the information was in the public record. "You're right, it is all in the public records," Warren said, "because I looked it up." She continued: "While this scam was going on, you personally held an average of 6.75 million shares of Wells stock." The share price went up by about $30 in that time frame, Warren pointed out, "which comes out to more than $200 million in gains, all for you personally."
Thats it Pocahontas, bitch slap scalp that Banksta!
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Re: Wells Fargo

Post by Grammatron » Tue Sep 20, 2016 8:13 pm

lol no she didn't

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Re: Wells Fargo

Post by JEROME DA GNOME » Tue Sep 20, 2016 9:33 pm

lol @ the most regulated industry in the nation
What a man believes upon grossly insufficient evidence is an index into his desires -- desires of which he himself is often unconscious.

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Re: Wells Fargo

Post by Skeeve » Wed Sep 21, 2016 2:57 am

Employees, customers blew whistle over Wells Fargo fraudulent bank accounts years ago – reports

Even more whistle blowers, or so it seems....
Calling into question why Wells Fargo was only recently fined $185 million for fraudulently opening more than 2 million accounts, the US Senate is now hearing reports that employees and customers blew the whistle on the Wall Street bank’s illegal activity several years ago.

After settling with regulators for $185 million over signing up its customers for more than 2 million accounts without their knowledge and subsequently charging them fees, Wells Fargo became the focus of a Senate Banking Committee hearing on Capitol Hill on Tuesday.

White-collar criminologist William Black told the Real News that the hard work exposing the bank’s practices was “done by the customers, by the employees and by Los Angeles County, that bought the suit in 2015, building on these whistleblowers.

You see almost no credit for that, in the coverage,” said Black, associate professor of economics and law at the University of Missouri-Kansas City. “Instead these federal agencies held absolutely not a single individual accountable, there were no admissions, there was absolutely no admissions in the settlement agreement. So this settlement agreement, principally negotiated by the Consumer Finance Protection Bureau (CFPB) is disgustingly weak.”
Damn, he doesn't mince words. Who is this guy?
...
Black was one of the regulators investigating the savings and loans crisis in the 1980s where people were charged and convicted and went to jail.

In an interview about the savings and loans investigation, where over 1,000 loans associations failed, Black said regulators made over 30,000 criminal referrals, which produced over 1,000 felony convictions in cases designated as “major” by the Department of Justice.

“But even that understates the degree of prioritization, because we, the regulators, worked very closely with the FBI and the Justice Department to create a list of the top 100 — the 100 worst fraud schemes. They involved roughly 300 savings and loans and 600 individuals, and virtually all of those people were prosecuted,” Black told Moyers and Company in 2013. “We had a 90 percent conviction rate, which is the greatest success against elite white-collar crime (in terms of prosecution) in history.”
There were whistle-blowers, it was public, and those douche' bags did Jack...
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Re: Wells Fargo

Post by Grammatron » Wed Sep 21, 2016 3:23 am

It's ok, once Democrats come to power they will fix everything.

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Re: Wells Fargo

Post by Doctor X » Wed Sep 21, 2016 5:05 am

Grammatron wrote:It's ok, once Democrats come to power they will fix everything.
They will allow the torture and murder of US servicemen then, based on what she celebrated.

I do not forget these things.

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Re: Wells Fargo

Post by Skeeve » Wed Sep 21, 2016 5:10 pm

Grammatron wrote:It's ok, once Democrats come to power they will fix everything.
I doubt that as most of them are on the take probably receive contributions from Wells Fargo too.
...
"This is about accountability," Warren continued. "You should resign, you should give back the money you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission."

It is worth noting, as MSNBC does, that Warren "is one of the scant few on the Senate banking committee who has not been cut a check by Wells Fargo's political action committee."
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Re: Wells Fargo

Post by Skeeve » Wed Sep 21, 2016 5:18 pm

Meanwhile the list of whistle blowers seems to be growing....

I called the Wells Fargo ethics line and was fired
Wells Fargo admitted to firing 5,300 employees for engaging in these shocking tactics. The bank earlier this month paid $185 million in penalties and has since apologized.

Now CNNMoney is hearing from former Wells Fargo (WFC) workers around the country who tried to put a stop to these illegal tactics. Almost half a dozen workers who spoke with us say they paid dearly for trying to do the right thing: they were fired.

"They ruined my life," Bill Bado, a former Wells Fargo banker in Pennsylvania, told CNNMoney.

Bado not only refused orders to open phony bank and credit accounts. The New Jersey man called an ethics hotline and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.

Eight days after that email, a copy of which CNNMoney obtained, Bado was terminated. The stated reason? Tardiness.
...
One former Wells Fargo human resources official even said the bank had a method in place to retaliate against tipsters. He said that Wells Fargo would find ways to fire employees "in retaliation for shining light" on sales issues. It could be as simple as monitoring the employee to find a fault, like showing up a few minutes late on several occasions.

"If this person was supposed to be at the branch at 8:30 a.m. and they showed up at 8:32 a.m, they would fire them," the former human resources official told CNNMoney, on the condition he remain anonymous out of fear for his career.
...
Another six former Wells Fargo employees told CNNMoney they witnessed similar behavior at Wells Fargo -- even though the company has a policy in place that is supposed to prevent retaliation against whistleblowers. CNNMoney has taken steps to confirm that the workers who spoke anonymously did work at Wells Fargo and in some cases interviewed colleagues who corroborated their reports.
...
One such former employee was fired after flagging issues directly to Stumpf, according to Senator Bob Menendez.

At the Senate hearing, Menendez read the New Jersey woman's 2011 email to Stumpf, where she described improper sales tactics she felt were "wrong."

"Did you read that email?" Menendez asked Stumpf.

"I don't remember that one," Stumpf replied.

"Okay, well she was fired. ... So much for the safe haven," Menendez said.
Well, what ever they do to that cock-sucker CEO (I predict not much), is too good for him IMHO, YMMV.
okay, back to the story...
...
Lose, lose situation for Heather Brock

Brock, the business banker from Texas, told CNNMoney she experienced a similar situation. The 26-year-old single parent of two young boys was fired soon after she contacted the company's ethics line about illegal sales practices she witnessed.

Wells Fargo also confirmed Brock used to work at the company but declined to comment further.

Brock was fired earlier this month, with Wells Fargo accusing her of falsifying documents -- a charge Brock emphatically denies. Brock said the company bullied her into admitting she did something wrong.

A current Wells Fargo employee who works in Brock's branch vouched for her version of events.

"That's really scary when you're with a big corporation like this and HR doesn't have your back," said the current employee, who wished to remain anonymous so as not to get fired as well.

Brock is hoping her story forces meaningful change at Wells Fargo.

"You lose if you do complain and you lose if you don't. What does a powerless employee do?" Brock said.
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Re: Wells Fargo

Post by Grammatron » Wed Sep 21, 2016 5:21 pm

Warren supports Clinton who gets more support from banking than any candidate who was/is running this election. But hey, at least she doesn't personally receive those campaign contributions.

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Re: Wells Fargo

Post by Doctor X » Wed Sep 21, 2016 6:15 pm

I am sure she has received some e-mails on that.

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Re: Wells Fargo

Post by Skeeve » Wed Sep 21, 2016 9:34 pm

Grammatron wrote:Warren supports Clinton ...
But hey, at least she doesn't personally receive those campaign contributions.
Indeed, she doesn't. However most of the folks grilling (or wrist-slapping) that CEO do, which was the point.
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Re: Wells Fargo

Post by Grammatron » Wed Sep 21, 2016 9:46 pm

Skeeve wrote:
Grammatron wrote:Warren supports Clinton ...
But hey, at least she doesn't personally receive those campaign contributions.
Indeed, she doesn't. However most of the folks grilling (or wrist-slapping) that CEO do, which was the point.
This does not absolve her of the hypocrisy and the obvious pandering.

The CEO didn't even get a slap on the wrist; he just said sorry a lot did an interview, went for a round of golf, then maybe a dinner and a hooker.