Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Wells Fargo CEO John Stumpf Steps Down

wsj.com

Post reply on HN
Print view View original

21–30 of 211 posts

Re: Wells Fargo CEO John Stumpf Steps Down

#21

Post by hilop »

Smerity wrote: post #14

I highly recommend listening to a recent episode[1] of Planet Money. This was by no means an accident. As a short summary of one employee's plight: Ashley, working for them and making only $35k per year in San Francisco, was continually harassed to sign people up for accounts they didn't want. An old man comes in, pensioner, $200 in overdraft fees due to being duped into excess accounts. She dips into her own savings…

"permanent blacklist"?

That sounds like the High Tech Employees Lawsuit case, but a much easier win for a more sympathetic class of victim.

Re: Wells Fargo CEO John Stumpf Steps Down

#22

Post by sverige »

honkhonkpants wrote: post #4

Honestly I still don't understand why this organization continues to exist. Banks are chartered by the government for the purpose of safeguarding deposits. This bank was engaged in fraud on a huge scale. Their charter should be terminated.

Too big to fail. 2008 wasn't that long ago, remember? If the big banks go down, a lot of politicians lose a lot of money.

Re: Wells Fargo CEO John Stumpf Steps Down

#23

Post by eric_h »

figers wrote: post #19
RKoutnik wrote: post #3

Meta: Looks like WSJ is smart enough now to detect the `web` links. I went directly to the site, hit paywall, backed out. Then went via the `web` link, same paywall. Went to `web` link in incognito, was able to read the (fairly anemic) article.

it's hit or miss, but I rarely have to do incognito for WSJ

I think they cookie you on the direct link hit, so going back and doing the web link doesn't work without incognito (IME).

Re: Wells Fargo CEO John Stumpf Steps Down

#25

Post by Maxious »

Smerity wrote: post #14

I highly recommend listening to a recent episode[1] of Planet Money. This was by no means an accident. As a short summary of one employee's plight: Ashley, working for them and making only $35k per year in San Francisco, was continually harassed to sign people up for accounts they didn't want. An old man comes in, pensioner, $200 in overdraft fees due to being duped into excess accounts. She dips into her own savings…

> upper management were willfully negligent of the impact that their insane sales goals had on the ethics of the company.

> "Our average retail banking household has about six products with us. We want to get to eight ... and beyond," stated one Wells Fargo "brochure" called "The Vision and Values of Wells Fargo," according to the lawsuit. http://abcnews.go.com/Business/wells-fargo-bankers-accused-f...

Re: Wells Fargo CEO John Stumpf Steps Down

#26

Post by Kalium »

erickhill wrote: post #15

I'm surprised no individuals at the executive level have been charged with crimes, to be honest. Or perhaps it's simply too soon and that's the next shoe to drop.

It takes time, effort, and care to build a strong case against a senior executive. Not something that can be done overnight.

Re: Wells Fargo CEO John Stumpf Steps Down

#27

Post by loeg »

lobster_johnson wrote: post #18
droopybuns wrote: post #12

Earlier quoted context omitted.

Prodding? What investigating did she do?

https://www.google.com/amp/s/www.yahoo.com/amphtml/news/how-...

Ugh, Amp mucking with URLs. Real link: https://www.yahoo.com/news/how-elizabeth-warren-used-a-new-c...

Re: Wells Fargo CEO John Stumpf Steps Down

#28

Post by GCA10 »

Bravo to the directors for waking up. Any time there's a long-serving CEO of a big public company, it's as if the directors have been chloroformed. They generally show no ability to question the boss, let along hold him/her accountable for anything.

Most of the other boards that should be waking up ... probably won't. But at least they've got a reminder that it's possible.

Re: Wells Fargo CEO John Stumpf Steps Down

#29

Post by ianai »

erickhill wrote: post #15

I'm surprised no individuals at the executive level have been charged with crimes, to be honest. Or perhaps it's simply too soon and that's the next shoe to drop.

It does take a while. I don't think anyone was prosecuted for the Great Depression until about 10 years later, IIRC.

Re: Wells Fargo CEO John Stumpf Steps Down

#30

Post by ianai »

sverige wrote: post #22
honkhonkpants wrote: post #4

Honestly I still don't understand why this organization continues to exist. Banks are chartered by the government for the purpose of safeguarding deposits. This bank was engaged in fraud on a huge scale. Their charter should be terminated.

Too big to fail. 2008 wasn't that long ago, remember? If the big banks go down, a lot of politicians lose a lot of money.

They should be broken up
Post reply on HN