Why isn't anyone in jail again?
We will choke a guy to death for selling cigarettes incorrectly, and can't put people stealing millions in jail.
Wells Fargo CEO John Stumpf Steps Down
31–40 of 211 posts
Re: Wells Fargo CEO John Stumpf Steps Down
#32Go Elizabeth Warren! Without her prodding, I am sure this would never have happened. He was very happy with firing the 5k employees and not taking any blame on himself for what was essentially his push.
I'll save my you go girl for when he's in jail.
Re: Wells Fargo CEO John Stumpf Steps Down
#33Whatever. Will he get a nine-figure golden parachute like the other senior exec who just left? If not, this does not impress me. Will any of his earnings and bonuses be clawed back? If not, this does not impress me. What about the other execs responsible?
Don't let big goals overshadow small accomplishments. Hopefully this sends a message to others. I believe this is at least a step in the right direction.
What's the message? "You're rarely caught, if you are caught all you need to worry about is a fine you can pass along to consumers, and personally? You'll be richer than god at the end of it all anyway."
This is symbolic crap, in a system that needs to be reformed from the ground up.
Re: Wells Fargo CEO John Stumpf Steps Down
#34Non-paywalled article with basically the same information: https://www.washingtonpost.com/news/business/wp/2016/10/12/w...
Re: Wells Fargo CEO John Stumpf Steps Down
#35Meta: 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.
I would prefer an HN 'rule' that denies the listing of any articles that originate from paywall sites.
Re: Wells Fargo CEO John Stumpf Steps Down
#36Here's the archive link, if anyone needs it:
Re: Wells Fargo CEO John Stumpf Steps Down
#37Why isn't anyone in jail again? We will choke a guy to death for selling cigarettes incorrectly, and can't put people stealing millions in jail.
Well, apparently in America, it helps to not be black.
Re: Wells Fargo CEO John Stumpf Steps Down
#38I 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…
What's this "permanent blacklist"? Is that something on the financial sector?
Re: Wells Fargo CEO John Stumpf Steps Down
#39Until the headline reads "Wells Fargo CEO John Stumpf Goes To Jail", nothing changes.
Re: Wells Fargo CEO John Stumpf Steps Down
#40I'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.
Definitely. That's why we're going on, what, almost ten years since the collapse with barely any real repercussions for any senior financiers in the county!
We've just gotta be more patient... It'll happen.