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.
Well, apparently in America, it helps to not be black.
rich
Wells Fargo CEO John Stumpf Steps Down
41–50 of 211 posts
Re: Wells Fargo CEO John Stumpf Steps Down
#42Whatever. 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?
It will be a massive golden parachute. No doubt.
"Financial details of Stumpf's retirement plan are unknown, but Equilar estimates he walks with $134.1 million from retirement. The package remains that large even after Stumpf last month agreed to a $41 million clawback following a grilling he received from the Senate Banking Committee reprimanding him for not taking responsibility. He agreed to give up unvested stock, but still owns shares vested in previous years.[0]"
[0]: http://www.usatoday.com/story/money/markets/2016/10/12/wells...
Re: Wells Fargo CEO John Stumpf Steps Down
#43Whatever. 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?
> Will any of his earnings and bonuses be clawed back? They already have clawed back a lot of his bonus http://money.cnn.com/2016/09/27/investing/wells-fargo-ceo-cl...
I did notice that story, but that's only impressive if they don't entirely cancel out the effect by giving him a gigantic golden parachute, which, tragically, would be the expected behavior here.
Re: Wells Fargo CEO John Stumpf Steps Down
#44Go 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.
Prodding? What investigating did she do?
Uh, she invented the entire fucking government agency that polices this crap, absent which, there would be nothing.
Re: Wells Fargo CEO John Stumpf Steps Down
#45Meta: 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.
Seems like a cookie they set for your browser. Normal practice.
Re: Wells Fargo CEO John Stumpf Steps Down
#46I 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...
One bank in NL (abn amro) is currently running an ad campaign with the slogan 'sign up for 3 more products and get 75 euros cash back' or something to that effect. It seems they've been going to the same seminar.
Re: Wells Fargo CEO John Stumpf Steps Down
#47I 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…
A while back, credit reporting agencies hustled to adjust in the face of a few, but monetarily very successful, libel suits -- IIRC from memory.
It would seem that, with the right legal representation -- one willing to go the distance -- Ashley might have grounds for a very significant libel suit.
Wells Fargo management deserves to go to jail, in my opinion. However, it would also give me great joy to see them lose hundreds of millions of dollars to such suits.
They wholeheartedly deserve it, as do some of the line employees who had to endure such abuse.
Further, if the "gubmint" was serious about investigating and prosecuting criminal behavior, in addition to actually holding those responsible for policy accountable and jailing them, I'd like to see the laws for once enforced, at Federal and State levels, that require the government to cease doing business with financial establishments convicted of criminal offenses.
We have laws. And we have resources for criminal investigations. For once, let's actually put them to use.
If not, go after the politicians and government employees obstructing justice. If not with a formal charge, then by ending their careers.
Re: Wells Fargo CEO John Stumpf Steps Down
#48Re: Wells Fargo CEO John Stumpf Steps Down
#49Why 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.
money, power, connection, take your pick
Re: Wells Fargo CEO John Stumpf Steps Down
#50I 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?
you bet your ass certain companies can add/edit/view secret notes on your credit history.