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Wells Fargo CEO John Stumpf Steps Down

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Re: Wells Fargo CEO John Stumpf Steps Down

#91

Post by bratsche »

nickbauman wrote: post #82
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…

Remember WF was one of the banks that failed the stress tests after the 2008 financial crisis. I've been trying to get away from WF for a while now, but no other bank can fill its shoes in terms of online services and ubiquity. Yet it has a culture of predatory capitalism where "your loss is our gain".

I never wanted to do business with WF in the first place, but I bought a house a few years ago and the mortgage company sold my mortgage to WF. Being forced to be someone's customer against your will sucks.

Re: Wells Fargo CEO John Stumpf Steps Down

#92

Post by Bud »

azernik wrote: post #78
Bud wrote: post #60

#downvotedwhiletrue

Being downvoted is usually temporary (random noise, until the upvoters a arrive). Comments complaining about being downvoted - which, note, are against site guidelines usually last longer. Don't write them. > Please resist commenting about being downvoted. It never does any good, and it makes boring reading.

You're right. I apologize.

Re: Wells Fargo CEO John Stumpf Steps Down

#93

Post by noobermin »

yeukhon wrote: post #86
nickbauman wrote: post #82

Earlier quoted context omitted.

Remember WF was one of the banks that failed the stress tests after the 2008 financial crisis. I've been trying to get away from WF for a while now, but no other bank can fill its shoes in terms of online services and ubiquity. Yet it has a culture of predatory capitalism where "your loss is our gain".

I lived in SF briefly and noticed the presence of WF everywhere in CA. I am from NYC, so Chase and Citi are more likely to be around. Just curious about "but no other bank can fill its shoes in terms of online services and ubiquity." I don't have that experience with other banks - I find the right agent and I get the right service, not every time, but definitely there are good people I can work with. Mind to clarify…

In SF more than everywhere else, would you ever need to withdraw cash? I'd think as long as you had apple-pay or a debit card you'd be fine.

Re: Wells Fargo CEO John Stumpf Steps Down

#94

Post by ellius »

greeneggs wrote: post #56
Bud wrote: post #5

Whatever. 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?

They're fighting back. The structure of the CFPB (Consumer Financial Protection Bureau, which fined Wells Fargo for this) was declared unconstitutional yesterday [1]. [1] http://www.wsj.com/articles/federal-appeals-court-finds-stru...

Only in a relatively minor way though. The ruling states the President can remove the head at will, rather than requiring cause. American Banker actually had an editorial about this being bad for banks--it decreases the predictability of the agency. It does make it easier for a compromised President to favor a bank-friendly director though. They only need one to gut it now.

Re: Wells Fargo CEO John Stumpf Steps Down

#95

Post by Kalium »

ethanbond wrote: post #40
Kalium wrote: post #26

Earlier quoted context omitted.

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.

And sometimes there are no senior executives who did anything clearly identifiable as criminal under the laws at the time. Just because something terrible happened doesn't mean it's provably criminal and the fault of particular people.

Re: Wells Fargo CEO John Stumpf Steps Down

#96

Post by bogomipz »

I Couldn't read the article because of paywall. Is there any news on Carrie Tolstedt the woman who oversaw the unit that created all the fraudulent accounts and gets to retire in July at age 56 with a $124 million pay package? This in addition to the $9 million dollar she took home last year.

http://money.cnn.com/2016/09/12/investing/wells-fargo-fake-a...

Re: Wells Fargo CEO John Stumpf Steps Down

#97

Post by mericsson »

bratsche wrote: post #91
nickbauman wrote: post #82

Earlier quoted context omitted.

Remember WF was one of the banks that failed the stress tests after the 2008 financial crisis. I've been trying to get away from WF for a while now, but no other bank can fill its shoes in terms of online services and ubiquity. Yet it has a culture of predatory capitalism where "your loss is our gain".

I never wanted to do business with WF in the first place, but I bought a house a few years ago and the mortgage company sold my mortgage to WF. Being forced to be someone's customer against your will sucks.

Perhaps you can refinance? Lots of banks offer no-fee refinances. I used Cash Call (not that they have an amazing reputation) but they did a good job with my refi.

Re: Wells Fargo CEO John Stumpf Steps Down

#98

Post by carterehsmith »

pasbesoin wrote: post #47
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…

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 h…

> that require the government to cease doing business with financial establishments convicted of criminal offenses.

I guess that's why most of those settlements are worded so that there is no criminal offence. As in, "Company X agrees to pay $XBn to the gubmint, but admits no wrongdoing."

I wonder if, once pushed to a higher court, such a clause (or the whole settlement) could be declared invalid.

As in, if you did no wrong, why exactly are you giving $XBn to the government?

Is that some kind of bribe? As in, I give government money, they don't bother me about the crap I did.

Frankly the whole thing looks like a regular business contract between X and government, not a "guilty" judgment.

Re: Wells Fargo CEO John Stumpf Steps Down

#99

Post by pohungc »

noobermin wrote: post #93
yeukhon wrote: post #86

Earlier quoted context omitted.

I lived in SF briefly and noticed the presence of WF everywhere in CA. I am from NYC, so Chase and Citi are more likely to be around. Just curious about "but no other bank can fill its shoes in terms of online services and ubiquity." I don't have that experience with other banks - I find the right agent and I get the right service, not every time, but definitely there are good people I can work with. Mind to clarify…

In SF more than everywhere else, would you ever need to withdraw cash? I'd think as long as you had apple-pay or a debit card you'd be fine.

There are still restaurants that are cash only.

Re: Wells Fargo CEO John Stumpf Steps Down

#100

Post by URSpider94 »

mericsson wrote: post #97
bratsche wrote: post #91

Earlier quoted context omitted.

I never wanted to do business with WF in the first place, but I bought a house a few years ago and the mortgage company sold my mortgage to WF. Being forced to be someone's customer against your will sucks.

Perhaps you can refinance? Lots of banks offer no-fee refinances. I used Cash Call (not that they have an amazing reputation) but they did a good job with my refi.

... and then it's very likely that you will end up back with Wells Fargo, since they are one of the few banks that service mortgages. Most finance companies sell your loan shortly after originating it.
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