Wells Fargo Penalties Since 2000: $22B
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Wells Fargo Penalties Since 2000: $22B
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Re: Wells Fargo Penalties Since 2000: $22B
#2Clearly it's working very well for them. At some point, maybe it's better if they're just penalized into bankruptcy?
Re: Wells Fargo Penalties Since 2000: $22B
#3Staggering.
How do they account for this in their financial statements?
Re: Wells Fargo Penalties Since 2000: $22B
#4As Nassim Taleb observed, the problem here is no skin in the game. Bankers keep the upside, but shareholders have to carry the can. It's an agency problem. The fix to all this is dispensing some good solid jail time.
Re: Wells Fargo Penalties Since 2000: $22B
#5Staggering. How do they account for this in their financial statements?
"Operating Expenses" /s
Re: Wells Fargo Penalties Since 2000: $22B
#6Anecdotally, I rarely hear about China "fining" its egregious corporations, they go straight for the executives. America needs to get its spine back.
Re: Wells Fargo Penalties Since 2000: $22B
#7As Nassim Taleb observed, the problem here is no skin in the game. Bankers keep the upside, but shareholders have to carry the can. It's an agency problem. The fix to all this is dispensing some good solid jail time.
This is generally a problem with employees in general, especially as tenures decline.
Sales stuffs the channel with products that are later returned as they get their commission. Or they vastly oversell what the product can do.
Engineers rack up tech debt to keep the Scrum Master happy and choose technologies based on how good they look on a resume.
HR people pass around crappy or abusive employees to other departments rather than doing the hard work of terminating them.
Wells Fargo shareholders evidently don't care that much and a big reason for that is that the average shareholder is probably just a fund of sorts, so it isn't really their money either.
Re: Wells Fargo Penalties Since 2000: $22B
#8As Nassim Taleb observed, the problem here is no skin in the game. Bankers keep the upside, but shareholders have to carry the can. It's an agency problem. The fix to all this is dispensing some good solid jail time.
Taleb's got lots of very critical thoughts on banking in general and bailouts in particular [0]. In a reddit thread he said he's got no banker friends (considers it unethical). He champions free markets with skin in the game constraints, plus scale considerations.
[0] https://twitter.com/search?q=from%3A%40nntaleb%20bankers
Re: Wells Fargo Penalties Since 2000: $22B
#9As Nassim Taleb observed, the problem here is no skin in the game. Bankers keep the upside, but shareholders have to carry the can. It's an agency problem. The fix to all this is dispensing some good solid jail time.
This is generally a problem with employees in general, especially as tenures decline. Sales stuffs the channel with products that are later returned as they get their commission. Or they vastly oversell what the product can do. Engineers rack up tech debt to keep the Scrum Master happy and choose technologies based on how good they look on a resume. HR people pass around crappy or abusive employees to other departmen…
"... so it isn't really their money either."
Talk about perverse incentives. Their customers, meaning the people who are directly affected, are like the only ones who don't have any power to influence what happens.
And everyone with power to influence the company just isn't affected and doesn't care ...
Re: Wells Fargo Penalties Since 2000: $22B
#10As Nassim Taleb observed, the problem here is no skin in the game. Bankers keep the upside, but shareholders have to carry the can. It's an agency problem. The fix to all this is dispensing some good solid jail time.
This is generally a problem with employees in general, especially as tenures decline. Sales stuffs the channel with products that are later returned as they get their commission. Or they vastly oversell what the product can do. Engineers rack up tech debt to keep the Scrum Master happy and choose technologies based on how good they look on a resume. HR people pass around crappy or abusive employees to other departmen…
I think the tenure decline is a symptom of the removal of incentives outside of simple base pay from the majority of employees. When you have a pension that can only be paid in retirement if the company remains solvent you tend not to make these short term choices.