Wells Fargo

Anyone know what's going on here? Not trying to wells things up, but what I'm reading sounds pretty fucked up. It also sounds as if the Senate hearing yesterday didn't go well for the CEO. I also read how whistleblowers were fired shortly after calling the ethics hotline.

InTenSity wrote:Anyone know what's going on here? Not trying to wells things up, but what I'm reading sounds pretty fucked up. It also sounds as if the Senate hearing yesterday didn't go well for the CEO. I also read how whistleblowers were fired shortly after calling the ethics hotline.

They are fargone.

they created thousands of fake accounts to meet sales goals, and then moved real customer's money to them. and hid it from said customers. very shady.

TheReal_LWS wrote:they created thousands of fake accounts to meet sales goals, and then moved real customer's money to them. and hid it from said customers. very shady.

Capitalism at its finest. The stock did very well during this time. Eight is great!

capitalism at it's finest, indeed.. was fun watching Harvard law professor and Sen. Pocahontas Warren (D-MA) dress them down like the scum they are. She is the definition of a great American and truly one of the brightest women in America.

InTenSity wrote:

TheReal_LWS wrote:they created thousands of fake accounts to meet sales goals, and then moved real customer's money to them. and hid it from said customers. very shady.

Capitalism at its finest. The stock did very well during this time. Eight is great!

Fraud =/= capitalism. LOL But a socialist would say this.

TheReal_LWS wrote:

InTenSity wrote:
Capitalism at its finest. The stock did very well during this time. Eight is great!

Fraud =/= capitalism. LOL But a socialist would say this.

Simpleton.

Watch Out Pylon! wrote:

TheReal_LWS wrote:

Fraud =/= capitalism. LOL But a socialist would say this.

Simpleton.

Watch Out Pylon! wrote:

TheReal_LWS wrote:

Fraud =/= capitalism. LOL But a socialist would say this.

Simpleton.

Dumbleton.

TheReal_LWS wrote:

InTenSity wrote:
Capitalism at its finest. The stock did very well during this time. Eight is great!

Fraud =/= capitalism. LOL But a socialist would say this.

True, to an extent. I dunno, the scarier part is that there seemed to be a disconnect between upper management and lower management. I'm sure that was insulation thrown in there to protect them when something like this goes down, but ultimately that CEO and upper management should all be responsible for what happened. It doesn't sound like this was a rogue branch that went out and did this.

Welcome to Too big to fail, officers are too important to fire and profit regardless of its source rules.

It's not all that much more complicated than sales goals at banks are entirely too aggressive considering the fact that no one goes to a branch anymore. People did what they had to do to keep their jobs, which is wells fargos fault (as well as other banks) for not recognizing this problem sooner

Banks shouldn't be publicly traded companies.

GRR Spartan wrote:Welcome to Too big to fail, officers are too important to fire and profit regardless of its source rules.

This. big banks simply are not a part of the free market anymore, and need to be broken up Ala ma bell. the stories I hear about wells are just head scratching. they make way more money than they should if real competition exiSted, but government doesn't allow it

Blanch32 wrote:

GRR Spartan wrote:Welcome to Too big to fail, officers are too important to fire and profit regardless of its source rules.

This. big banks simply are not a part of the free market anymore, and need to be broken up Ala ma bell. the stories I hear about wells are just head scratching. they make way more money than they should if real competition exiSted, but government doesn't allow it

Yep glass-steagall needs to be brought back. We are at all time lows as far as number of banks operating in the country.

The_Dude wrote:

Blanch32 wrote:

This. big banks simply are not a part of the free market anymore, and need to be broken up Ala ma bell. the stories I hear about wells are just head scratching. they make way more money than they should if real competition exiSted, but government doesn't allow it

Yep glass-steagall needs to be brought back. We are at all time lows as far as number of banks operating in the country.

Which talk show host said that today?

Glass Stegal was more about keeping banks from co-mingling businesses and allowing them to use depositor monies as collateral for their market based ventures.

For example Citibank under Glass Stegal rules would have had to be selling investments under a different unconnected business.

What Big banks have done is reduce choices for local businesses. Unfortunately I know of several small local banks that began after Glass Stegal for the express reason of growing and selling.

The_Dude wrote:

Blanch32 wrote:

This. big banks simply are not a part of the free market anymore, and need to be broken up Ala ma bell. the stories I hear about wells are just head scratching. they make way more money than they should if real competition exiSted, but government doesn't allow it

Yep glass-steagall needs to be brought back. We are at all time lows as far as number of banks operating in the country.

I work in finance bruh

GRR Spartan wrote:Glass Stegal was more about keeping banks from co-mingling businesses and allowing them to use depositor monies as collateral for their market based ventures.

For example Citibank under Glass Stegal rules would have had to be selling investments under a different unconnected business.

What Big banks have done is reduce choices for local businesses. Unfortunately I know of several small local banks that began after Glass Stegal for the express reason of growing and selling.

To clarify this, it prohibited banks from engaging in the investment business.

The_Dude wrote:

The_Dude wrote:

Yep glass-steagall needs to be brought back. We are at all time lows as far as number of banks operating in the country.

I work in finance bruh

I'm betting quicken.

The_Dude wrote:

The_Dude wrote:

Yep glass-steagall needs to be brought back. We are at all time lows as far as number of banks operating in the country.

I work in finance bruh

Do they let the greeters at Walmart handle money now?

Bank prez would gladly trade a "public" scalding for the cash, er stock options they trade for goods and services (and pay nothing but capital gain tax or take a loss).

Untouchable. The congress is akin to the NCAA. Pretty much toothless.

SawGreen wrote:Bank prez would gladly trade a "public" scalding for the cash, er stock options they trade for goods and services (and pay nothing but capital gain tax or take a loss).

Untouchable.  The congress is akin to the NCAA. Pretty much toothless.

The bank prez didn't make any money for this, unless there is a really large part of the story I missed.

A bank account costs a bank several hundred dollars a year between accounting and servicing and all that. The fees aren't enough to make up for that. The fraudulent accounts were probably created with existing funds to meet sales goals. In other words they opened an account with money already in a savings account and got their "sales credit" for it. Aside from the fees for the new account, Wells Fargo doesn't make any money off of that. And since the fees don't cover the costs... They lose money.

Basically, Wells Fargo set those sales people's goal entirely too high, and they got desperate when no one was able to meet it. Simple management tactics could have avoided the problem. But it wasn't done by some banking conspiracy to steal money cause, big picture, it cost them money before we even knew about it.

Does this mean I don't have to pay my mortgage?

Travis of the Cosmos wrote:

The_Dude wrote:

I work in finance bruh

I'm betting quicken.

Lol no

Nordic wrote:Does this mean I don't have to pay my mortgage?

You can send those payments right to me, big boy.

The_Dude wrote:

Travis of the Cosmos wrote:

I'm betting quicken.

Lol no

Primerica?

The_Dude wrote:

Travis of the Cosmos wrote:

I'm betting quicken.

Lol no

Teller at one of those banks inside the grocery store?

Travis of the Cosmos wrote:

SawGreen wrote:Bank prez would gladly trade a "public" scalding for the cash, er stock options they trade for goods and services (and pay nothing but capital gain tax or take a loss).

Untouchable.  The congress is akin to the NCAA. Pretty much toothless.

The bank prez didn't make any money for this, unless there is a really large part of the story I missed.

A bank account costs a bank several hundred dollars a year between accounting and servicing and all that. The fees aren't enough to make up for that. The fraudulent accounts were probably created with existing funds to meet sales goals. In other words they opened an account with money already in a savings account and got their "sales credit" for it. Aside from the fees for the new account, Wells Fargo doesn't make any money off of that. And since the fees don't cover the costs... They lose money.

Basically, Wells Fargo set those sales people's goal entirely too high, and they got desperate when no one was able to meet it. Simple management tactics could have avoided the problem. But it wasn't done by some banking conspiracy to steal money cause, big picture, it cost them money before we even knew about it.

Thus prov8ng my point that they make too much money to begin with due to a sheer lack of competition