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That doesn't make sense. It would be the victims who decide whether they want to press charges. I don't have a wells Fargo account but I would want the person who did this to me to be charged and in jail.
Bank has estimated the average customer will recieve a credit of $25 to offset fees charged to fake accounts. Sounds rather insignificant on an individual basis.
It sounds like many customers were not even aware of the fake accounts established in their names and linked to fake email addresses. How does an account holder prove an account they were unaware of , harmed them?
I don't bank at WF, either. Right now, it's probably the safest bank out there as it relates to crap like this.
Why weren't they charged? Why has no one ever been charged? What good is passing legislation you are never going to enforce?
It's possible regulators do not have adequate evidence of complicity to pursue wrong doing.
On the other hand, settlements without admission of wrong doing have been a staple part of the relationships between offenders and regulators, since forever.
Admitting wrongdoing opens the door to open- ended liability. Instead you pay the enormous fine, fire those who committed fraud, hire consultants to create better incentive systems and controls and attempt to move on.
Those terminated blame the bank's incentive system instead of holding themselves accountable. People tend to blame instead of holding themselves accountable.
It's possible regulators do not have adequate evidence of complicity to pursue wrong doing.
But there is enough to fire 5300 without risks to being sued?
Quote:
On the other hand, settlements without admission of wrong doing have been a staple part of the relationships between offenders and regulators, since forever.
Admitting wrongdoing opens the door to open- ended liability. Instead you pay the enormous fine, fire those who committed fraud, hire consultants to create better incentive systems and controls and attempt to move on.
Those terminated blame the bank's incentive system instead of holding themselves accountable. People tend to blame instead of holding themselves accountable.
I never said to deny her, her rights. I said she needs charged so she can claim them. This was fraud on a massive level or 5300 people need to sue Wells Fargo for improper termination.
No one was charged for that fraud.
5300 who committed fraud should sue for wrongful termination? How exactly does that work?
None of us know what percentage of Tolstedt's bonuses were, over time, attributed to the number of accounts created versus incentives/ rewards for other business. None of us know the period of time the stock options were accumulated.
None of us know how wide spread this fraud was. Only thing clear is that not all branches engaged in this fraud. Was there perhaps a regional component with some common mid level executives?
It's unlikely the bank is going to attempt " claw back" bonuses paid to the actual branch employees who committed the fraudulent acts and have been terminated. Probably makes no sense to pursue 5300 employees for relatively insignificant monies.
5300 who committed fraud should sue for wrongful termination? How exactly does that work?
None of us know what percentage of Tolstedt's bonuses were, over time, attributed to the number of accounts created versus incentives/ rewards for other business. None of us know the period of time the stock options were accumulated.
None of us know how wide spread this fraud was. Only thing clear is that not all branches engaged in this fraud. Was there perhaps a regional component with some common mid level executives?
It's unlikely the bank is going to attempt " claw back" bonuses paid to the actual branch employees who committed the fraudulent acts and have been terminated. Probably makes no sense to pursue 5300 employees for relatively insignificant monies.
Certainly more significant that stealing a fountain soda.
Burn down Wall Street? Hell, a foreign group did a bang up job on 9-11. Wall Street seems to **** off everyone, clear across the entire globe. I hate that bank, Wells Fargo, with a passion.
But there is enough to fire 5300 without risks to being sued?
They are fired either way.
Fraud is a choice. Presumably, those terminated chose to commit fraud to hit targets and be eligible for rewards.
No doubt each terminated employee was given a termination contract to execute and X days for the opportunity to have an attorney review it, prior to execution. Those who executed it, likely agreed to not pursue claims of wrongful termination in exchange for not being prosecuted by the bank for fraud.
Both parties seek to cut their losses and mitigate downstream exposures.
Fraud is a choice. Presumably, those terminated chose to commit fraud to hit targets and be eligible for rewards.
No doubt each terminated employee was given a termination contract to execute and X days for the opportunity to have an attorney review it, prior to execution. Those who executed it, likely agreed to not pursue claims of wrongful termination in exchange for not being prosecuted by the bank for fraud.
Both parties seek to cut their losses and mitigate downstream exposures.
Banks don't prosecute. It's not supposed to be up to the banks whether someone is charged. Granted, they run everything now.
Burn down Wall Street? Hell, a foreign group did a bang up job on 9-11. Wall Street seems to **** off everyone, clear across the entire globe. I hate that bank, Wells Fargo, with a passion.
Burn down Wall Street?
Well that would certainly suck for public and private pensions that are dependent on a target ROI to fund those pensions. It would likely cause every state/ county/ municipality to default on pension payments to retired workers. The Federal Government is on the hook for a percentage of bankrupted private pensions.
It would also suck for the millions with 401k accounts, saving for their retirement.
It would suck for insurance companies ( and their consumers) who invest premiums to earn an ROI until it becomes necessary to use funds to pay claims.
It would suck for businesses who seek to take their companies public to raise capital to invest in R&D and expand and create jobs.
It would suck for businesses who seek a ROI on their investments to fund R&D and expansion.
Guess 320 million people could revert back to an agriculture society and trade goats and chickens or something, eh.
Well that would certainly suck for public and private pensions that are dependent on a target ROI to fund those pensions. It would likely cause every state/ county/ municipality to default on pension payments to retired workers. The Federal Government is on the hook for a percentage of bankrupted private pensions.
It would also suck for the millions with 401k accounts, saving for their retirement.
It would suck for insurance companies ( and their consumers) who invest premiums to earn an ROI until it becomes necessary to use funds to pay claims.
It would suck for businesses who seek to take their companies public to raise capital to invest in R&D and expand and create jobs.
It would suck for businesses who seek a ROI on their investments to fund R&D and expansion.
Guess 320 million people could revert back to an agriculture society and trade goats and chickens or something, eh.
Yes it would suck for many. Wall Street is more than 401k and pensions. It's even more than States and our Consititution. As far as I'm concerned it has the world by the balls. Does now, did 100 years ago. However, that's another subject.
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