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Old 09-13-2016, 05:01 AM
 
8,104 posts, read 3,948,298 times
Reputation: 3070

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Quote:
Originally Posted by middle-aged mom View Post
She had 105,000 employees in more than 6000 branches throughout the country.
About 5% of her employees engaged in the fraudulent practices.

There's no factual information relative to what she knew or not. She was not named in the regulatory action against the bank.

Assuming the bank does not " claw back" her bonus options, it will be necessary to defend not doing so to the board, shareholders and regulators.
It is her job to know what is going on.
Isn't why they get paid the big bucks?
You know the rewards they collect and the risks they take with their policies?

I guess we could say that no president is ever responsible either for the trickle down effect their policies have then either when there are 300+ million people in this country that will do things in response to the presidents policies.
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Old 09-13-2016, 05:19 AM
 
Location: Long Island
57,073 posts, read 26,036,019 times
Reputation: 15531
These executives command these salaries because of their unrivaled ability, Bank America, HSBC and others prove they are over compensated, tails they win, heads they win.
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Old 09-13-2016, 05:30 AM
 
79,908 posts, read 44,075,058 times
Reputation: 17204
Quote:
Originally Posted by middle-aged mom View Post
SOX requires sign- off of the CEO and CFO.

Tolstedt was neither the CEO or CFO of Wells Fargo Company.
Why weren't they charged? Why has no one ever been charged? What good is passing legislation you are never going to enforce?
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Old 09-13-2016, 06:03 AM
 
Location: Minnesota
1,761 posts, read 1,709,863 times
Reputation: 2541
Quote:
Originally Posted by pknopp View Post
It didn't go on for years without her knowing and she didn't "retire" right before the news broke by coincidence. And even if she did, Wells Fargo's books were fraudulent. Anyone who signed off on them are guilty according to Sarbanes/Oxley whether they personally knew it or not.
It's said "a fish rots from the head down". Even if she didn't actively promote this exact behavior, leaders create conditions where such behavior logically and predictably will happen.

New account quotas dumped on employees that are virtually unattainable without rolling downhill, with a tailwind, and a supercharged engine in your vehicle, and how else would you predict some employee behavior to go ?
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Old 09-13-2016, 07:07 AM
 
79,908 posts, read 44,075,058 times
Reputation: 17204
Quote:
Originally Posted by jasper1372 View Post
It's said "a fish rots from the head down". Even if she didn't actively promote this exact behavior, leaders create conditions where such behavior logically and predictably will happen.

New account quotas dumped on employees that are virtually unattainable without rolling downhill, with a tailwind, and a supercharged engine in your vehicle, and how else would you predict some employee behavior to go ?
Of course she knew. These sorts of things are going to continue and likely get worse because there is no one to actually prosecute them.
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Old 09-13-2016, 07:33 AM
 
78,016 posts, read 60,232,230 times
Reputation: 49415
Quote:
Originally Posted by jeffdoorgunner View Post
With a salary like hers.........she would HAVE to know what was going on........or she should have been fired long ago.
She "stepped down" when it was uncovered. So, pretty much yeah....they fired her when it came out....just like you are suggesting.

It sounds like many posters here have mercifully been spared having to ever work for a large corporation for a living. As such, thinking that the boss of 100k people should totally know this was going on is frankly just your lack of experience in corporate America showing. Again, you've been fortunate.

In many of these cases they're actually ripping off their own employer and not the customers.
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Old 09-13-2016, 07:36 AM
 
78,016 posts, read 60,232,230 times
Reputation: 49415
Quote:
Originally Posted by pknopp View Post
Of course she knew. These sorts of things are going to continue and likely get worse because there is no one to actually prosecute them.
You have any other parts of the constitution or bill of rights that you want to make optional due to your hunches and dislike of their economic status?
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Old 09-13-2016, 07:39 AM
 
78,016 posts, read 60,232,230 times
Reputation: 49415
Quote:
Originally Posted by pknopp View Post
It didn't go on for years without her knowing and she didn't "retire" right before the news broke by coincidence. And even if she did, Wells Fargo's books were fraudulent. Anyone who signed off on them are guilty according to Sarbanes/Oxley whether they personally knew it or not.
1. She didn't sign SOX.
2. Your have been misinformed about SOX and your last sentence is incorrect.
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Old 09-13-2016, 07:41 AM
 
79,908 posts, read 44,075,058 times
Reputation: 17204
Quote:
Originally Posted by Mathguy View Post
You have any other parts of the constitution or bill of rights that you want to make optional due to your hunches and dislike of their economic status?
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.
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Old 09-13-2016, 07:59 AM
 
Location: The Republic of Texas
78,866 posts, read 46,512,309 times
Reputation: 18520
Quote:
Originally Posted by Goodnight View Post
These executives command these salaries because of their unrivaled ability, Bank America, HSBC and others prove they are over compensated, tails they win, heads they win.

Go apply. I'm sure they will take it into consideration.
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