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The CEO should be fired for his utter ignorance at the Senate Hearing. He demonstrated why there should never be such a thing as a CEO and certainly this type of role should not be linked with being the Chairman of the Board.
It only shows society that the mental grooming of the Ivy League who are either given these jobs or linked to them via family or associate connections should never have them,
Stumpf grew up as one of 11 children on a dairy and poultry farm.[5] His father was a dairy farmer. His father is of German descent and his mother, Polish descent. He was raised as a Catholic.[6] Stumpf shared a bedroom with his brothers until he was married. Stumpf graduated in the bottom half of his high school class. His bad grades, combined with his limited family finances, resulted in Stumpf obtaining a job as a breadmaker in a Pierz bakery. After a year, Stumpf enrolled in St. Cloud State University on a provisional basis.
But the problem is rich connected people that went to ivy league schools.
Lol....plantation owner....11 catholic kids on a farm in bumfudge Minnesota and he went to a glorified junior college...lol.
This is really unbelievable. Why isn't anybody going to jail for this?
I've patiently waited for more information.
Given what I now know about the treatment of whistleblowers at the company, I am much more inclined to believe that their aggressive quota pressure on employees that lead to the cheating did create levels of fraud that were then intentionally muted.
With that said, I am disappointed that the fines and penalties were so light but as for the criminal aspects we can't just throw them in jail without actual real evidence. That means they'd need somebody higher up to roll over on the others or smoking-gun emails.
I'm sure the fired whistleblowers are going to get a fat fat payday when the dust settles from this and it's up to us the public to make sure that we punish them additionally as we see fit by our decision to do business with them or not.
I don get that either. Perhaps the employees chose customers with substantial balances and accounts. People they felt were less likely to notice another acct or added fees.
I know of one way they did it with people of lower amounts who had to pay fees. My friend who is 80 plus had her accounts at WF. She told me every time she went in the bank to make a transaction, no matter what it was they would try to convince her to open another account.
She would tell them she didn't really have enough money to justify opening up an additional account but they would argue with her. One time as she was leaving the bank the teller actually shouted after her, "Diane, you really NEED to open another account."
Fortunately she is intelligent and savvy. She didn't know why they kept hounding her but she knew it certainly wasn't for her benefit. I would think, though, that there are many elderly people who would do what was suggested and open the additional accounts trusting in the advice.
I really don't blame the employees that much. They were fighting to keep their jobs. I always had some sort of quota system when I paid health insurance claims. If employees didn't finalize X number of claims per week, month and year, out they went. It causes a lot of cheating and bad feelings amongst co-workers.
The higher management of WF should all lose their jobs as well as the 5000 employees who acted upon the manner in which the bank did business.
Why should the very people who committed the crime benefit from it? Take the money from the CEO (for not doing his job) if you like, but how about giving it to the customers that were harmed by those fired employees. You won't eliminate this type of behavior by financially rewarding it.
That's fine, as the hearing produced information of the multitude of people who used financing and suffered higher interest rates due to the acts of Well Fargo, Elizabeth Warren asked in the most demanding way possible during a hearing that He personally focus and act on making people whole who have suffered these losses due to being trapped in higher interest rate loans.
The level of criminality engaged at this level is so systemic, that Congress has to act, but THE PEOPLE must act, Bust up this too big to fail and bust up the banking system and return it to being about banking. The game needs to be changed and if people think about the fees they are looted of and how these people pay themselves will such ill gotten gains, then the people would demand some STERN CONTROLS not only on the institution, but on what rates can be charged and cap all rates so they have to stop the criminal games of gouging the public.
For one, stop relying on a network of fiction promoting financial annalist to tell you how to learn about where you invest.
I have no sympathy for the overly wealth who blindly invest based on the fiction promoted to them, If there is no such thing as insider information trading, then that means all information should be directly available to any within the public domain who seeks it.
This man proved that the ignorance in the category of CEO is the very reason American has financial challenges, they are trained in self enriching greed programming.
Stock Options should be eliminated period. If these people want stock, buy them at the going rate like any other person.
If every America needed Gallows, it would be specifically for these Corporate Criminals.... and it it were to be, they would be in constant usage, because there are so many spread across this nation, that by the time they are all serviced, if it was made of wood the structure likely would have dry rotted before the usage is complete. So, they'd have to build replacement units.
But the problem is rich connected people that went to ivy league schools.
Lol....plantation owner....11 catholic kids on a farm in bumfudge Minnesota and he went to a glorified junior college...lol.
Doesn't change the fact that he engaged the very same acts that I'm depicting. Its evident that he did not gain any ethical premise from the upbringing you claim and state.
But the problem is rich connected people that went to ivy league schools.
Lol....plantation owner....11 catholic kids on a farm in bumfudge Minnesota and he went to a glorified junior college...lol.
Doesn't change the fact that he engaged the very same acts that I'm depicting. Its evident that he did not gain any ethical premise from the upbringing you claim and state.
I actually worked with people and interacted directly with people in the executive ranks up to and including corporate CEO's... and the sad thing is these people are by far from being a genius they are paid to be.
They uphold nothing but the concern for stock holder. That is not what the Stock Market Was Created For... But it is what their Title was created for. That's the Travesty !!!!
THE STOCK MARKET: It was created for LONG TERM INVESTORS to invest in and support the MANAGED STABILITY, MANAGED GROWTH AND MANAGED RESEARCH AND DEVELOPMENT FOR THE LONG TERM VIABILITY AND STABILITY OF THE CORPORATION THAT ISSUED STOCK.
They were never set up to break records every month and expect to have quarterly results that go into the stratosphere, they were for the MANAGED GROWTH. The current abuse system creates inflation, as well as the fiction, by the establishment of CEO, who's fiduciary duty is to the Stock Holder. When the highest person in the Company's Duty should be to the Company, its Operations and its Quality and Integrity of Standards and Practices in Maintaining a Stable Operation to build a legacy of sustainability.
These clowns turned it into a Casino - Where Gambling is the Rule and the Premise. They have damaged the whole of the working population of American with their ignorance and gambling obsessions.
Our Economy should not be reliant on the DOW, or NASDAQ or any of that, regardless what the stocks trade at, people still eat, people still need and buy clothing and other goods, therefore, the system should return to focus on ACTUAL PRODUCTION AND ACTUAL SALES. Then truth dominates, the fiction of speculator drama has destroyed far too many businesses and we sit idle and unaware, while these gamblers destroy companies with gamblers expectations, games and swindles, all forcing companies to borrow beyond their capacity to produce and sell. How can any company trade at a rate of 300% higher than its ability to produce and sell? some the ratio's are so astronomically absurd, that even the regulators need to be re-trained and many simply fired. They don't even understand why the markets exist, because generation of game playing and training has omitted to teach the principle of why the system exist.
they buy and sell other companies on credit they can't pay, and destroy competition and over leverage in ways that destroy both companies. If you want a clear example, look at Sears and Kmart. Both are on the brink of full Collapse. The banking system even at the term where the stimulus program of public money propped them up, they paid themselves bonuses for failure, and then engaged a whole new cycle of customer fees.
Any reasonable minded person who has the slightest business sense could have sustained Sears and an independent company. It had all the knowledge in the world of trade markets and access to industry, and likewise so of Kmart. But the people they put in charge were too busying being high on the title and the perks and playing status games, until they destroyed what should be a leading Legacy Business in the Merchandising Industry today.
They've damaged the brand so bad until, the current generations will not go there, only they are surviving on the baby boomers who are fast becoming less and less driven to shop. The collapse is and will be the likes of what happen to Montgomery Wards. J.C. Penny has a notch up, but it has fallen to disastrous levels. It's about as absurd as Kodak not perceiving the need to invest and convert itself to media disk storage and developing apps that allow people to print, and promoting its self as a quality insta print industry. They suffer for lack of usage of their skills. Then when they entered the Printer Market, they came half stepping, unaware of what they were up against, and resulted to lackluster performance.
Ignorance is among the most dangerous things within the human sphere of functioning.
Last edited by Chance and Change; 09-22-2016 at 03:13 PM..
Doesn't change the fact that he engaged the very same acts that I'm depicting. Its evident that he did not gain any ethical premise from the upbringing you claim and state.
I actually worked with people and interacted directly with people in the executive ranks up to and including corporate CEO's... and the sad thing is these people are by far from being a genius they are paid to be.
They uphold nothing but the concern for stock holder. That is not what the Stock Market Was Created For... But it is what their Title was created for. That's the Travesty !!!!
THE STOCK MARKET: It was created for LONG TERM INVESTORS to invest in and support the MANAGED STABILITY, MANAGED GROWTH AND MANAGED RESEARCH AND DEVELOPMENT FOR THE LONG TERM VIABILITY AND STABILITY OF THE CORPORATION THAT ISSUED STOCK.
They were never set up to break records every month and expect to have quarterly results that go into the stratosphere, they were for the MANAGED GROWTH. The current abuse system creates inflation, as well as the fiction, by the establishment of CEO, who's fiduciary duty is to the Stock Holder. When the highest person in the Company's Duty should be to the Company, its Operations and its Quality and Integrity of Standards and Practices in Maintaining a Stable Operation to build a legacy of sustainability.
These clowns turned it into a Casino - Where Gambling is the Rule and the Premise.
Our Economy should not be reliant on the DOW, or NASDAQ or any of that, regardless what the stocks trade at, people still eat, people still need and buy clothing and other goods, therefore, the system should return to focus on ACTUAL PRODUCTION AND ACTUAL SALES. Then truth dominates, the fiction of speculator drama has destroyed far too many businesses and we sit idle and unaware, while these gamblers destroy companies with gamblers expectations, games and swindles, all forcing companies to borrow beyond their capacity to produce and sell. How can any company trade at a rate of 300% higher than its ability to produce and sell? some the ratio's are so astronomically absurd, that even the regulators need to be re-trained and many simply fired. They don't even understand why the markets exist, because generation of game playing and training has omitted to teach the principle of why the system exist.
they buy and sell other companies on credit they can't pay, and destroy competition and over leverage in ways that destroy both companies. If you want a clear example, look at Sears and Kmart. Both are on the brink of full Collapse. The banking system even at the term where the stimulus program of public money propped them up, they paid themselves bonuses for failure, and then engaged a whole new cycle of customer fees.
Any reasonable minded person who has the slightest business sense could have sustained Sears and an independent company. It had all the knowledge in the world of trade markets and access to industry, and likewise so of Kmart. But the people they put in charge were too busying being high on the title and the perks and playing status games, until they destroyed what should be a leading Legacy Business in the Merchandising Industry today.
They've damaged the brand so bad until, the current generations will not go there, only they are surviving on the baby boomers who are fast becoming less and less driven to shop. The collapse is and will be the likes of what happen to Montgomery Wards. J.C. Penny has a notch up, but it has fallen to disastrous levels. It's about as absurd as Kodak not percieving the need to invest and convert itself to media disk storage and developing apps that allow people to print, and promoting its self as a quality insta print industry. They suffer for lack of usage of their skills. Then when they entered the Printer Market, they came half stepping, unaware of what they were up against, and resulted to lackluster performance.
Ignorance is among the most dangerous things within the human sphere of functioning.
Doesn't change the fact that he engaged the very same acts that I'm depicting. Its evident that he did not gain any ethical premise from the upbringing you claim and state.
I'm sorry but you ranted about CEO's getting jobs with family and wall-street connections and the guy grew up dirt poor on a farm at a low-level college.
Your second sentence probably didn't get written down the way you were thinking it because it doesn't make any sense or have any bearing to what I wrote.
I know of one way they did it with people of lower amounts who had to pay fees. My friend who is 80 plus had her accounts at WF. She told me every time she went in the bank to make a transaction, no matter what it was they would try to convince her to open another account.
She would tell them she didn't really have enough money to justify opening up an additional account but they would argue with her. One time as she was leaving the bank the teller actually shouted after her, "Diane, you really NEED to open another account."
Fortunately she is intelligent and savvy. She didn't know why they kept hounding her but she knew it certainly wasn't for her benefit. I would think, though, that there are many elderly people who would do what was suggested and open the additional accounts trusting in the advice.
I really don't blame the employees that much. They were fighting to keep their jobs. I always had some sort of quota system when I paid health insurance claims. If employees didn't finalize X number of claims per week, month and year, out they went. It causes a lot of cheating and bad feelings amongst co-workers.
The higher management of WF should all lose their jobs as well as the 5000 employees who acted upon the manner in which the bank did business.
Elizabeth Warren told the head of WF he needs to resign. I doubt he will? Yes the employees seem to be under alot of pressure to make quotas. I was in WF yesterday to make a deposit. They never have enough employees, and they always seem overwhelmed. Since WF let 5300 employees go at the Same time, there must be a severe shortage of employees now. I've been looking for a pt job, but I'd never want to work there. Lol.
Your friend that has WFwas wise to be Leary of the bank.
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