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1) The fired employees DEFRAUDED the employer. There is theft involved -- the fired employees received compensation they did not earn for a job they did not perform.
2) The Government Consumer Financial Protection Bureau beats up the Victim -- Wells Fargo -- to the tune of $185 Million.
None of the fine goes to consumers.
None of the fine goes to the Treasury.
Under rules, the fine $$$ go to various community organizers.
This post is laughably ridiculous. You're actually defending Wells-Fargo, and their predatory practices. Your sense of right and wrong is so out of whack with appropriate human behavior. A typical blame-the-victim( the employees), while letting the pacesetters ( the real culprits) go unscathed. You deserve both laughter and scorn.
This post is laughably ridiculous. You're actually defending Wells-Fargo, and their predatory practices. Your sense of right and wrong is so out of whack with appropriate human behavior. A typical blame-the-victim( the employees), while letting the pacesetters ( the real culprits) go unscathed. You deserve both laughter and scorn.
There is nothing funny here. Let's review the facts:
It was unscrupulous employees who broke the law and violated corporate policies who were the bad actors. <== No one disputes this.
Fired unethical & criminal employees are not victims - they are the perpetrators. <== No one disputes this.
Wells Fargo (no hyphen, by the way) hires employees and trains them. The training includes extensive ethics and financial responsibility along with financial controls and regulatory compliance training. Some employees are even fiduciaries (held to an even higher standard) and receive federal and state licenses and advanced training. <==- No one disputes this.
Wells Fargo currently employs about 264,000 full-time-equivalent employees. About 5300 were fired for cause over the last 5 years or so. That's about 2% <== No one disputes this.
Most employees followed their training and the law and did nothing wrong. About 264,000 employees did not participate in this illegal and immoral activity. <== No one disputes this.
The fired employees, being greedy, committed FRAUD through forgery to open accounts for people who did not want them. <== No one disputes this.
Those greedy employees defrauded their employer -- they claimed bonuses and incentive payments for a job they didn't do, opening accounts for customers who did not want them. <== No one disputes this.
It is clear that the terminated employees voluntarily violated established policies for self-enrichment. <== No one disputes this.
The logical conclusion, of course, is that the victim -- Wells Fargo -- should sue the greedy & unethical former employees for restitution.
Forget the employee bonus spin. This is not about greedy employee's trying to get incentives and "bonuses". This is about employees being threatened with loss of their jobs if they did not meet unobtainable "goals" and feeling relentless pressure to push unwanted products on customers, and therefore deciding to resort to unethical means to do so. I don't work there, but I have inside information that this is what the problem is. And the big boys in the ivory towers at Wells know it - they're now trying to backpedal. So they fire the employees and work with the public relations "spinners" to cover their puny corporate behinds while finger pointing at the underlings. Pathetic.
Agreed. Wells has always been about pushing more and more products on customers whether they want them or not. I knew someone who worked for them more than a decade ago. He didn't last long for this precise reason.
People should just stop doing business with ALL of the big banks. Wells is in many ways, the leas evil of them all, as at least they didn't hand out crazy loans a decade ago like the other big banks did.
They gave us some very bad investment advice. Took our money out and ran. A bunch of crooks.
To be fair, banks are horrible places to go for investment advice. They are all about selling overpriced mutual funds that charge sales loads, etc. Unless you have at least $1M to invest, you should never go to a bank. Not ever. And even if you do have that much, you probably still shouldn't go to a bank.
This does not surprise me. I've suspected for a time that something was awry.
Long story short - took out a small loan, under twenty thousand. When I wrote a check to pay for my purchase I learned that my check bounced. The bank covered it with money from my savings account. If I had wanted to use my savings account money I would have done so myself.
Couldn't get an explanation for what happened and they wouldn't give me another loan even though I had over a hundred thousand in their care and have a good credit history. I worked my way up their ladder to complain and never got a satisfactory explanation, When I finally had an appointment with the district manager he called at the last minute and cancelled. I took my money and went somewhere else.
You could have heard a pin drop. Everyone seemed to know what was going me. If anyone here has a clue what that may have been about I'd love to hear a theory.
They're so understaffed and hire inexperienced people that don't get the training they need. There may have been no secret about your situation, one also gets only silence when a question is asked and no one knows the answer, or even understands the question.
I was there last week, trying to have a signer removed from my employers account. The young lady helping me said I would need a letter from the CEO of my company approving this. I am I signer and am authorized to do this. I was frustrated, but got one faxed over. (My company is the government, she didn't seem to understand what that meant.)
Once I had the letter the young lady 'helping' told me I would need to bring the person in, with ID, that I wanted to have removed from the account. I told her "they were suspended during investigation and may be fired. It's an impossibility, besides what if they were dead, or in prison, that doesn't make any sense that I need them present to have them removed from the account, I do not need their permission. I have the letter you requested now please honor my request so I can get going". She looked something up online for 15 minutes and then told me the signer of the letter was not listed as a signer on the checking account, and is not able to be proved as the CEO of my company. I once again explained that the U.S. isn't a company. I then asked for the number for customer service, so I could get some help with this simple transaction. She thought I was kidding and laughed and said her manager would help out when I bring in the previous signer that I wanted removed.
I refuse to go in there again. I wrote a check out for cash, no one asked for my ID and the teller asked me if I have any other accounts, or would like to open another.
Nah, not today.
This post is laughably ridiculous. You're actually defending Wells-Fargo, and their predatory practices. Your sense of right and wrong is so out of whack with appropriate human behavior. A typical blame-the-victim( the employees), while letting the pacesetters ( the real culprits) go unscathed. You deserve both laughter and scorn.
Agreed. I often agree with Sporty, but not this time. No way.
Forget the employee bonus spin. This is not about greedy employee's trying to get incentives and "bonuses". This is about employees being threatened with loss of their jobs if they did not meet unobtainable "goals" and feeling relentless pressure to push unwanted products on customers, and therefore deciding to resort to unethical means to do so. I don't work there, but I have inside information that this is what the problem is. And the big boys in the ivory towers at Wells know it - they're now trying to backpedal. So they fire the employees and work with the public relations "spinners" to cover their puny corporate behinds while finger pointing at the underlings. Pathetic.
After years in HR I couldn't have said it better!!
There is nothing funny here. Let's review the facts:
It was unscrupulous employees who broke the law and violated corporate policies who were the bad actors. <== No one disputes this.
Fired unethical & criminal employees are not victims - they are the perpetrators. <== No one disputes this.
Wells Fargo (no hyphen, by the way) hires employees and trains them. The training includes extensive ethics and financial responsibility along with financial controls and regulatory compliance training. Some employees are even fiduciaries (held to an even higher standard) and receive federal and state licenses and advanced training. <==- No one disputes this.
Wells Fargo currently employs about 264,000 full-time-equivalent employees. About 5300 were fired for cause over the last 5 years or so. That's about 2% <== No one disputes this.
Most employees followed their training and the law and did nothing wrong. About 264,000 employees did not participate in this illegal and immoral activity. <== No one disputes this.
The fired employees, being greedy, committed FRAUD through forgery to open accounts for people who did not want them. <== No one disputes this.
Those greedy employees defrauded their employer -- they claimed bonuses and incentive payments for a job they didn't do, opening accounts for customers who did not want them. <== No one disputes this.
It is clear that the terminated employees voluntarily violated established policies for self-enrichment. <== No one disputes this.
The logical conclusion, of course, is that the victim -- Wells Fargo -- should sue the greedy & unethical former employees for restitution.
Yes, indeed, corporations ARE people, and we shouldn't hurt their precious little feelings! I'm assuming you're stealing Stephan Colbert's old schtick from his old "Colbert Report" days.
Time for trolls to go to bed without their supper.
There was around 2 million fake credit card and fake bank account with fake pin numbers and fake email addresses to boost more sales by steeling money ..........Best to close your account if you have one there
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I often agree with Sporty, but not this time. No way.
