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I like how the o.p. ignores the fact that Wells Fargo was bailed out by their beloved govt.
Had they been allowed to fail this would not have occurred.
Had the big banks been allowed to fail would have caused a global financial crisis of unprecedented proportions because of the domino effect. No one, no business, no job would have escaped the impact.
The USD is backed by faith. Shaking that faith would have been bedlam for the US and global economy.
FDIC is on the hook for making depositors whole.
ERISA is on the hook for making Pension Plans whole.
Federal, state and local governments are on the hook for making public pension plans whole.
Most states are on the hook for a percentage of insurance payouts in the event the insurer is unable to cover the tab.
Could argue till the cows come home that Federal/ state Government should never have guaranteed anything.
That's on top of $30 copay and 20% co-insurance that I must pay. Each time I go see a doctor, that's $100 out of my pocket.
I looked up my coverage. "Routine" visits are covered at 100% with no copay while diagnostic and specialist visits and any hospital care are covered at 90% after deductible (which is $1500 / year). Of course my premium is the "individual" rate (my girlfriend has her own coverage), so that helps.
I've actually never been to the doctor per se; I had a dislocated finger in 2009 where I went to an urgent care facility followed by about 20 occupational therapy sessions (good) and a few visits to a finger surgeon (bad) culminating in an ill-advised finger surgery (terrible); and I had a vasectomy last year. That's it. Never had a prescription to anything. At 42 I feel strong as an ox. I know my results are probably atypical but that's my method for keeping my annual all-in medical costs for 2016 under $700.
The problem isn't the CEOs, but the public and investors and what's expected from them. To begin with, Americans belive in magic. The expectation is that the CEO is a star that comes in and with the shear power of his or her personality they change the organization. That was indeed the case with a few CEOs, but the majority are "guns for hire" moving from one company to another. They belong to an exclusive social club where outsiders have limitd access. The pressure on the "miracle makers" is insane. Analysts, investors and the media expect them to perform, be profitable and grow exponentially all the time. That is unnatural and doesn't work in most cases. To give the impression of perpetual success, they start lying, cheating and committing fraud. To some degree the "closed club" supports them ( until the bubble bursts). Most CEOs are basically a mix of salesmen and politicians and only a few have intimate knowledge of their organization. They are detached from the employees, the production floor, the customer support, the shipping, or the bank teller. CEOs won't change until the investors and their expectations change. In the time being, they created a new social class the "executives" with different rules than others. It's a little like nobility in Europe's history, where the worst a$$holes could remain a$$holes for life just by belonging to the right club.
Just imagine if your saviors in govt hadn't awarded them for their poor management and fraud.
What a huge blind spot some have.
Wells Fargo repaid the bailout money back in 2009, they were not the worst of the bunch. They also took over Wachovia which was on the verge of bankruptcy. Their current behavior is relative to inflating their business through false accounts.
The CEO of Wels Fargo whose massive bank appropriated customers' information to create millions of bogus accounts responded to questions at a senate hearing by saying he lacked the appropriate expertise.
There you go folks. Many CEOs are nothing but crooks in white shirts ripping off their employees with low wages and ripping off the shareholders of their company.
If highly paid CEOs bother you so much, sell your stock in the companies that hire them, or vote in different board members. CEO compensation is decided by the shareholders via the board of directors they elect. If you think your company can make you more money with a CEO that accepts a lower paycheck, make it happen.
If you don't own stock in the company...why do you care again?
The CEO of Wels Fargo whose massive bank appropriated customers' information to create millions of bogus accounts responded to questions at a senate hearing by saying he lacked the appropriate expertise.
There you go folks. Many CEOs are nothing but crooks in white shirts ripping off their employees with low wages and ripping off the shareholders of their company.
Why do people like you always care how much money others make or how others use their genitals?
The CEO of Wels Fargo whose massive bank appropriated customers' information to create millions of bogus accounts responded to questions at a senate hearing by saying he lacked the appropriate expertise.
There you go folks. Many CEOs are nothing but crooks in white shirts ripping off their employees with low wages and ripping off the shareholders of their company.
The primary function of a CEO is to increase shareholder value.
Cross selling is a common strategy employed by business regardless if the consumer is retail or commercial.
WF has more than 6000 branches in most states. The WF Internal Audit function identified the fraud. The terminations began in 2011 and concluded in March, 2016. What made this front page news was the settlement.
Only thing obvious was that while pervasive, not every branch/ every branch manager engaged in fraud. It may have been regional thing.
There's no shortage of stories out there from former WF employees talking about their perception of being under extreme pressure to hit cross sale targets that compelled them to cheat. At the end of the day, those who engaged in the fraud made a decision to do so.
The bank has issued credits to offset prior fees. Reportedly, the average credit is about $25. While the number of falsified accounts is enormous, they collectively did not contribute anything remotely material to the bank's bottom line.
Their stock price has been hammered. As such, it's not likely Stumpf will survive given it's his watch and he has failed to protect shareholder value. He, like all in his position, has an exit package.
Shareholders don't question how when the value of their investment rises.
Where's your outrage about how much money the Clintons are getting? At least the corporation CEOs are leading large companies. What do the Clintons do? Talking? Do they deserve all the millions?
CEO's set the rules for setting their "compensation". How convenient for them but not as much for us.
One of the things we could do is consider "bonuses" and similar to be "extraordinary income" and tax it at 99+%. Then that income would probably go to dividends or reinvestment instead of making their thievery even more profitable.
Great idea! Then let's tax every dollar any single person makes above $35,000 at 99%?
The idea of the government taking money from people in order to make things fair is becoming very appealing to me after reading your posts. Maybe we should have auditors come to people's homes each year, and anyone with a net worth of over $150k can be taxed at 99% of that wealth.
GregW for POTUS!!!
End wealth forever in 2016!
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