Author Topic: Wells Fargo screws America. Sickening.  (Read 3608 times)

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Offline renocat

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Wells Fargo screws America. Sickening.
« on: September 08, 2016, 05:43:08 PM »
It is widely being reported that Wells Fargo employees opened millions of unauthorized accounts and credit cards for customers, and then charged fees to show a false profit.  Employees got salary increases and bonus for increased sales.  Where was watchdog Obama?  The bank is a big donor to Hillary.


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Offline Cire

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Re: Wells Fargo screws America. Sickening.
« Reply #1 on: September 08, 2016, 08:17:54 PM »
If there wasn't so much oversight we'd never know about it.  Damn gubmemt


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Re: Wells Fargo screws America. Sickening.
« Reply #2 on: September 09, 2016, 07:59:42 AM »
Employees opened 1.5 million unauthorized accounts, and applied for 500,000 unauthorized credt cards.  Fees for these were charged to the people who's name were on the accounts or cards.

Side note.  Hillary supposedly was.paid.speaking fees by Wells Fargo, Buffet is the biggest shareholder, and the DNC was held at the Wells Fargo Center.

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Re: Wells Fargo screws America. Sickening.
« Reply #3 on: September 21, 2016, 11:13:36 AM »
The Senate Banking Committee is grilling the chairman of Wells Fargo today. The Democrats are all upset about this scandal. They are chastising the chairman and he's apologizing. Bernie Sanders said how many people at Wells Fargo are going to jail? 0. But if you smoke marijuana in this country you get a criminal record. Who has been regulating this? Supposedly Obama. Younger you wrote a letter two Wells Fargo customers and said our economy depends on a strong and safe banking system to help keep it moving but even after Americans spent years working hard to recover from the Great Recession the culture of misconduct and recklessness that preceded that Christ is too often persist. Well scratch my butt. Mr. Obama is in charge. Wells Fargo is a large donor the Democrats. You make up the math equation.

Offline I_have_purplewood

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Re: Wells Fargo screws America. Sickening.
« Reply #4 on: September 21, 2016, 02:57:34 PM »
Elizabeth Warren drilling Stumph was nothing less than awesome.  :thumbsup:
Fifteen minutes later, when the Kansas locker room opened its doors to the media, the Jayhawks were still crying. Literally, bawling. All of them. I've never seen anything like it, and I've seen devastated college locker rooms -- after losses in the Final Four, the national championship game -- ever

Offline CNS

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Re: Wells Fargo screws America. Sickening.
« Reply #5 on: September 21, 2016, 04:50:20 PM »
Free market will figure it out.

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Offline Rage Against the McKee

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Re: Wells Fargo screws America. Sickening.
« Reply #6 on: September 21, 2016, 05:04:42 PM »
Free market will figure it out.

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Sort of depends on whether Wells Fargo is small enough to fail, doesn't it?

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Re: Wells Fargo screws America. Sickening.
« Reply #7 on: September 21, 2016, 05:51:44 PM »
This bank paid Bill Clinton $200,000 to give a speech.  Ol Ripper Hilliar has chutzpah to say in a letter to bank customers she going to protect them and wangdango the bank.

Offline michigancat

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Re: Wells Fargo screws America. Sickening.
« Reply #8 on: September 21, 2016, 06:02:49 PM »
I know a Wells Fargo employee and he complains it wasn't executives trying to screw over customers, it was low-level employees with bonus incentives to open new accounts trying to screw over the company by opening tons of fraudulent accounts and collecting their bonuses.

Granted, this was from a Wells Fargo employee.

Offline sys

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Re: Wells Fargo screws America. Sickening.
« Reply #9 on: September 21, 2016, 06:08:37 PM »
I know a Wells Fargo employee and he complains it wasn't executives trying to screw over customers, it was low-level employees with bonus incentives to open new accounts trying to screw over the company by opening tons of fraudulent accounts and collecting their bonuses.

Granted, this was from a Wells Fargo employee.

it was more low-level employees with quotas to fill trying to open enough new accounts to avoid getting fired from my understanding.


i don't understand your disclaimer.  this is common knowledge.
"a garden city man wondered in april if the theologians had not made a mistake in locating the garden of eden in asia rather than in the arkansas river valley."

Offline michigancat

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Re: Wells Fargo screws America. Sickening.
« Reply #10 on: September 21, 2016, 06:10:23 PM »
I know a Wells Fargo employee and he complains it wasn't executives trying to screw over customers, it was low-level employees with bonus incentives to open new accounts trying to screw over the company by opening tons of fraudulent accounts and collecting their bonuses.

Granted, this was from a Wells Fargo employee.

it was more low-level employees with quotas to fill trying to open enough new accounts to avoid getting fired from my understanding.


i don't understand your disclaimer.  this is common knowledge.

He was implying the executives were basically not at fault.

Offline kim carnes

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Re: Wells Fargo screws America. Sickening.
« Reply #11 on: September 21, 2016, 07:15:32 PM »
I know a Wells Fargo employee and he complains it wasn't executives trying to screw over customers, it was low-level employees with bonus incentives to open new accounts trying to screw over the company by opening tons of fraudulent accounts and collecting their bonuses.

Granted, this was from a Wells Fargo employee.

it was more low-level employees with quotas to fill trying to open enough new accounts to avoid getting fired from my understanding.


i don't understand your disclaimer.  this is common knowledge.

He was implying the executives were basically not at fault.

Well, they didn't do it nor did they tell the low level employees to do it so...

Offline wetwillie

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Re: Wells Fargo screws America. Sickening.
« Reply #12 on: September 21, 2016, 07:39:48 PM »
just a few rogue employees, nothing to see here.
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Offline Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!)

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Re: Wells Fargo screws America. Sickening.
« Reply #13 on: September 21, 2016, 08:09:17 PM »
It seems like there'd be an easier way to commit securities fraud.
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Offline sys

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Re: Wells Fargo screws America. Sickening.
« Reply #14 on: September 21, 2016, 09:34:56 PM »
He was implying the executives were basically not at fault.

you get the behavior you incentivize.
"a garden city man wondered in april if the theologians had not made a mistake in locating the garden of eden in asia rather than in the arkansas river valley."

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Re: Wells Fargo screws America. Sickening.
« Reply #15 on: September 21, 2016, 10:11:38 PM »
just a few rogue employees, nothing to see here.
5300 people were fired for misconduct.  Approximately 2 million unauthorized accounts were opened.  Most 401k plans invest in Wells Fargo.  I have a hard time believing the Big Honchos did not know anything.  Even if not, what has happened to the buck stops here philosophy of Truman.  What galls me is all of these sanctimonious knotheads in DC railing at the Bank for being bad dogs when they have oversight.

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Re: Wells Fargo screws America. Sickening.
« Reply #16 on: September 22, 2016, 09:21:09 AM »
Anyone who signed the disclosure statements could be liable for civil and criminal fraud, so the buck stops there whether they like it or not.

I think Buffet has a large stake with this bank, so they'll probably get off.
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Offline sys

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Re: Wells Fargo screws America. Sickening.
« Reply #17 on: September 22, 2016, 02:46:02 PM »
the people that should be angry are the wells fargo shareholders (i think, there is a counterargument).
"a garden city man wondered in april if the theologians had not made a mistake in locating the garden of eden in asia rather than in the arkansas river valley."

Offline Mrs. Gooch

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Re: Wells Fargo screws America. Sickening.
« Reply #18 on: September 22, 2016, 03:30:34 PM »
So if I have a mortgage with WF, what are the chances that they opened up some other accounts in my name unbeknownst to me? Are they going to eff up my credit score? It went down by 2-3 points (depending on which reporting agency) since I checked it a week ago. Is that caused by WF????
(I mean it's still really high though.)

Offline wetwillie

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Re: Wells Fargo screws America. Sickening.
« Reply #19 on: September 22, 2016, 03:58:23 PM »
the people that should be angry are the wells fargo shareholders (i think, there is a counterargument).

Shareholders got rich, execs got rich, peons got fired. Victimless crime really.
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Offline sys

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Re: Wells Fargo screws America. Sickening.
« Reply #20 on: September 22, 2016, 04:22:18 PM »
the people that should be angry are the wells fargo shareholders (i think, there is a counterargument).

Shareholders got rich, execs got rich, peons got fired. Victimless crime really.

shareholders didn't get rich.  the company didn't make money based on opening accounts for people that didn't request them (there was some very, very minor revenue, but undoubtedly far outweighed by costs of opening and administering those accounts).

there is a counterargument, but as of now, i don't think it's most accurate.
"a garden city man wondered in april if the theologians had not made a mistake in locating the garden of eden in asia rather than in the arkansas river valley."