Buy Wells Fargo stock

[racialreality9]

We now know how fraudulent they are, so you'd better believe they will cook their books to show great earnings!

 

[waltky]

Labor Dept. goin' up Wells Fargo' butt with a microscope- buyer beware...

U.S. Labor Department launches review of all Wells Fargo complaints
Mon Sep 26, 2016 | WASHINGTON - U.S. Labor Department Secretary Thomas Perez on Monday pledged to conduct a "top-to-bottom" review of all cases, complaints and other alleged violations that the department has received concerning Wells Fargo in recent years.

Perez's announcement, outlined in a Sept. 26 letter to Senator Elizabeth Warren of Massachusetts, comes after Warren and other Democrats asked the Labor Department last week to launch a probe into possible wage and working-hour law violations involving Wells Fargo tellers and sales representatives who may have stayed late to meet sales quotas. "Given the serious nature of the allegations, the recent actions of our federal partners, and recent media reports, I have directed enforcement agencies within the Department to conduct a top-to-bottom review," he wrote. He also said the department has created a web page at www.dol.gov/wellsfargo to help ensure current and former Wells Fargo employees are aware of worker protection laws.

Wells Fargo was ordered to pay $190 million earlier this month to settle civil charges alleging its employees had set up about 2 million accounts and credit cards in customers' names that may not have been authorized. A Wells Fargo spokeswoman could not be immediately reached for comment after the close of business Monday but the company previously apologized to affected customers and said it fired 5,300 employees over "inappropriate sales conduct." The Consumer Financial Protection Bureau alleged that the opening of these accounts was driven by a system that financially rewarded employees.

Federal prosecutors have since launched a criminal probe into the issue, a source previously told Reuters. The Labor Department polices a variety of things, including wage and hour rules, workplace safety, whistleblower protection laws and employee benefit plans. Perez said that the department's Occupational Safety and Health Administration (OSHA) has received a number of whistleblower complaints from Wells Fargo employees over the past five years.

Most of those complaints are concluded, with some settling and others found to have no merit, he said. Others are still currently under investigation, he added. "I have asked OSHA to review the entire docket of both closed and open Wells Fargo cases since 2010," he said. Senator Warren, in a statement to Reuters, welcomed the department's review. "Every other federal agency with jurisdiction in this matter should follow DOL’s lead and promptly determine whether Wells Fargo and its senior executives should be prosecuted or otherwise sanctioned," she said.

U.S. Labor Department launches review of all Wells Fargo complaints

 

[waltky]

Wells Fargo CEO John Stumpf to forfeit $41M in corruption investigation...

Wells Fargo chief forfeits $41m amid corruption probe
Wed, 28 Sep 2016 - Wells Fargo chief executive John Stumpf forfeits $41m (£31.5m) in share bonuses as the bank giant tries to stem a scandal over its sales practices.

The bank has launched an investigation into how more than two million deposit and credit card accounts were opened without customers' permission. The bank said Mr Stumpf would not receive a salary during the inquiry. The former head of retail operations, Carrie Tolstedt, will forfeit $19m of bonuses and left without a payoff. The announcement comes ahead of Mr Stump's appearance before the House Financial Services Committee, scheduled for Thursday, where he is expected to face another tough questioning similar to his appearance before the Senate Banking Committee last week.

The bank said forfeiting bonuses and payoff did not mean there might not be more salary clawbacks from Mr Stumpf or Ms Tolstedt, depending on the results of the investigation. "We will proceed with a sense of urgency but will take the time we need to conduct a thorough investigation," Stephen Sanger, Wells Fargo's lead independent director, said in a statement. Earlier this month, Wells Fargo was fined $185m and accused of "widespread illegal practice" by the regulators. Wells Fargo has fired more than 5,000 staff in response to the scandal. Mr Stumpf has so far ignored calls for him to step down.

'Deeply sorry'

During the hearing by a panel of US senators on 20 September, Mr Stumpf said he was "deeply sorry" for that and failing to act quickly. "There is no question with some of our customers we violated trust," he said. "We never directed nor wanted our team members to provide products and services to our customers that they didn't want. "That said, I accept full responsibility for all unethical sales practices," he added. During the questioning, Senator Elizabeth Warren, who has long been a critic of the US banking industry, was unmoved by his apology. "You squeezed your employees to the breaking point so they would cheat customers,'' she said. "You should resign. You should give back the money you took while the scam was going on," she added.

Record fine

Wells Fargo said it would be contacting every deposit customer across the country to see if their accounts were properly authorised. It will also contact hundreds of thousands of customers with open credit cards to see if they want or need those cards. In the future, confirmation emails will be sent to customers within one hour of the opening of a new deposit account. The fine imposed on the bank by the US Consumer Financial Protection Bureau was the largest ever imposed by the regulator.

Wells Fargo chief forfeits $41m amid corruption probe - BBC News

 

[waltky]

Regulators place Wells Fargo under limitations...

Wells Fargo fails 'living will' test, faces restrictions: U.S. regulators
Tue Dec 13, 2016 | U.S. officials on Tuesday limited Wells Fargo & Co's ability to grow its business, punishing the bank for not having a sufficient plan to protect markets in the case of bankruptcy.

The ruling crowns a dismal year for the San Francisco lender roiling from a scandal in which bank employees created as many as 2 million accounts without customer authorization. Chief Executive Officer John Stumpf resigned in the wake of that controversy. Tuesday's ruling means the bank may not establish international bank entities or acquire non-bank subsidiaries, regulators said. On Tuesday, regulators determined for a second time this year that the Wells Fargo "living will" fell short.

A man walks by a bank machine at the Wells Fargo & Co. bank in downtown Denver, Colorado​

Wells Fargo is one of eight leading banks that must outline how they would be unwound in an orderly way in bankruptcy. Wells Fargo was one of five banks to fail an initial assessment in April. State Street Corp (STT.N), JPMorgan Chase & Co (JPM.N), Bank of New York Mellon [BKNYK.UL] and Bank of America Corp (BAC.N) passed on Tuesday. Wells Fargo may submit an amended living will by March 31. The restrictions may then be lifted if the Federal Reserve and Federal Deposit Insurance Corporation allow. "We believe we will be able to address the concerns raised today in the March 2017 revised submission," the bank said in a statement.

TOO BIG TO FAIL

Living wills were conceived in the wake of the 2008 financial crisis when the downfall of several Wall Street banks sent shockwaves through global markets. U.S. taxpayers had to prop up banks that were deemed "too big to fail" and Congress vowed that such a rescue would not happen again. Now that it has failed to satisfy regulators, Wells Fargo is on a regulatory path that could end with the bank being ordered to shrink in two years.

The lender will have several chances to harden its business in the meantime and avoid such a measure. Regulators signaled that Wells Fargo's securities and investment banking unit is an area of concern and they threatened to cap its size if Wells cannot right itself. That business has grown increasingly important at the bank, but still accounts for just a fraction of total revenues.

Wells Fargo fails 'living will' test, faces restrictions: U.S. regulators

 

[HenryWallace]

We now know how fraudulent they are, so you'd better believe they will cook their books to show great earnings!

This can't happen to a more deserving group of shysters. Making money on a reputation of "we're different than Wall Street" will end up biting you in the ass. Their entire reputation was a damn con.

Now, people know if it walks like a duck and talks like a duck...

 

[Lewdog]

We now know how fraudulent they are, so you'd better believe they will cook their books to show great earnings!

This can't happen to a more deserving group of shysters. Making money on a reputation of "we're different than Wall Street" will end up biting you in the ass. Their entire reputation was a damn con.

Now, people know if it walks like a duck and talks like a duck...

When I owned a business back in the day, I needed some working capital and went to one of their offices. Just to show you how shiesty they are, they said they would give me a loan, but for collateral they said I could put down whatever I had in my garage. They actually wanted to be able to take everything I had in my garage...

 

[william the wie]

The reasons for never buying financial stocks:

Even they can't figure out their books even after the fact. The commercial Real estate market collapsed in 1926, the commodities market collapsed in August 1929, the Stock market collapsed in October 29 and the banking panic of late spring/early summer destroyed the economy. If you've watched any of the worlds without end Histories of the dust bowl that the agricultural equipment market collapsed due to drought in late 1930 and that caused the great depression. But that still isn't how its taught or thought about.

Their financial people can cook books better than any non-bank analyst can fully untangle them so what looks good ain't. At least not in this field.

Stay away from this crap. Like a Vegas gambler you might get lucky, which will be your downfall.

 

[Ringel05]

Right now, the company pays $0.38 per share on a quarterly basis, giving WFC stock an annual dividend yield of 2.66%. In the past five years, Wells Fargo stock’s quarterly dividend rate has more than tripled.

If you’re wondering whether Wells Fargo’s dividend hikes are too aggressive, don’t worry. Last year, the company declared $1.475 of dividends per share while earning $4.15 per share. This means it was paying just 35.5% of what it made, leaving a sizable margin for safety and the potential of future dividend hikes.

Bottom line: Wells Fargo might be running “boring” operations, but WFC stock’s potential payout to income investors could be nothing short of exciting.

Verrrrrrrrrrry interesting. You appear to be "hawking" certain stocks and considering you're one who is "new" to investing you seem to know quite a bit.......

 

[xband]

Right now, the company pays $0.38 per share on a quarterly basis, giving WFC stock an annual dividend yield of 2.66%. In the past five years, Wells Fargo stock’s quarterly dividend rate has more than tripled.

If you’re wondering whether Wells Fargo’s dividend hikes are too aggressive, don’t worry. Last year, the company declared $1.475 of dividends per share while earning $4.15 per share. This means it was paying just 35.5% of what it made, leaving a sizable margin for safety and the potential of future dividend hikes.

Bottom line: Wells Fargo might be running “boring” operations, but WFC stock’s potential payout to income investors could be nothing short of exciting.

Verrrrrrrrrrry interesting. You appear to be "hawking" certain stocks and considering you're one who is "new" to investing so seem to know quite a bit.......

I got out of the market eight years ago after making a tidy sum. When I was active I would never buy a financial stock due to low return. If I were active today would probably put 50k or so in Black and Decker on short term basis, make money and then have to do the drudgery of capital gains and give Uncle Sam his cut.

 

[Ringel05]

Right now, the company pays $0.38 per share on a quarterly basis, giving WFC stock an annual dividend yield of 2.66%. In the past five years, Wells Fargo stock’s quarterly dividend rate has more than tripled.

If you’re wondering whether Wells Fargo’s dividend hikes are too aggressive, don’t worry. Last year, the company declared $1.475 of dividends per share while earning $4.15 per share. This means it was paying just 35.5% of what it made, leaving a sizable margin for safety and the potential of future dividend hikes.

Bottom line: Wells Fargo might be running “boring” operations, but WFC stock’s potential payout to income investors could be nothing short of exciting.

Verrrrrrrrrrry interesting. You appear to be "hawking" certain stocks and considering you're one who is "new" to investing so seem to know quite a bit.......

I got out of the market eight years ago after making a tidy sum. When I was active I would never buy a financial stock due to low return. If I were active today would probably put 50k or so in Black and Decker on short term basis, make money and then have to do the drudgery of capital gains and give Uncle Sam his cut.

I know little to nothing about investing in the stock market other than you're one of the lucky few or you lose your shirt (short term) but I can recognize a spammer a mile away, it's easy if you know what to look for, mostly it's in how they word things.

 

[xband]

Right now, the company pays $0.38 per share on a quarterly basis, giving WFC stock an annual dividend yield of 2.66%. In the past five years, Wells Fargo stock’s quarterly dividend rate has more than tripled.

If you’re wondering whether Wells Fargo’s dividend hikes are too aggressive, don’t worry. Last year, the company declared $1.475 of dividends per share while earning $4.15 per share. This means it was paying just 35.5% of what it made, leaving a sizable margin for safety and the potential of future dividend hikes.

Bottom line: Wells Fargo might be running “boring” operations, but WFC stock’s potential payout to income investors could be nothing short of exciting.

Verrrrrrrrrrry interesting. You appear to be "hawking" certain stocks and considering you're one who is "new" to investing so seem to know quite a bit.......

I got out of the market eight years ago after making a tidy sum. When I was active I would never buy a financial stock due to low return. If I were active today would probably put 50k or so in Black and Decker on short term basis, make money and then have to do the drudgery of capital gains and give Uncle Sam his cut.

I know little to nothing about investing in the stock market other than you're one of the lucky few or you lose your shirt (short term) but I can recognize a spammer a mile away, it's easy if you know what to look for, mostly it's in how they word things.

I never went to college or even read stock market for dummies. Most people put their money in and forget about it when I watched the business channels and read the newspaper business pages every day sometimes making trades on a daily basis but never longer than one month. I was not a day trader and never have been but I follow graphs with an acute eye and brain. Of course a little bit of luck helped me more than once but I did not gamble on luck.

 

[xband]

Right now, the company pays $0.38 per share on a quarterly basis, giving WFC stock an annual dividend yield of 2.66%. In the past five years, Wells Fargo stock’s quarterly dividend rate has more than tripled.

If you’re wondering whether Wells Fargo’s dividend hikes are too aggressive, don’t worry. Last year, the company declared $1.475 of dividends per share while earning $4.15 per share. This means it was paying just 35.5% of what it made, leaving a sizable margin for safety and the potential of future dividend hikes.

Bottom line: Wells Fargo might be running “boring” operations, but WFC stock’s potential payout to income investors could be nothing short of exciting.

Verrrrrrrrrrry interesting. You appear to be "hawking" certain stocks and considering you're one who is "new" to investing so seem to know quite a bit.......

I got out of the market eight years ago after making a tidy sum. When I was active I would never buy a financial stock due to low return. If I were active today would probably put 50k or so in Black and Decker on short term basis, make money and then have to do the drudgery of capital gains and give Uncle Sam his cut.

I know little to nothing about investing in the stock market other than you're one of the lucky few or you lose your shirt (short term) but I can recognize a spammer a mile away, it's easy if you know what to look for, mostly it's in how they word things.

I never went to college or even read stock market for dummies. Most people put their money in and forget about it when I watched the business channels and read the newspaper business pages every day sometimes making trades on a daily basis but never longer than one month. I was not a day trader and never have been but I follow graphs with an acute eye and brain. Of course a little bit of luck helped me more than once but I did not gamble on luck.

edit: I should have added that I was almost broke and had no job. I found a job and when I saved up $10,000 got a wild hair up my ass and jumped in. I turned $10,000 into $400,000 in six years doing what is called market trending. When the market took a little bit of it back, I got out and never looked back.