Wells Fargo

[racialreality9]

Because the banks must not be allowed to fail! They are honest, they are your friends, they make civilization run by giving loans to us all at great rates, and by rewarding us with interest on our savings!

Carrie Tolstedt thanks you for your understanding. Certainly her 100 million dollar retirement payout could not be possible without your understanding of the crucial role the big banks play for us all.

And Wells Fargo also thanks you for understanding that sometimes, just sometimes, they have to fraudulently open accounts in your name to generate fees. It's just part of business, you see, and this business is what keeps America great.

 

[Jomama]

Such an easy point to make but you squandered the opportunity with sarcasm and hyperbole. People at Wells should go to jail for this - but that does not undermine the honest functions of honest banks in our economy.

 

[Manonthestreet]

Thanks obama

 

[waltky]

Congress & the SEC should investigate...

Wells Fargo Executive Who Oversaw Division Implicated in Fake Account Scandal Set to Retire With $124M
September 12, 2016 - Carrie Tolstedt has made a fortune presiding over Wells Fargo’s efforts to aggressively sell multiple accounts to each of its millions of customers.

But that “cross-selling” strategy is now under intense scrutiny after the bank was caught creating over 2 million fake bank and credit card accounts without the knowledge or consent of its customers. Wells Fargo on Thursday was fined $185 million and admitted to firing 5,300 employees in recent years. The disturbing practices took place under the leadership of Tolstedt, who headed the community banking division of Wells Fargo for at least nine years. Last year, as executive vice president of the division, Tolstedt made $9 million in total pay, a reward for “continued growth in primary checking customers” and other metrics.

Despite the shocking scandal at her division, 56-year-old Tolstedt is set to walk away with an even bigger fortune when she retires at the end of the year — a $124 million payday through a mix of shares, options and restricted stock, according to calculations of company filings based on the current stock price. One of Tolstedt’s biggest achievements was the expansion of multiple accounts held by Wells Fargo customers. In 2014, Wells Fargo specifically cited “strong cross-sell ratios” as a factor behind Tolstedt’s multi-million dollar pay. In fact, that same year, in a presentation to investors, Tolstedt and other executives touted the bank’s “expertise” in selling multiple products, which was immensely profitable for the bank. In fact, customers that had 10-plus products each with the bank were 10 times more profitable. The phrase “cross-sell” came up in the presentation 19 times.

It was this kind of internal analysis that led to Wells Fargo’s internal goal of selling at least eight financial products per customer. Wells Fargo calls it the “Gr-eight initiative.” The pursuit of cross-selling was at the heart of the pressure cooker environment described by Wells Fargo employees to CNNMoney. In fact, a lawsuit filed by Los Angeles against Wells Fargo in May 2015 says that the bank was consumed by this goal. District managers discussed daily sales for each branch and employee “four times a day, at 11 a.m., 1 p.m., 3 p.m. and 5 p.m.,” the lawsuit said. To reach unrealistic goals, Wells Fargo employees engaged in all kinds of sordid practices, including the creation of fake email accounts.

Wells Fargo did not comment on Tolstedt’s compensation, which CNNMoney calculated from regulatory filings. Fortune previously reported on Tolstedt’s huge looming payday. In theory, Wells Fargo could try to “claw back” this pay, given the turmoil in Tolstedt’s division. Wells Fargo’s policies give the bank the ability to demand bonuses and other forms of pay be taken away if they’re based on “materially inaccurate financial information or performance criteria.” Creating millions of fake accounts would seemingly fall under that category. And Tolstedt was head of Wells Fargo’s retail banking and credit card divisions during the time that regulators say the illegal sales activity took place.

However, a Wells Fargo spokesman declined to comment to CNNMoney on whether the bank is planning to claw back any of Tolstedt’s pay. Wells Fargo is also standing by its July announcement that Tolstedt is leaving the bank at the end of the year to “retire” after a “long and successful career.” “She made a personal decision to retire after 27 years with the company,” the spokesman said. Tolstedt’s compensation could become fodder at a potential Senate hearing on the Wells Fargo scandal. Sen. Elizabeth Warren and four other lawmakers on Monday called for Wells Fargo CEO John Stumpf to testify on what she called a “staggering fraud.”

Source

 

[EdwardBaiamonte]

People at Wells should go to jail for this .

better to put liberals in jail for creating an environment in which people feel so protected by big brother that they will sign 100 documents at a bank and not even bother to read them or ask about what they mean. Customers are the ultimate regulation in a free society and thus they should not be neutered by libturd govt.

 

[LadyGunSlinger]

One good thing to come of it, Warren Buffet lost 1.4 BILLION dollars today!!
Buffett Loses $1.4 Billion as Wells Fargo Tumbles on Scandal

 

[EdwardBaiamonte]

One good thing to come of it, Warren Buffet lost 1.4 BILLION dollars today!!
Buffett Loses $1.4 Billion as Wells Fargo Tumbles on Scandal

why is it good when Buffet loses 1.4 billion????

 

[waltky]

Granny says, "Dat's right - sue dey's pants off...

Former employees file class action against Wells Fargo
September 24, 2016 - Two former Wells Fargo & Co employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired.

The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts," the lawsuit filed on Thursday in California Superior Court in Los Angeles County said.

Wells Fargo has fired some 5,300 employees for opening as many as 2 million accounts in customers' names without their authorization. On Sept. 8, a federal regulator and Los Angeles prosecutor announced a $190 million settlement with Wells. The revelations are a severe hit to Wells Fargo's reputation. During the financial crisis, the bank trumpeted being a conservative bank in contrast with its rivals. A Wells Fargo spokesman on Saturday declined to comment on the lawsuit. The lawsuit accuses Wells Fargo of wrongful termination, unlawful business practices and failure to pay wages, overtime, and penalties under California law.

Former employees Alexander Polonsky and Brian Zaghi allege Wells Fargo managers pressed workers to meet quotas of 10 accounts per day, required progress reports several times daily and reprimanded workers who fell short. Polonsky and Zaghi filed applications matching customer requests and were counseled, demoted and later terminated, the lawsuit said. While executives at the top benefited from the activity, the blame landed on thousands of $12-per-hour employees who tried to meet the quotas and were often required to work off the clock to do so, the lawsuit said.

Employees with a conscience who tried to meet quotas without engaging in fraud were the biggest victims, losing wages, benefits and suffering anxiety, humiliation and embarrassment, the lawsuit said. Wells Fargo was aware many accounts were illegally opened, unwanted, carried a zero balance, or were simply a result of unethical business practices, the lawsuit said. "Wells Fargo knew that their unreasonable quotas were driving these unethical behaviors that were used to fraudulently increase their stock price and benefit the CEO at the expense of the low level employees," the lawsuit said.

Former employees file class action against Wells Fargo

 

[EdwardBaiamonte]

Granny says, "Dat's right - sue dey's pants off...

Former employees file class action against Wells Fargo
September 24, 2016 - Two former Wells Fargo & Co employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired.

The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts," the lawsuit filed on Thursday in California Superior Court in Los Angeles County said.

Wells Fargo has fired some 5,300 employees for opening as many as 2 million accounts in customers' names without their authorization. On Sept. 8, a federal regulator and Los Angeles prosecutor announced a $190 million settlement with Wells. The revelations are a severe hit to Wells Fargo's reputation. During the financial crisis, the bank trumpeted being a conservative bank in contrast with its rivals. A Wells Fargo spokesman on Saturday declined to comment on the lawsuit. The lawsuit accuses Wells Fargo of wrongful termination, unlawful business practices and failure to pay wages, overtime, and penalties under California law.

Former employees Alexander Polonsky and Brian Zaghi allege Wells Fargo managers pressed workers to meet quotas of 10 accounts per day, required progress reports several times daily and reprimanded workers who fell short. Polonsky and Zaghi filed applications matching customer requests and were counseled, demoted and later terminated, the lawsuit said. While executives at the top benefited from the activity, the blame landed on thousands of $12-per-hour employees who tried to meet the quotas and were often required to work off the clock to do so, the lawsuit said.

Employees with a conscience who tried to meet quotas without engaging in fraud were the biggest victims, losing wages, benefits and suffering anxiety, humiliation and embarrassment, the lawsuit said. Wells Fargo was aware many accounts were illegally opened, unwanted, carried a zero balance, or were simply a result of unethical business practices, the lawsuit said. "Wells Fargo knew that their unreasonable quotas were driving these unethical behaviors that were used to fraudulently increase their stock price and benefit the CEO at the expense of the low level employees," the lawsuit said.

Former employees file class action against Wells Fargo

its a case of stupid customers getting a lesson that they badly need: learn to be free, to regulate your own life and don't count on the libcommie nanny state to look out for you.

 

[regent]

Yeah, before banks were regulated they could be trusted with depositer's money. Well they did use depositer's money to play the stock market during the roaring Twenties, and lost most of it, but not to worry, the banks just closed their doors and were gone, deposit slips, bank books, money and all. It was the American way.

 

[EdwardBaiamonte]

Yeah, before banks were regulated they could be trusted with depositer's money..

so should lib Nazi govt be everywhere to make sure every person, every business, and every transaction is deemed trustworthy by libNazi govt???

Is there any thing that brain dead liberals don't want magical govt to do or does the list always expand into tyranny as our Founders predicted?

Jefferson:
Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny.

 

[regent]

Yeah, before banks were regulated they could be trusted with depositer's money..

so should lib Nazi govt be everywhere to make sure every person, every business, and every transaction is deemed trustworthy by libNazi govt???

Is there any thing that brain dead liberals don't want magical govt to do or does the list always expand into tyranny as our Founders predicted?

Jefferson:
Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny.

Well FDR solved the problem, we just have to watch that the problem is not unsolved by Republicans.

 

[EdwardBaiamonte]

Well FDR solved the problem, we just have to watch that the problem is not unsolved by Republicans.

actually FDR's administration was 16 years of Depression and 5 years of world war in which 60 million were killed. See why we say liberalism is based on pure ignorance and why our country is doomed if liberals are allowed to vote and hold office.

 

[regent]

Well FDR solved the problem, we just have to watch that the problem is not unsolved by Republicans.

actually FDR's administration was 16 years of Depression and 5 years of world war in which 60 million were killed. See why we say liberalism is based on pure ignorance and why our country is doomed if liberals are allowed to vote and hold office.

Or as General MacArthur said: "For the framers were the most liberal thinkers of all the ages and the charter they produced out of the liberal revolution of their time has not been and is not now surpassed ln liberal thought.":

 

[EdwardBaiamonte]

Well FDR solved the problem, we just have to watch that the problem is not unsolved by Republicans.

actually FDR's administration was 16 years of Depression and 5 years of world war in which 60 million were killed. See why we say liberalism is based on pure ignorance and why our country is doomed if liberals are allowed to vote and hold office.

Or as General MacArthur said: "For the framers were the most liberal thinkers of all the ages and the charter they produced out of the liberal revolution of their time has not been and is not now surpassed ln liberal thought.":

Does that mean that FDR did not preside over 16 years of Depression and World War and still become a great hero to treasonous liberals??