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 Frazzled wrote:

 BigWaaagh wrote:

 Frazzled wrote:
Of course there won't be.

Gentlemen's bet it happens, what do you say? No money, or the like involved, as I don't want any weirdness with "gambling" that could get Dakka in trouble, but I'm betting WFC recovers some of that compensation. With all the flak surrounding this issue, I wouldn't be surprised if Tolstedt "voluntarily" antes up herself.

If this person has already received the money than gentlemen's bet.

(just thinking in enlightened best interest i"d make it be known that if they tried something I'd roll on the CEO to the feds...)

In light of our spirited debate on the US Politics thread, let's make the stakes of our gentleman's bet a container of Tic Tacs. Winner's choice of flavor, of course!

 Frazzled wrote:
No Dodd Frank had nothing to do with this. I can't really comment otherwise due my position.

The agency that investigated Wells Fargo, charged them with breaches, set the fine and took the money was Consumer Financial Protection Bureau, which was created as part of Dodd Frank. There are plenty of agenices that regulate banks, but all the rest are there to make sure banks don't collapse. CFPB is the one that actually makes sure consumers aren't being screwed. Without them this would not have been investigated, and they only exist because of Dodd Frank.


Automatically Appended Next Post:

 Easy E wrote:
Senator Warren tore into the Wells Fargo CEO the other day. She advised him to resign and his firm to claw back all bonus money paid out do to the fraudulent practices.

I think it is fair to say that she was pretty hard on him. However, i still do not think it will mean a darned thing.

It was just grandstanding, playing for the media. The great American political tradition.

If anyone wanted to stop this happening again, then they'd look at increasing the funding and powers of CFPB. If they just wanted the Wells Fargo CEO sacked, then they wouldn't yell at the CEO in public, they'd put the heat on major shareholder Warren Buffet, who has a long history of big claims about good business and reputation protection.

But if you just want to look like a crusader in front of the press, then you just bring in the CEO and yell at him for a few minutes.

Of course this person will never see jail time.

It's not like they had a gram of weed on them or anything.

 Easy E wrote:
Senator Warren tore into the Wells Fargo CEO the other day. She advised him to resign and his firm to claw back all bonus money paid out do to the fraudulent practices.

I think it is fair to say that she was pretty hard on him. However, i still do not think it will mean a darned thing.

Edit:
http://www.npr.org/sections/thetwo-way/2016/09/20/494738797/you-should-resign-watch-sen-elizabeth-warren-grill-wells-fargo-ceo-john-stumpf

"Here's what really gets me about this, Mr. Stumpf. If one of your tellers took a handful of $20 bills out of the crash drawer, they'd probably be looking at criminal charges for theft. They could end up in prison.

"But you squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket.

"And when it all blew up, you kept your job, you kept your multi-multimillion-dollar bonuses, and you went on television to blame thousands of $12-an-hour employees who were just trying to meet cross-sell quotas that made you rich.

"This is about accountability. You should resign. You should give back the money that you took while this scam was going on, and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission. This just isn't right."

Its just political posturing. If the feds were trying to do something, they'd announce they were pursuing RICO actions.


Automatically Appended Next Post:

 BigWaaagh wrote:

 Frazzled wrote:

 BigWaaagh wrote:

 Frazzled wrote:
Of course there won't be.

Gentlemen's bet it happens, what do you say? No money, or the like involved, as I don't want any weirdness with "gambling" that could get Dakka in trouble, but I'm betting WFC recovers some of that compensation. With all the flak surrounding this issue, I wouldn't be surprised if Tolstedt "voluntarily" antes up herself.

If this person has already received the money than gentlemen's bet.

(just thinking in enlightened best interest i"d make it be known that if they tried something I'd roll on the CEO to the feds...)

In light of our spirited debate on the US Politics thread, let's make the stakes of our gentleman's bet a container of Tic Tacs. Winner's choice of flavor, of course!

Cool, alternatively Altoids. Ever give a wiener dog an Altoid? Its an experience ("mom why is Rodney rolling on that Altoid?")

 sebster wrote:

 Frazzled wrote:


But if you just want to look like a crusader in front of the press, then you just bring in the CEO and yell at him for a few minutes.

Yes, which is why I didn't think it would mean a darn thing.

However, I wonder how bad press may impact this years "cross-selling/upselling" results?

It turns out Wells Fargo set up an internal whistleblower practices... and then fired people who used that process to complain of fake accounts being set up.

"[Bill] Bado not only refused orders to open phony bank and credit accounts. The New Jersey man called an ethics hotline and sent an email to human resources in September 2013, flagging unethical sales activities he was being instructed to do.

Eight days after that email, a copy of which CNNMoney obtained, Bado was terminated. The stated reason? Tardiness…."

I was a bit unsure about how high this scam went, but now it seems pretty clear there was deliberate practice enforced by bank policy. People need to go to jail.

http://www.nakedcapitalism.com/2016/09/wells-fargo-fake-accounts-hidden-by-fake-whistleblowing-former-employees-including-hr-officials-allege-systematic-retaliation.html

 Easy E wrote:
Yes, which is why I didn't think it would mean a darn thing.

However, I wonder how bad press may impact this years "cross-selling/upselling" results?

I think the impact to Wells Fargo will go well beyond the fine. There's a basic level of trust that's been lost.

Wow, an internal whistle blowing system in place to catch whistle blowers.... crazy.

 sebster wrote:
It turns out Wells Fargo set up an internal whistleblower practices... and then fired people who used that process to complain of fake accounts being set up.

I saw an article on that. Disgusting.

Yeah, Wells Fargo is going to lose a lot of money over this as more time passes.

Makes you wonder if the people at the top were either an instance of "they knew about it", "they genuinely didn't know about it", or "didn't want to ask too many questions about how the quotas were being met for fear of knowing about it".

A little from each, I bet, depending on the executive.

Does anyone here know anyone with a Wells Fargo account? The only way gak like this will stop happening is if customers abandon banks like Wells Fargo when their gakky practices come to light.

 feeder wrote:
Does anyone here know anyone with a Wells Fargo account? The only way gak like this will stop happening is if customers abandon banks like Wells Fargo when their gakky practices come to light.

I have a couple of accounts... (mortgages, credit cards).

Looking into transferring my business to someone else.

 feeder wrote:
Does anyone here know anyone with a Wells Fargo account? The only way gak like this will stop happening is if customers abandon banks like Wells Fargo when their gakky practices come to light.

I sadly do, because the home buying process for a lot of VA loans is weird... Both houses I've bought, the VA process uses a local mortgage company... Once the ink is dry, the local shop sells the mortgage to a big bank, and I have no choice in which bank buys my mortgage.


My parents used to, I used to have checking/savings with them... but even as far back as 06, they were screwing me out of money, so I had help dropping them for a better bank. Their "military checking" accounts are a total fraud, IMO

 Ensis Ferrae wrote:

 feeder wrote:

I sadly do, because the home buying process for a lot of VA loans is weird... Both houses I've bought, the VA process uses a local mortgage company... Once the ink is dry, the local shop sells the mortgage to a big bank, and I have no choice in which bank buys my mortgage

The same thing Hong happened to me. I can not seem to avoid them when it comes to mortgages.

 Tannhauser42 wrote:
Yeah, Wells Fargo is going to lose a lot of money over this as more time passes.

Makes you wonder if the people at the top were either an instance of "they knew about it", "they genuinely didn't know about it", or "didn't want to ask too many questions about how the quotas were being met for fear of knowing about it".

Don't worry. Executives will be safe from criminal prosecutors. They had no knowledge of systematic criminal fraud....yea...All is as it should be.

 Ensis Ferrae wrote:
I sadly do, because the home buying process for a lot of VA loans is weird... Both houses I've bought, the VA process uses a local mortgage company... Once the ink is dry, the local shop sells the mortgage to a big bank, and I have no choice in which bank buys my mortgage.


My parents used to, I used to have checking/savings with them... but even as far back as 06, they were screwing me out of money, so I had help dropping them for a better bank. Their "military checking" accounts are a total fraud, IMO

Thee's no reason not to be using USAA.

My job banks with them. I've already passed a link on to my boss and suggested he check things out.

They're traitors, plain and simple. They put the interests of their personal wealth ahead of the economic stability and security of the nation.

Hang them.

Seaward wrote:
Thee's no reason not to be using USAA.

Now that that's who I'm with, I agree.... but that's a pretty gakky reason for someone to join the military

This is a good start:
http://www.businesswire.com/news/home/20160927006772/en/

Now can they be fired?

I believe I'm due some Tic Tacs!

An announcement like this was expected by Thursday, when Stumpf is scheduled to testify again.

To build on Whembly's post....

http://www.wsj.com/articles/wells-fargo-board-actively-considering-executive-clawbacks-1474985652

Wells Fargo & Co. Chairman and Chief Executive John Stumpf will forfeit $41 million for the bank’s burgeoning sales scandal, marking one of the biggest rebukes to the head of a major U.S. financial institution.

The bank’s board moved to rescind pay for Mr. Stumpf and former community- banking head Carrie Tolstedt ahead of a hearing of the House Financial Services Committee Thursday. Wells Fargo’s board said Ms. Tolstedt, who oversaw retail banking during bad behavior there, will forfeit unvested equity awards valued at $19 million.

The board said she won’t exercise “outstanding options” during an investigation into the bank’s sales practices. Ms. Tolstedt has also left the bank, earlier than her planned Dec. 31 retirement.

Keep in mind Tolstedt 'earned" 126 Million for her retirement and they are clawing back 19. Here is some data on Stumpf during the year's the scandal was going on.

http://www.fool.com/investing/general/2016/03/22/3-charts-about-wells-fargo-ceo-john-stumpfs-2015-c.aspx

He made $19.3 million and was considered a "Titan of Industry" in 2015. I can;t track down his Bonus and other options.

The fine was $185 Million, but there is still no word on how much money Wells made off their fraudulent activity.

 BigWaaagh wrote:
I believe I'm due some Tic Tacs!

An announcement like this was expected by Thursday, when Stumpf is scheduled to testify again.

I believe we discussed the director etc. but I could be wrong. If the parties we discussed disgorge money (always hated that term) then tic tacs you shall have.

Woops looking at Easy E's post you may be right.

 Frazzled wrote:

 BigWaaagh wrote:
I believe I'm due some Tic Tacs!

An announcement like this was expected by Thursday, when Stumpf is scheduled to testify again.

I believe we discussed the director etc. but I could be wrong. If the parties we discussed disgorge money (always hated that term) then tic tacs you shall have.

Woops looking at Easy E's post you may be right.

You bet your bippee! Mandarin flavor, tout de suit!

 BigWaaagh wrote:

 Frazzled wrote:

 BigWaaagh wrote:
I believe I'm due some Tic Tacs!

An announcement like this was expected by Thursday, when Stumpf is scheduled to testify again.

I believe we discussed the director etc. but I could be wrong. If the parties we discussed disgorge money (always hated that term) then tic tacs you shall have.

Woops looking at Easy E's post you may be right.

You bet your bippee! Mandarin flavor, tout de suit!

This?

https://www.tictaccanada.com/en/flavors#orange

 Frazzled wrote:

 BigWaaagh wrote:

 Frazzled wrote:

 BigWaaagh wrote:
I believe I'm due some Tic Tacs!

An announcement like this was expected by Thursday, when Stumpf is scheduled to testify again.

I believe we discussed the director etc. but I could be wrong. If the parties we discussed disgorge money (always hated that term) then tic tacs you shall have.

Woops looking at Easy E's post you may be right.

You bet your bippee! Mandarin flavor, tout de suit!

This?

https://www.tictaccanada.com/en/flavors#orange

I will be more than happy to patiently await their delivery by Weiner Dog drone once the technology is perfected and available...

Wells Fargo CEO decides to "Spend more time with his family"....

http://www.bloomberg.com/news/articles/2016-10-12/wells-fargo-ceo-stumpf-steps-down-in-fallout-from-fake-accounts

John Stumpf, who led Wells Fargo & Co. through the financial crisis and built it into the world’s most valuable bank, stepped down as chief executive officer and chairman, bowing to public outcry over legions of accounts opened by his employees for customers who didn’t request them.

Stumpf, 63, is retiring from both posts effective immediately, the bank said Wednesday in a statement. Tim Sloan, 56, the chief operating officer long viewed as his most likely successor, will become CEO.

 Tannhauser42 wrote:
Yeah, Wells Fargo is going to lose a lot of money over this as more time passes.

I'm sure the tax code is structured so they can write it off.

It's been a fair while since I've been envious of Iceland. Thanks, Wells Fargo.

 Easy E wrote:
Wells Fargo CEO decides to "Spend more time with his family"....

http://www.bloomberg.com/news/articles/2016-10-12/wells-fargo-ceo-stumpf-steps-down-in-fallout-from-fake-accounts

John Stumpf, who led Wells Fargo & Co. through the financial crisis and built it into the world’s most valuable bank, stepped down as chief executive officer and chairman, bowing to public outcry over legions of accounts opened by his employees for customers who didn’t request them.

Stumpf, 63, is retiring from both posts effective immediately, the bank said Wednesday in a statement. Tim Sloan, 56, the chief operating officer long viewed as his most likely successor, will become CEO.

Warren Buffett has spoken...

The question is, will they try to clawback anymore from Stumpf and the other executives?