topic Re: Wells Fargo Exec Taken to Task in Community Chat

Wells Fargo Exec Taken to Task

momtochloe — Tue, 20 Sep 2016 23:44:59 GMT

Please know I am not looking to pick a fight here but I am so glad someone is finally yelling at these executives that oversee such horrendous behavior in order to pump up their stock price and have no shame in taking unbelievable bonuses in the process:

http://money.cnn.com/2016/09/20/investing/wells-fargo-elizabeth-warren-resign-criminal-investigation/index.html

Shame on those that cause employees to create such distructive practices so they can achieve their bonuses and shame on those executives that don't question why their overall company financial health has suddenly become so much better.

Re: Wells Fargo Exec Taken to Task

Goldengate8361 — Tue, 20 Sep 2016 23:47:52 GMT

@momtochloe I agree!! And, shame on those employees who readily violated their own personal integrity to do those things, too. They are equally guilty.

Re: Wells Fargo Exec Taken to Task

mac116 — Tue, 20 Sep 2016 23:48:18 GMT

I totally agree, and they seem to show no remorse for the behavior.

Re: Wells Fargo Exec Taken to Task

QVCkitty1 — Tue, 20 Sep 2016 23:50:32 GMT

Elizabeth Warren is a hero of mine, she is fearless.

Re: Wells Fargo Exec Taken to Task

momtochloe — Wed, 21 Sep 2016 00:00:52 GMT

@Goldengate8361 wrote:
@momtochloe I agree!! And, shame on those employees who readily violated their own personal integrity to do those things, too. They are equally guilty.

@Goldengate8361 I totally get and agree with what you are saying but these are probably young people that haven't had the proper guidance in ethics as the bottom line has become more important. Customer service and being proud of your work has kind of fallen by the wayside unfortunately (and please know I am not telling young people to get off my lawn but they should also know that whatever you are doing to someone a derivative of that person will most definitely do the same to you).

Re: Wells Fargo Exec Taken to Task

ZoetheCat — Wed, 21 Sep 2016 00:06:46 GMT

@QVCkitty1 wrote:
Elizabeth Warren is a hero of mine, she is fearless.

Elizabeth Warren is my senator and I totally agree. She is fearless. You cannot tell me that the employees involved here weren't following instructions from the people at the top. And yet, once again, it's the lower level employees who are punished. I do not defend what they did, but when one is terrified of losing a job they will do just about anyting. Those at the top have little to lose. Truly revolting ...

Re: Wells Fargo Exec Taken to Task

Ms X — Wed, 21 Sep 2016 00:14:05 GMT

I'm no fan of Warren, but I agree that these executives shouldn't get hundreds of millions when they're shown the door because of poor performance. Meanwhile, the workers just get the boot and get their health insurance canceled. Of course, those employees who falsified accounts don't deserve anything, but this is a rare case.

Re: Wells Fargo Exec Taken to Task

ZoetheCat — Wed, 21 Sep 2016 00:16:37 GMT

@momtochloe wrote:
@Goldengate8361 wrote:
@momtochloe I agree!! And, shame on those employees who readily violated their own personal integrity to do those things, too. They are equally guilty.
@Goldengate8361 I totally get and agree with what you are saying but these are probably young people that haven't had the proper guidance in ethics as the bottom line has become more important. Customer service and being proud of your work has kind of fallen by the wayside unfortunately (and please know I am not telling young people to get off my lawn but they should also know that whatever you are doing to someone a derivative of that person will most definitely do the same to you).

I truly do not want to be disagreeable, but do you honestly believe that these employees had a choice? It seems to me that in corporate America, lower level employees are forced to do things just to keep a job. I don't defend their actions, but I also get that people who need a job will do what it takes to keep that job. I am really tired of the people at the top getting away with this behavior with their golden parachutes while the worker bees are left out to dry. Enough already.

Re: Wells Fargo Exec Taken to Task

momtochloe — Wed, 21 Sep 2016 00:19:04 GMT

This whole thing is disgusting. If they don't pull back that ridiculous bonus from that executive I would never do business with them again:

http://www.msn.com/en-us/money/companies/wells-fargo-considers-clawing-back-execs-dollar125-million-payday/ar-BBwpsu0?li=BBnb7Kv

Please know she was probably following the lead of the CEO but both of them should be removed and no bonuses paid or golden parachutes deployed.

Re: Wells Fargo Exec Taken to Task

Goldengate8361 — Wed, 21 Sep 2016 00:21:04 GMT

@ZoetheCat Yes, those employees absolutely had a choice and they knowingly made the unethical choice. They are accountable for their personal behavior, too. And, apparently, this was not rare. The need to have integrity isn't limited to those at the top: it's everyone's responsibility.

Re: Wells Fargo Exec Taken to Task

sidsmom — Wed, 21 Sep 2016 00:23:35 GMT

Ethics?

I worked for a very large national Bank & every associate was required to take Ethics Training. No pity for associates who knowingly steal from their employer.

Re: Wells Fargo Exec Taken to Task

Ms X — Wed, 21 Sep 2016 00:25:58 GMT

I don't know how someone could take these huge bonuses when he/she is being let go for poor performance and knows that many workers lost their jobs because the company didn't do well. You'd think they'd at least ask the company to share some of it with the workers so their health insurance won't be canceled and such.

Years ago, a major corporation that you all know laid off my friend's husband after 25 years. They'd strung him and the other workers along for a year, lying to them. Then they asked them to come in for a meeting one Monday morning at the start of the work day. They were all laid off and their health insurance terminated. The company was declaring bankruptcy of a sort (the company didn't fold completely). The executives gave themselves big bonuses, which were approved by the judge when they submitted the papers to the court. How is this not theft of the company's money? Clearly it isn't because they did it and the judge okayed it.

Re: Wells Fargo Exec Taken to Task

momtochloe — Wed, 21 Sep 2016 00:26:30 GMT

@ZoetheCat wrote:
@momtochloe wrote:
@Goldengate8361 wrote:
@momtochloe I agree!! And, shame on those employees who readily violated their own personal integrity to do those things, too. They are equally guilty.
@Goldengate8361 I totally get and agree with what you are saying but these are probably young people that haven't had the proper guidance in ethics as the bottom line has become more important. Customer service and being proud of your work has kind of fallen by the wayside unfortunately (and please know I am not telling young people to get off my lawn but they should also know that whatever you are doing to someone a derivative of that person will most definitely do the same to you).
I truly do not want to be disagreeable, but do you honestly believe that these employees had a choice? It seems to me that in corporate America, lower level employees are forced to do things just to keep a job. I don't defend their actions, but I also get that people who need a job will do what it takes to keep that job. I am really tired of the people at the top getting away with this behavior with their golden parachutes while the worker bees are left out to dry. Enough already.

Oh I am sorry @ZoetheCat that I didn't make this clearer as yes I totally agree with what you said. These are young people that are following the examples of their managers/superiors and lost their jobs in the process after following the examples of those that are enjoying major bonuses.

This whole thing makes me sadder than I can say.

Re: Wells Fargo Exec Taken to Task

ZoetheCat — Wed, 21 Sep 2016 00:29:21 GMT

@Goldengate8361 wrote:
@ZoetheCat Yes, those employees absolutely had a choice and they knowingly made the unethical choice. They are accountable for their personal behavior, too. And, apparently, this was not rare. The need to have integrity isn't limited to those at the top: it's everyone's responsibility.

Of course they had a choice. And that choice probably involved shall I pay the rent this month or not. I would just like to see a world where people can go to work, do their jobs, and not have to think about whether what they are doing is ethical or not. I'm not a Pollyanna. I get that we all have to make difficult choices. But it seems to me that these days people are increasingly being forced to do things that they would not normally do just to keep their jobs. The bottom line is that it's easy to condemn low level workers when they make questionable choices. Why do we not hold their bosses to the same ethics? Why do we castigate those who have little alternative and yet we excuse those who have golden parachutes? Those at the top have lots of options. Those who are following orders? Not so much...

Re: Wells Fargo Exec Taken to Task

roeroe1005 — Wed, 21 Sep 2016 00:29:42 GMT

My dad has an account at WF for direct deposit of his pension. My sister and I are linked to this account. Every couple of months, I would get an e-mail from WF security mentioning that my account may have been "compromised" and to change my password. So I would call WF, or go to my local bank, to have them check it out. I have very little $$, but I was concerned for my dad's account. No wrongdoing was ever found.

After reading about this, now it all makes sense. Crazy.

I agree, that so called "exec" should be thrown out with no parachute!

Re: Wells Fargo Exec Taken to Task

NicksmomESQ — Wed, 21 Sep 2016 00:29:46 GMT

I don't get why the top executives are not facing criminal charges!! Wall Street gets to constantly screw up mainstreet & get away with it!! It's deplorable!!

Elizabeth Warren is my hero too.She is fearless in sticking up for those of us who don't have a voice!! Those guys should be in jail!!

Re: Wells Fargo Exec Taken to Task

ZoetheCat — Wed, 21 Sep 2016 00:31:47 GMT

@momtochloe wrote:
@ZoetheCat wrote:
@momtochloe wrote:
@Goldengate8361 wrote:
@momtochloe I agree!! And, shame on those employees who readily violated their own personal integrity to do those things, too. They are equally guilty.
@Goldengate8361 I totally get and agree with what you are saying but these are probably young people that haven't had the proper guidance in ethics as the bottom line has become more important. Customer service and being proud of your work has kind of fallen by the wayside unfortunately (and please know I am not telling young people to get off my lawn but they should also know that whatever you are doing to someone a derivative of that person will most definitely do the same to you).
I truly do not want to be disagreeable, but do you honestly believe that these employees had a choice? It seems to me that in corporate America, lower level employees are forced to do things just to keep a job. I don't defend their actions, but I also get that people who need a job will do what it takes to keep that job. I am really tired of the people at the top getting away with this behavior with their golden parachutes while the worker bees are left out to dry. Enough already.
Oh I am sorry @ZoetheCat that I didn't make this clearer as yes I totally agree with what you said. These are young people that are following the examples of their managers/superiors and lost their jobs in the process after following the examples of those that are enjoying major bonuses.

This whole thing makes me sadder than I can say.

No problem. I totally agree with you. People, especially young people, follow the examples they see. You are so right. This is just sad...

Re: Wells Fargo Exec Taken to Task

momtochloe — Wed, 21 Sep 2016 00:34:53 GMT

@sidsmom wrote:
Ethics?
I worked for a very large national Bank & every associate was required to take Ethics Training. No pity for associates who knowingly steal from their employer.

Again @sidsmom I am not looking to argue here but providing Ethics Training and actually enforcing it is two different things. How on earth did these descrepancies slip by their auditors?

To be honest, I was more than surprised that Wells Fargo was caught up in this as they were not one of the banks that hosed the financial system in the 2007-8 meltdown. I thought they were better managed than this, live and learn I guess.

Re: Wells Fargo Exec Taken to Task

terrier3 — Wed, 21 Sep 2016 00:37:33 GMT

@sidsmom wrote:
Ethics?
I worked for a very large national Bank & every associate was required to take Ethics Training. No pity for associates who knowingly steal from their employer.

They weren't stealing from their employer - the bank forced them to sign up a quota of new accounts, and looked the other way for YEARS.

The bank stole fees from their customers...it's not like the clerks made extra money by doing what they were forced to do.

Re: Wells Fargo Exec Taken to Task

terrier3 — Wed, 21 Sep 2016 00:39:00 GMT

I don't understand why people want to abolish the Consumer Protection Bureau.

After hearing stories like this, it's obvious we need it!