Re: Wells Fargo Exec Taken to Task

ChazzyLady · ‎06-01-2016

WOW! Just wow @momtochloe. Thanks for this.

Let's see, so bank employees "moved" funds from existing customers' accounts into 1.5 million fake accounts as well as opening up more than 500,000 fake credit card accounts and all that's going to happen is an approximately $200,000,000 to be paid out to various entities and NO PRISON TIME! Gee, wouldn't "moving" funds from someone's account be the same thing as stealing?

So if I go down the street to our local 7/11 and snatched a case of beer and a bag of chips, I guarantee I will be spending at least a couple of nights in jail. How can a mega corporation like Wells Fargo valued at $250,000,000,000--yep, that's billions--get away with a paltry fine?

There needs to be prosecutions, especially of the executives. Bravo to Elizabeth Warren; hope she continues to hold their feet to the fire.

momtochloe · ‎11-03-2013

@roeroe1005 wrote:
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!

@roeroe1005 this is what just breaks my heart. After reading this I would think they quite probably targeted accounts of older people that wouldn't realize what was happening unless they had help from folks like you God bless. Again this makes me sadder and now angrier more than I can say.

sidsmom · ‎11-25-2011

@terrier3 wrote:
@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.

The associates received incentive for those ill-gotten accounts....lots of inventive. Add in quarterly bonuses for 'meeting their goal'...and possibly promotions & annual raise for meeting said goals.....it all adds up to getting lots of $$$ from unethical practices.

momtochloe · ‎11-03-2013

@sidsmom wrote:
@terrier3 wrote:
@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.
The associates received incentive for those ill-gotten accounts....lots of inventive. Add in quarterly bonuses for 'meeting their goal'...and possibly promotions & annual raise for meeting said goals.....it all adds up to getting lots of $$$ from unethical practices.

@sidsmom so we all agree these practices are not a good thing right?

ZoetheCat · ‎11-30-2014

@sidsmom wrote:
@terrier3 wrote:
@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.
The associates received incentive for those ill-gotten accounts....lots of inventive. Add in quarterly bonuses for 'meeting their goal'...and possibly promotions & annual raise for meeting said goals.....it all adds up to getting lots of $$$ from unethical practices.

Do you not think that these associates would have been eliminated had they not "met their goal?" Why do we not hold the bosses who forced them to meet a quota to account? Why do we continue to blame those who have little power and let those who have NOTHING to lose get off scott free? Mind boggling ...

momtochloe · ‎11-03-2013

@sidsmom wrote:
@terrier3 wrote:
@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.
The associates received incentive for those ill-gotten accounts....lots of inventive. Add in quarterly bonuses for 'meeting their goal'...and possibly promotions & annual raise for meeting said goals.....it all adds up to getting lots of $$$ from unethical practices.

Wait a minute @sidsmom . . . these are low level kids that are looking to climb their way up the corporate ladder and are looking to rapidly increase their income and are being directed by their management to do things that may not match their ethics handbook?

C'mon . . . this whole fiasco is a major management failure to increase their stock price.

sidsmom · ‎11-25-2011

@momtochloe wrote:
@sidsmom wrote:
@terrier3 wrote:
@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.
The associates received incentive for those ill-gotten accounts....lots of inventive. Add in quarterly bonuses for 'meeting their goal'...and possibly promotions & annual raise for meeting said goals.....it all adds up to getting lots of $$$ from unethical practices.
@sidsmom so we all agree these practices are not a good thing right?

Correct.

It doesn't matter if it's a part-time teller making minimum wage or

a multi-million dollar salaried CEO.

Ethics are ethics.

Some upthread are implying the front-line associates should somehow be given a pass since their manager asked them to do something unethical.

Don't work that way.

Mz iMac · ‎07-26-2014

@ChazzyLady

"How can a mega corporation like Wells Fargo valued at $250,000,000,000--yep, that's billions--get away with a paltry fine?"

That old saying is still true....

"Money talks & BS walks"

"Never argue with a fool. Onlookers may not be able to tell the difference."

olive59 · ‎09-25-2011

Ok. I wasn't going to take part in this but it just makes me so angry. No doubt what the executives did was wrong. Not arguing that at all.

i have been in the mortgage business for dozens of years. Myself and many like me called out the unethical practices of our companies but were silenced and threatened with our jobs. So a choice had to be made - make the best of a bad situation and help the people I could help, keep my job and continue to support my family OR rebel- take a stand and call them out for bad loan decisions - and get fired and blackballed.

Its very easy to sit back and make judgements when it isn't your house payment on the line. We did the best that we could but the market crashed and we were all labeled bad guys. We employees went on unemployment and paid outrageous cobra insurance payments to keep our benefits while the powers that be made millions and suffered no repercussions.

fast forward to now. We have the CFPB. They've made some good decisions no doubt. But they have over compensated to the EXTREME - in my opinion. To the actual detriment of the consumer and not the benefit. They have made lending guidelines so convoluted that sometimes no one can figure it out. They've focused on mortgage lenders while no one is holding real estate agents, escrows, title companies, and other connected vendors accountable for their questionable practices.

there is so much more going on that meets the eye.

the executives at Wells Fargo need to be heavily fined and serve jail time. This will set the precedent and "scare them straight".

thanks for your indulging me in my rather long post. It was very cleansing to get that off my chest!

sidsmom · ‎11-25-2011

@ZoetheCat wrote:
@sidsmom wrote:
@terrier3 wrote:
@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.
The associates received incentive for those ill-gotten accounts....lots of inventive. Add in quarterly bonuses for 'meeting their goal'...and possibly promotions & annual raise for meeting said goals.....it all adds up to getting lots of $$$ from unethical practices.
Do you not think that these associates would have been eliminated had they not "met their goal?" Why do we not hold the bosses who forced them to meet a quota to account? Why do we continue to blame those who have little power and let those who have NOTHING to lose get off scott free? Mind boggling ...