Community Chat

[mstyrion 1]

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@sidsmom wrote:

Like I've said numerous times upthread, if you

break your Code of Ethics, you need to be terminated.

Period.

Part-Time Teller.  Fired.

Managers.  Fired.

Middle Managment.  Fired.

Senior Management.  Fired.

Executive Management.  Fired.

President/CEO. Fired.

No one is getting away 'scott free'.

I've seen MANY associates, at ALL levels, terminated 

for breaking the Code of Ethics.

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Do you understand that is not what happened here?  

The 5,300 fired employees were not from the higher echelons. 

Yes, Ethics training would recommend all the firings you mentioned, but sadly, Wells Fargo chose not to do this.  

[sidsmom]

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@MyGirlsMom wrote:

---

@sidsmom wrote:

Like I've said numerous times upthread, if you

break your Code of Ethics, you need to be terminated.

Period.

Part-Time Teller.  Fired.

Managers.  Fired.

Middle Managment.  Fired.

Senior Management.  Fired.

Executive Management.  Fired.

President/CEO. Fired.

No one is getting away 'scott free'.

I've seen MANY associates, at ALL levels, terminated 

for breaking the Code of Ethics.

---

@sidsmom

The gentlemen in the Senate hearing got away scott free, he still has his job after profiting from the system he helped install.  It was his desire that every Wells Fargo customer have eight accounts because eight rhymed with great.  His stock options rose $30.00 while under his leadership, making him a multi millionaire just off of the fake accounts he pushed.

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No one is getting away 'scott free'.

As of Today, 9/20, 5:22pm,

"Investigations have been opened by the FBI and federal prosecutors in New York and California, as well as the House of Representatives Financial Services Committee, which will hold a hearing of its own. A date for that hearing isn’t yet known."

 As the saying goes, "It ain't over until the fat lady sings."

[Snowpuppy]

You can read the transcript of testimony online.

Stumpf personally made $300M off this scheme from his personal stock holdings. On every single quarterly WF stock call he touted "buy WF stock because we are growing our customer base exponentially"!  That pumped the stock price.

Customers typically have fewer than 3 accounts with their bank. WF goal was for each customer to have 8 accounts. In the end, customers had an average of 6.71 accounts.  Average.

[MyGirlsMom]

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@sidsmom wrote:

---

@MyGirlsMom wrote:

---

@sidsmom wrote:

Like I've said numerous times upthread, if you

break your Code of Ethics, you need to be terminated.

Period.

Part-Time Teller.  Fired.

Managers.  Fired.

Middle Managment.  Fired.

Senior Management.  Fired.

Executive Management.  Fired.

President/CEO. Fired.

No one is getting away 'scott free'.

I've seen MANY associates, at ALL levels, terminated 

for breaking the Code of Ethics.

---

@sidsmom

The gentlemen in the Senate hearing got away scott free, he still has his job after profiting from the system he helped install.  It was his desire that every Wells Fargo customer have eight accounts because eight rhymed with great.  His stock options rose $30.00 while under his leadership, making him a multi millionaire just off of the fake accounts he pushed.

---

No one is getting away 'scott free'.

As of Today, 9/20, 5:22pm,

"Investigations have been opened by the FBI and federal prosecutors in New York and California, as well as the House of Representatives Financial Services Committee, which will hold a hearing of its own. A date for that hearing isn’t yet known."

 As the saying goes, "It ain't over until the fat lady sings."

---

***

When the top level executives give back the profits from these scams and actually sit in a jail cell, then all the fat ladies can sing , clap, and cheer. 

[mstyrion 1]

---

@sidsmom wrote:

---

@MyGirlsMom wrote:

---

@sidsmom wrote:

Like I've said numerous times upthread, if you

break your Code of Ethics, you need to be terminated.

Period.

Part-Time Teller.  Fired.

Managers.  Fired.

Middle Managment.  Fired.

Senior Management.  Fired.

Executive Management.  Fired.

President/CEO. Fired.

No one is getting away 'scott free'.

I've seen MANY associates, at ALL levels, terminated 

for breaking the Code of Ethics.

---

@sidsmom

The gentlemen in the Senate hearing got away scott free, he still has his job after profiting from the system he helped install.  It was his desire that every Wells Fargo customer have eight accounts because eight rhymed with great.  His stock options rose $30.00 while under his leadership, making him a multi millionaire just off of the fake accounts he pushed.

---

No one is getting away 'scott free'.

As of Today, 9/20, 5:22pm,

"Investigations have been opened by the FBI and federal prosecutors in New York and California, as well as the House of Representatives Financial Services Committee, which will hold a hearing of its own. A date for that hearing isn’t yet known."

---

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@sidsmom

Wells Fargo did not take action against the top execs. The heat is on them now because the story broke. As it stands, the CEO still has his job and his millions.  

OK. Hearings will be held.  Investigations by the Feds will be done.

Meanwhile, he STILL has his millions.

I call that pretty close to "scott free" at least for the foreseeable future.

[ZoetheCat]

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@sidsmom wrote:

---

@MyGirlsMom wrote:

---

@sidsmom wrote:

Like I've said numerous times upthread, if you

break your Code of Ethics, you need to be terminated.

Period.

Part-Time Teller.  Fired.

Managers.  Fired.

Middle Managment.  Fired.

Senior Management.  Fired.

Executive Management.  Fired.

President/CEO. Fired.

No one is getting away 'scott free'.

I've seen MANY associates, at ALL levels, terminated 

for breaking the Code of Ethics.

---

@sidsmom

The gentlemen in the Senate hearing got away scott free, he still has his job after profiting from the system he helped install.  It was his desire that every Wells Fargo customer have eight accounts because eight rhymed with great.  His stock options rose $30.00 while under his leadership, making him a multi millionaire just off of the fake accounts he pushed.

---

No one is getting away 'scott free'.

As of Today, 9/20, 5:22pm,

"Investigations have been opened by the FBI and federal prosecutors in New York and California, as well as the House of Representatives Financial Services Committee, which will hold a hearing of its own. A date for that hearing isn’t yet known."

 As the saying goes, "It ain't over until the fat lady sings."

---

With all due respect, "no one is getting away scott free?"  Seriously??  I'm going to go out on a limb and say that the gentleman who testified before the Senate today will be just fine.  The underlings who got fired for following orders?  Not so much.  Do you really believe that the guy who got fried in front of the Senate is going to suffer much? He's got his mansion(s), big fat 401(k), golden parachute, etc.  No one is getting away scott free?  Please...

[sidsmom]

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@MyGirlsMom wrote:

---

@sidsmom wrote:

---

@MyGirlsMom wrote:

---

@sidsmom wrote:

Like I've said numerous times upthread, if you

break your Code of Ethics, you need to be terminated.

Period.

Part-Time Teller.  Fired.

Managers.  Fired.

Middle Managment.  Fired.

Senior Management.  Fired.

Executive Management.  Fired.

President/CEO. Fired.

No one is getting away 'scott free'.

I've seen MANY associates, at ALL levels, terminated 

for breaking the Code of Ethics.

---

@sidsmom

The gentlemen in the Senate hearing got away scott free, he still has his job after profiting from the system he helped install.  It was his desire that every Wells Fargo customer have eight accounts because eight rhymed with great.  His stock options rose $30.00 while under his leadership, making him a multi millionaire just off of the fake accounts he pushed.

---

No one is getting away 'scott free'.

As of Today, 9/20, 5:22pm,

"Investigations have been opened by the FBI and federal prosecutors in New York and California, as well as the House of Representatives Financial Services Committee, which will hold a hearing of its own. A date for that hearing isn’t yet known."

 As the saying goes, "It ain't over until the fat lady sings."

---

***

When the top level executives give back the profits from these scams and actually sit in a jail cell, then all the fat ladies can sing , clap, and cheer. 

---

That's correct.

And that day WILL come. 

[MyGirlsMom]

..I won't hold my breath @sidsmom

[sidsmom]

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@Lila Belle wrote:
The sacked employees made $30,00-60,000 a year and $2,000 -5,000 every few months in bonuses. Managers made $10,000-20,000 a year in bonuses.

Stumpf made $19+million in 2015.

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.....and your point is?

[RoughDraft]

Ironic personal little tale about WF.  About ten years ago, DH and I decided to spread some of our liquid assets among several different banks.  WF was one of them.  We went in, spoke to a teller and were directed to have a seat in the waiting area.  We sat and we sat and we sat.  The bank was empty except for us.  After about 20 minutes, we got up and walked out and took our business to another bank.

Kismet!