Wells Fargo Exec Taken to Task - Page 8

AngusandBuddhasMom · ‎03-10-2010

@ZoetheCat wrote:
@AngusandBuddhasMom wrote:
Yes by all means blame those making the least amount of money who were thrown under the bus by the People who held their jobs in their greedy hands and got off Scot free with millions.
Precisely. I will never, never understand those who will discard every day workers and allow those in charge to get away with this nonsense. Obviously, not all bosses do this. There are many, many examples of corporations who do the right thing. But when they don't, why are so may of us inclined to let them get away with it? I have read many articles that suggest that the majority of Americans are just a paycheck away from disaster. And yet, it seems to me that so many of these people are more than happy to let our fellow struggling Americans slide under the bus. It pains me to say that I think that many of us who are somewhat "comfortable" are willing to think that those "others" who are less well off than we are get what they deserve. They are somehow part of the problem. Well, I may be part of the "comfortable" class, but I can well identify with those who aren't so comfortable. I get that life is tough and we sometimes have to do things we aren't so comfortable doing, especially when the boss is encouraging us to do so. Ultimately, I think it comes back to putting ourselves in someone else'e shoes.

My DD works for a bank, she went from being a teller out of college to the back office and then over to management all in the past 6 years. She has had to deal with cross selling but has said rumours within banking have always circulated about how notorious Wells Fargo, TD and Chase are for the high sales pitch and it is the underlings that suffer while the top sale by. Disgusting.

QueenDanceALot · ‎04-18-2013

@mstyrion 1 wrote:
Count me in as another huge Elizabeth Warren fan.
She spoke for all of us when she called thosed execs "gutless".

@ZoetheCat,
I also get what you're saying. The articles I've read show a systematic agenda brought down from the highest levels that intimidated and threatneded employees who couldn't or wouldn't "make the numbers".

Lower level managers had 4 meetings a day to go over the sales numbers. The employees exhausted all their family member and friends contacts to get the sales needed to keep their jobs. Management knew when the cheating started and did nothing to stop it.

No, I don't condone what the employees did, but I understand it. Intimidation, fear and desperation does ugly things to people.

The old morality was that the people in charge were ultimately responsible for the acts of the employees. When did things change that they get a pass?

When people decided that the company's stock price is the only thing that matters.

QueenDanceALot · ‎04-18-2013

@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.

And I'll buy the donuts!!!

QueenDanceALot · ‎04-18-2013

@Desertdi wrote:
It's a version of "using other people's money"

LOL.

There's a lot of that one going around.

Cats3000 · ‎10-07-2013

Really, the "shame" should be on the customers who failed to notice that there were new accounts or new features that they never asked for. We don't need Congress sticking it's nose in this tent. These are privately owned and operated banking firms. We need aggressive consumers who'll watch their accounts and bills and vote with their feet when something like this happens.

Melvin-QVC · ‎06-14-2015

Moved:

This post has been removed by QVC because it's political.

AngusandBuddhasMom · ‎03-10-2010

@Cats3000 wrote:
Really, the "shame" should be on the customers who failed to notice that there were new accounts or new features that they never asked for. We don't need Congress sticking it's nose in this tent. These are privately owned and operated banking firms. We need aggressive consumers who'll watch their accounts and bills and vote with their feet when something like this happens.

Well yes consumers should be diligent but when they are not aware that accounts are being opened without their knowledge then how do you think they will find out? The had no paper trail etc.

The Gov't that we pay for is our line of defense as a consumer. When the banking industry is left to its own devices to set standards this is what happens.

wagirl · ‎03-09-2010

I thoroughly enjoyed the grilling that money grubbing son of a biscuit got. But really, he'll only get a slap on the wrist as most the banking creeps get when they get caught. Nothing will stick, maybe some fines, but the real brains behind the scram will prob retire with a bloody fortune in his hip pocket, and we will never know ever know who that is.

Lipstickdiva · ‎03-10-2010

@Cats3000 wrote:
Really, the "shame" should be on the customers who failed to notice that there were new accounts or new features that they never asked for. We don't need Congress sticking it's nose in this tent. These are privately owned and operated banking firms. We need aggressive consumers who'll watch their accounts and bills and vote with their feet when something like this happens.

How were they to know? The accounts could be set up and the consumer would never get monthly statement for anything.