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Wells Fargo to the dudes and dudettes, we got 'da clause, arbitration baby...
Don't know how this will go; but......Senator Brown to introduce bill to let Wells Fargo customers sue over unauthorized accounts. This still leaves the status of the fired employees apparently open. 'Course, if this somehow becomes a criminal investigation...then
Awaiting a reply from the Bay Area Crime Stoppers........800-222-TIPS Lastly, the State of Illinois and the city of Chicago have begun a rework of moving Wells Fargo out of some portions of the investment relationship.
I will continue to lament why I'm not seeing any newspaper articles that say XXX thousand customers have closed their accounts at Wells Fargo. Everyone waiting for someone else to do something. Deer caught in headlights.
Reminds me of myself as a fledgling investor during dot com days. I didn't know WTF to do, so I did nothing. That's the worse thing to do.
Howdy @VintageFreak Have not searched whether accounts are being closed; but this link may indicate some actions being suggested. I will also presume there are "x" thousands of account holders who have not a clue about anything negative related to the bank.
Note: I'll lay this thread to rest before I start to receive nasty notes in my message box. Our house has not, nor would not have considered Wells Fargo as a banking choice.
I'm going for a two-fer: beating two dead horses with a single whip. I just noticed that Morningstar had named Stumpf 2015 CEO of the year. (Sorry if this has been mentioned before.)
We named John Stumpf our 2015 CEO of the Year because we think he deserves credit for much of the success Wells Fargo has enjoyed in recent years. He guided the bank through a difficult period in the industry and shunned activities that put profits ahead of customers, building up strength while many of its peers languished. We view Wells Fargo's dominant market position as its largest structural advantage, and its exceptionally high profitability gives us confidence in the bank's potential to generate excess returns for some time.
Does M* too not do any general-journalism reading? 2015 CEO of the year, 2015, and they wrote that?? Or listen to the conference calls? This is close to unbelievable for what is essentially a news / information outfit.
I may have been unclear (or unduly harsh) - this was the 2015 award, made early this year. We can reasonably assume that Stumpf will not be getting the 2016 award this winter.
Of course WF has a long record of settlements before 2016, as was made clear in the House hearings. A few that a quick search turned up: 2015 - autodialing to collect credit card debt 2012 - robo-signing mortgages 2012 - discriminating against minority mortgage applicants 2010 - illegally manipulating credit card charges to maximize overdraft fees (Calif. only)
Yes I read Forbes, and the linked Facebook page. Some people, say a certain CEO, might argue that the scope of the fraudulent account openings wasn't known until this year. Likewise that "eight is great" was supposed to help the customers; that it was an unintended side effect (not known until now) that a few (5300) bad apples were spurred on to illegal activities. Yeah, right.
Anyway, that's why I felt it was worth mentioning that far from being an anomaly, this latest WF problem was just one in a long line that, as you wrote, anyone researching (even with a brief web search) would have known before handing out an award.
About freakin' time. Then again, he was only 2 years away from retirement. Does not seem enough. Not about punishing him per se. I just think the company needs to be punished more.
Meanwhile, Dealbreaker reported Wednesday on how the appointment of Sloan to take Stumpf's place was not exactly reassuring. According to his bio, Dealbreaker noted, Sloan has been at Wells Fargo longer than Stumpf and served as boss to Carrie Tolstedt, the former executive who ran the fraudulent program. Indeed, as Reuters reported, "he had oversight over Wells' retail division, where employees opened up to 2 million accounts without customers' knowledge, some of them during his tenure as COO."
"Promoting a guy that had arguably closer ties to the creation of at least 2 million unauthorized accounts, and then acting like it's a symbol of institutional change, is the kind of thing that makes Elizabeth Warren salivate with righteous rage," Thornton McEnery wrote at Dealbreaker.
@hank I recall congressional testimony to questions that Wells Fargo would also need to fix problems that may have arisen from customer credit ratings problems, dinged for late payments that the customer was not aware of or just about anything else that changed in the negative aspect because of the "false" accounts that were opened........ Some folks at this "business" need to be nailed to the wall; or nothing changes. A loosing some stock options or similar is not on the list of punishments.
We need to bring back all the jobs lost in America, like those 5,300 lost at Wells Fargo. Starting of course at the top, with that "very decent man", John Stumpf.
Comments
'Course, if this somehow becomes a criminal investigation...then
Awaiting a reply from the Bay Area Crime Stoppers........800-222-TIPS
Lastly, the State of Illinois and the city of Chicago have begun a rework of moving Wells Fargo out of some portions of the investment relationship.
http://www.latimes.com/business/la-fi-wells-fargo-arbitration-20161003-snap-story.html
Reminds me of myself as a fledgling investor during dot com days. I didn't know WTF to do, so I did nothing. That's the worse thing to do.
Have not searched whether accounts are being closed; but this link may indicate some actions being suggested. I will also presume there are "x" thousands of account holders who have not a clue about anything negative related to the bank.
Note: I'll lay this thread to rest before I start to receive nasty notes in my message box. Our house has not, nor would not have considered Wells Fargo as a banking choice.
http://www.forbes.com/sites/laurashin/2016/09/30/wells-fargo-faces-grassroots-backlash-via-viral-facebook-campaign/#7199a8f44ef1
http://www.prnewswire.com/news-releases/wells-fargos-john-stumpf-receives-morningstars-2015-ceo-of-the-year-award-300209920.html
Of course WF has a long record of settlements before 2016, as was made clear in the House hearings. A few that a quick search turned up:
2015 - autodialing to collect credit card debt
2012 - robo-signing mortgages
2012 - discriminating against minority mortgage applicants
2010 - illegally manipulating credit card charges to maximize overdraft fees (Calif. only)
and on and on.
Anyway, that's why I felt it was worth mentioning that far from being an anomaly, this latest WF problem was just one in a long line that, as you wrote, anyone researching (even with a brief web search) would have known before handing out an award.
Oops Bloomberg
http://www.commondreams.org/news/2016/10/13/wells-fargo-ceo-steps-down-warren-its-not-real-accountability Icelandic accountability--- compare and contrast, just for fun.
http://icelandmonitor.mbl.is/news/politics_and_society/2016/10/06/iceland_finds_all_guilty_in_banker_market_abuse_cas/
I recall congressional testimony to questions that Wells Fargo would also need to fix problems that may have arisen from customer credit ratings problems, dinged for late payments that the customer was not aware of or just about anything else that changed in the negative aspect because of the "false" accounts that were opened........
Some folks at this "business" need to be nailed to the wall; or nothing changes. A loosing some stock options or similar is not on the list of punishments.
http://www.nytimes.com/2016/11/04/business/dealbook/wells-fargo-faces-scrutiny-for-black-marks-on-ex-employee-files.html
Derf
Yes, thank you for the link. Disgusting folks, some of them be.....
http://www.latimes.com/business/la-fi-wells-fargo-occ-20161119-story.html
For an "amusing" anecdote about how little has changed, here's a story posted on ZeroHedge (new computer system, same old cross-selling):
http://www.zerohedge.com/news/2016-10-23/i-went-wells-fargo-branch-and-what-happened-next