LOL Wells Fargo CEO getting his ass kicked by congress...

[CosmicCowboy]

pretty amusing.

That's why these guys make the big bucks :lol

[I. Hustle]

#IBackStumpf

[boutons_deux]

But Congress won't do anything other than suckering their voters, with this bullshit grandstanding, into believing that Congress is on the voters' side.

[boutons_deux]

WARREN: “Since this massive, years-long scam came to light, you have said, repeatedly, ‘I am accountable.’ But what have you actually done to hold yourself accountable? Have you resigned as CEO or chairman of Wells Fargo?

STUMPF: “The board I serve–

WARREN: “Have you resigned?”

STUMPF: “No, I have not.”

WARREN: “Alright. Have you returned one nickel of the millions of dollars you were paid while this scam was going on?”

STUMPF: “Well, first of all, this was by one percent of our people, and–”

WARREN: “That’s not my question. It’s about responsibility. Have you returned one nickel of the millions of dollars that you were paid while this scam was going on?”

STUMPF: “The, the board will take care of that.”

WARREN: “Have you returned one nickel of the money you earned while this scam was going on?”

STUMPF: “And, and the board will do–”

WARREN: “I’ll take that as a no, then. And have you fired a single senior executive, and by that, I don’t mean a regional manager or branch manager. I’m asking about the people who actually led your community banking division or your compliance division.”

STUMPF: “We’ve made a change in our regional, to lead our regional bank.”

WARREN: “I just said I’m not talking about regional managers, I’m not asking about branch managers. I’m asking if you have fired senior management. The people who actually led the community banking division, who oversaw this fraud, or the compliance division who was in charge of making sure that the bank complied with the law. Did you fire any of those people?”

STUMPF: “No.”

WARREN: “No. OK.

So you haven’t resigned.

You haven’t returned a single nickel of your personal earnings.

You haven’t fired a single senior executive.

Instead, evidently, your definition of ‘accountable’ is to push the blame to your low-level people who don’t have the money for a fancy PR firm to defend themselves.

It’s gutless leadership.”

http://usuncut.com/class-war/elizabeth-warren-destroys-wells-fargo-ceo-video/

[pgardn]

I just read about what Wells Fargo did to their customers.

That's total fraud. People need to be in jail. People high up. The people at the bottom did not think this shit up. 8 is great. 8 F'N accounts on avg. per customer? I have two with Usaa. They were Fckn making up new accounts for their customers who did not even know they had them. Wells fraudulently put in pin #s and everything... And then charged these clueless clients for all kinds of shit.

Bastards.

[RandomGuy]

I just read about what Wells Fargo did to their customers.

That's total fraud. People need to be in jail. People high up. The people at the bottom did not think this shit up. 8 is great. 8 F'N accounts on avg. per customer? I have two with Usaa. They were Fckn making up new accounts for their customers who did not even know they had them. Wells fraudulently put in pin #s and everything... And then charged these clueless clients for all kinds of shit.

Bastards.

Warren concurs.

She doesn't mince words and tells the Wells Fargo CEO, to his freakin' face, that he needs to be in jail.

[RandomGuy]

pretty amusing.

That's why these guys make the big bucks :lol

The term "whipping boy" comes to mind.

Although in this case the fuckers in front of the panel were the ones responsible.

[TeyshaBlue]

Warren concurs.

She doesn't mince words and tells the Wells Fargo CEO, to his freakin' face, that he needs to be in jail.

We need about 100 more Warrens.

[Nbadan]

We need about 100 more Warrens.

:clap:clap:clap:clap

[Reck]

You mean Warren.

She took him to task by herself while the rest of the republicans just look in awe.

[UNT Eagles 2016]

Oh look it's Dolores Umbridge.

[TeyshaBlue]

You mean Warren.

She took him to task by herself while the rest of the republicans just look in awe.

No, I neant Warrens plural. And thanks for your partisan spin. So refreshing.

[clambake]

No, I neant Warrens plural. And thanks for your partisan spin. So refreshing.

you gotta watch yourself in this one.

its all about splitting hairs.

[TeyshaBlue]

you gotta watch yourself in this one.

its all about splitting hairs.

You're right. But I was only splitting one hair.:ihit

[Reck]

No, I neant Warrens plural. And thanks for your partisan spin. So refreshing.

I was referring to the OP's title that said CEO was getting his ass kicked by congress. I only saw one person doing the elbowing.

[CosmicCowboy]

I was referring to the OP's title that said CEO was getting his ass kicked by congress. I only saw one person doing the elbowing.

That's because most TV only showed Warren. I was in my truck driving and listening to the whole hearing. They all (Republicans and Democrats) got 5 minute shots at him and were kicking his ass one after another.

You just proved again you are an ignorant partisan shill.

[boutons_deux]

Congress won't touch BigFinance. BigFinance owns Congress.

It's all a grandstanding dog-and-pony showing for the cheap seats.

[I. Hustle]

I just read about what Wells Fargo did to their customers.

That's total fraud. People need to be in jail. People high up. The people at the bottom did not think this shit up. 8 is great. 8 F'N accounts on avg. per customer? I have two with Usaa. They were Fckn making up new accounts for their customers who did not even know they had them. Wells fraudulently put in pin #s and everything... And then charged these clueless clients for all kinds of shit.

Bastards.

I joke around but it's true. The crap that they put those tellers through is crazy. They are threatened with termination if they do not meet their goals. When a person is struggling to make ends meet, sometimes they do stupid things. That being said, that pressure and those goals were put in place by people like Tolstedt and others under Stumpf. Not to say that he doesn't deserve the blame because he does. Tolstedt though walked away with a $125 million dollar payday. Meanwhile, these people making $12 an hour and expected to dress in business attire with that salary are being let go with nothing but a boot in their ass.

Sure, the sales goals were done away with but what's done is done. Team members are not out of jobs because they were doing what they were told to do. Now those TMs that were doing things the right way will miss out on those bonuses.

All this accomplished is WF making more money. It's not like they were getting any real money out of those accounts. Now they get to terminate thousands of jobs and eliminate bonuses. They will be able to close down more branches and push people towards online banking.

It looks like Stumpf is getting his ass kicked but in the end he'll end up with more money in his pocket. Even if he is told to step down, He'll get a huge payday and WF will get a new ceo in probably Avid Modjtabai. Not only is Avid a female but she is also not white. This would be perfect in an election year.

Bottom line, WF apologizes, gets a new face of the company, makes more money and wins people back.

I'd put money on that.

[RandomGuy]

I joke around but it's true. The crap that they put those tellers through is crazy. They are threatened with termination if they do not meet their goals. When a person is struggling to make ends meet, sometimes they do stupid things. That being said, that pressure and those goals were put in place by people like Tolstedt and others under Stumpf. Not to say that he doesn't deserve the blame because he does. Tolstedt though walked away with a $125 million dollar payday. Meanwhile, these people making $12 an hour and expected to dress in business attire with that salary are being let go with nothing but a boot in their ass.

Sure, the sales goals were done away with but what's done is done. Team members are not out of jobs because they were doing what they were told to do. Now those TMs that were doing things the right way will miss out on those bonuses.

All this accomplished is WF making more money. It's not like they were getting any real money out of those accounts. Now they get to terminate thousands of jobs and eliminate bonuses. They will be able to close down more branches and push people towards online banking.

It looks like Stumpf is getting his ass kicked but in the end he'll end up with more money in his pocket. Even if he is told to step down, He'll get a huge payday and WF will get a new ceo in probably Avid Modjtabai. Not only is Avid a female but she is also not white. This would be perfect in an election year.

Bottom line, WF apologizes, gets a new face of the company, makes more money and wins people back.

I'd put money on that.


"If the fraud is not more widespread than it currently appears, I would think that in time, pessimism about the bank will peak, the share price will stabilize, and there will be no serious repercussions or consequences."
http://www.cnbc.com/2016/09/22/stop-beating-up-on-wells-fargo-and-john-stumpf-commentary.html

What the good professor glosses over in his technical analysis, of course, is the reputational risk. Or should I say "associate" professor. the op-ed sounds like a grad-student level piece.

Stock price is only down about 8% from a month ago.

Barron's notes a bit more advanced take on it:

http://blogs.barrons.com/stockstowatchtoday/2016/09/21/4-reasons-wells-fargo-wont-bounce-back-soon/


n our view: 1) Wells will need to spend a lot more on litigation, examining past violations in additional areas, and responding to requirements from more hearings, investigations and lawsuits; 2) revenues will likely face some slowdown in growth including potentially impact on cross-sell in Retail brokerage, a key focus in that area; 3) this is a material reputational hit given the large number of unauthorized accounts (2 million) and how long it went on; and 4) this will likely result in a shift to greater earnings growth from areas such as investment banking which carry lower multiple.

Personally, I would be moving my money out, although for many, setting up all the online bill pay stuff is tedious when you change banks, as I can attest to after giving up the piece of shit Frost Bank for our current credit union.

[Chucho]

Congress won't touch BigFinance. BigFinance owns Congress.

It's all a grandstanding dog-and-pony showing for the cheap seats.

Glad we can agree on something. Too bad you wont admit your party has been riding Big Finance harder than the Right for the last 8 years...

[boutons_deux]

your party has been riding Big Finance harder than the Right for the last 8 years...

Repugs would have done nothing about BigFinance after 2008.

Repugs have been trying, somewhat successfully, to kill CFPB and other BigFinance regs. G F Y

[CosmicCowboy]

Glad we can agree on something. Too bad you wont admit your party has been riding Big Finance harder than the Right for the last 8 years...

:lmao Boos girl Hillary is bigtime in BigFi's pocket.

[boutons_deux]

:lmao Boos girl Hillary is bigtime in BigFi's pocket.

yes, she is, but she hasn't been running govt for the last 8 years.