Amen, brother, BofA, Wells Fargo- both sucked- on the business side, I worked as a contractor for companies nationwide, and when I would get checks from New York, Wisconsin, etc., BofA would make me wait 5 days until the deposit showed in my account. All the local banks in Lubbock- Aim Bank, First United- you deposit the out-of-town check- after the first one, a 3 day wait. After that, same-day credit. Heck, Aim Bank had, get this, a $1,500 overdraft privilege on their business checking. Now, tell me ANY major bank that's going to give you that.
If anyone is in the market for a bank and is a vet, has a parent who's a vet, or a relative who works for them, go with USAA. We get 7.25% with our credit card. Can't beat it with a stick.
Lou Pai was the mastermind of Enron that knew to cash out and get away a couple of years before the poo poo hit the fan. This is an example of a community/culture of sales people trying to game the system to make a buck and the middle management folks turning a blind eye. The execs covered their hears and hummed while this was going on.
Me too. I watched it again this morning. It was like a real life Mr. Smith Goes to Washington. That may be the most impressive grilling I've seen from a member of congress. Sadly the last one, I was really impressed by was John Kerry's during Iran/Contra investigations and sadly he kind of petered out later.
Elizabeth Warren has the best combination of nuance, straightforwardness, and balls to be a truly great president. She just knows how to break down an opponent's logic and destroy it with tact and she dedicates significant amount of time to actually researching the issue at hand before making an opinion. That Wells Fargo CEO had his nuts lobbed off. No mercy from Warren. ****ing love it.
I wouldn't go balls deep into the Warren for office love fest. I'm a yuuge fan of her and Bernie's advocacy in the Senate, but there's chatter of her being unworkable with others even inside her own party to keep an eye out for.
That may be. I think if more people had the courage she has to go after the big money, it might be different. But if ideology makes her ideas unworkable then that might have to weigh in on how much she will be able to accomplish.
I'd love for her to be appointed to SCOTUS if the opportunity came about. I'm surprised she's 67, but that'd be an amazing run...
she is my hero. hot off the press; http://money.cnn.com/2016/09/27/investing/wells-fargo-ceo-clawback-john-stumpf-tolstedt/ Wells Fargo CEO forfeits $41 million as company launches probe. The fallout from the controversy has also resulted in its first major executive departure. Carrie Tolstedt, who headed the division that created the fake accounts, has left the company ahead of her scheduled retirement at year end. Wells Fargo, under pressure from lawmakers and shareholders to take action, said Tolstedt will not receive a bonus or severance, and that she'll forfeit all of her $19 million worth of unvested stock awards.
Its been a while since Ive worked for WF...but did so during for a brief time as a senior in College. They put tremendous pressure on the staff to meet sales quotas...and branches have significant goals they must achieve. It really is all of a major party that the company has for its top sales staff... If they make their numbers...they get invited for a major party. I can only imagine how much more higher ups(asst managers, branch and regional managers) were making off of these product sales. We were almost required to ask clients if they wanted a new line of credit... I worked at a very busy location...really hoping some of my friends and colleagues who still work with them arent toast because of this...
http://www.cnbc.com/2016/10/12/wells-fargo-ceo-stumpf-to-depart-dj-citing-source.html Wells Fargo said that Chairman and CEO John Stumpf will retire effective immediately in the wake of a sales scandal at the bank, for which he was grilled on Capitol Hill as he defended the bank's sales practices. he can't take the heat, so he bails A spokesman for Wells Fargo said that there will be "no severance payment or agreement related" to Stumpf's departure.
On Monday, 10 April 2017, Wells Fargo announced that it is "clawing back" another $75 million from two top executives, former CEO John Stumpf and community bank executive Carrie Tolstedt, excoriating them for playing key roles in the scandal whereby the bank set up unauthorized accounts for customers. These harsh disciplinary steps stem from a 110-page, six-month investigation by Wells Fargo's independent directors into the overly aggressive sales culture that spawned the creation of as many as 2 million fake accounts. https://www.nytimes.com/2017/04/10/business/wells-fargo-pay-executives-accounts-scandal.html?_r=0
I got a notice in the mail today they want to cancel this credit card unless I call in or use it. Guess I'll be making a phone call to WF.
Wells Fargo’s Latest Scandal: Selling Customers Auto Insurance They Didn’t Need Wells Fargo & Co., it seems, just can’t stop concocting / implementing ways to defraud its customers. News late this week that the lender may have charged more than 500,000 people for auto insurance they didn’t need has raised uncomfortable questions for the bank, including the big one: What will it take to clean up Wells Fargo? After nearly a year of scandal and upset, including the ouster last year of Wells Fargo’s long time Chief Executive Officer John Stumpf, at its Investor Day in May, when Wells Fargo executives spoke for hours about changes they made since the retail bank accounts scandal, they didn’t tell investors about the auto insurance problem that had come to light internally in July 2016. Franklin Codel, one of those executives, said he didn’t think the issue should have been disclosed at the time. Codel, who reports to new CEO Tim Sloan, said disclosing the auto insurance findings several months ago would have made dealing with customers’ complaints more difficult, since they were still working on a remedy. An internal review of the SF-based bank’s auto lending found more than 500,000 clients may have been improperly charged for protection against vehicle loss or damage while making monthly loan payments, even though many drivers already had their own policies, http://www.insurancejournal.com/news/national/2017/07/31/459407.htm
On Friday, 20 April 2018, The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced that Wells Fargo must pay $1 billion that to settle lending abuses the violations were connected with how Wells Fargo administered a mandatory insurance program in its auto loan business and how it charged certain borrowers for mortgage interest rate lock products. the fine is about 2 to 2.5 % of the firm's net income from last year; add to it that WFC had already reserved ~ $4 Billion for potential liabilities, the fine is too small https://www.cnbc.com/2018/04/20/wel...doesnt-fit-the-crime-securities-attorney.html
**** like this is why we should push to fund the Consumer procection agency instead of dismantling it and making it worthless as Trump and Mulveny desire.
