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+---- Thread: Elizabeth Warren Takes on Wells Fargo CEO (/thread-791647.html)
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Elizabeth Warren Takes on Wells Fargo CEO - JDTulane - 09-20-2016 01:46 PM
http://www.npr.org/sections/thetwo-way/2016/09/20/494738797/you-should-resign-watch-sen-elizabeth-warren-grill-wells-fargo-ceo-john-stumpf?utm_source=facebook.com&utm_medium=social&utm_campaign=npr&utm_term=nprnews&utm_content=20160920
Watch the video at the link. It's great.
Quote:Facing off with the CEO whose massive bank appropriated customers' information to create millions of bogus accounts Tuesday, Sen. Elizabeth Warren had sharp questions for Wells Fargo CEO John Stumpf. Warren also said Stumpf made millions of dollars in the "scam," telling him, "You should resign... and you should be criminally investigated."
RE: Elizabeth Warren Takes on Wells Fargo CEO - 58-56 - 09-20-2016 01:59 PM
(09-20-2016 01:46 PM)JDTulane Wrote: http://www.npr.org/sections/thetwo-way/2016/09/20/494738797/you-should-resign-watch-sen-elizabeth-warren-grill-wells-fargo-ceo-john-stumpf?utm_source=facebook.com&utm_medium=social&utm_campaign=npr&utm_term=nprnews&utm_content=20160920
Watch the video at the link. It's great.
Quote:Facing off with the CEO whose massive bank appropriated customers' information to create millions of bogus accounts Tuesday, Sen. Elizabeth Warren had sharp questions for Wells Fargo CEO John Stumpf. Warren also said Stumpf made millions of dollars in the "scam," telling him, "You should resign... and you should be criminally investigated."
That is a thing of beauty.
RE: Elizabeth Warren Takes on Wells Fargo CEO - Kronke - 09-20-2016 02:35 PM
If their practice of opening scam accounts was pushed down from corporate (and not just a way for low-performing salesmen to meet their quotas), then throw the book at them, but she lost me at "Cross-selling is all about pumping up the stock". That is nonsense. The average customer will use a number of, if not all of the products that Wells also offers, so it only makes sense that they would want to keep that business in house. Not only is it good for their bottom line, but there is a science to customer retention in that the more products they own with you, the more likely they are to stay with you.
If she wouldn't get so emotional and didn't think that EVERY person that works at a bank is a criminal, she may be taken more seriously.
RE: Elizabeth Warren Takes on Wells Fargo CEO - chess - 09-20-2016 05:37 PM
Isn't Warren's request what the Board of Directors should do? Shouldn't the Board of Directors investigate and make a decision?
Fidelity. American Funds. Vanguard. You own millions of shares. Use your influence.
RE: Elizabeth Warren Takes on Wells Fargo CEO - MplsBison - 09-20-2016 05:45 PM
Kron,
Yeah ... but that's only because they are all cheaters and criminals.
RE: Elizabeth Warren Takes on Wells Fargo CEO - Kronke - 09-20-2016 06:07 PM
(09-20-2016 05:45 PM)MplsBison Wrote: Kron,
Yeah ... but that's only because they are all cheaters and criminals.
LOL
Your average personal banker (those responsible for opening these phony accounts) is not a criminal "bankster" on Wall Street, they're a 22 year old recent college grad making $30k/year.
RE: Elizabeth Warren Takes on Wells Fargo CEO - Pyrizzo - 09-20-2016 06:13 PM
(09-20-2016 01:59 PM)58-56 Wrote:(09-20-2016 01:46 PM)JDTulane Wrote: http://www.npr.org/sections/thetwo-way/2016/09/20/494738797/you-should-resign-watch-sen-elizabeth-warren-grill-wells-fargo-ceo-john-stumpf?utm_source=facebook.com&utm_medium=social&utm_campaign=npr&utm_term=nprnews&utm_content=20160920
Watch the video at the link. It's great.
Quote:Facing off with the CEO whose massive bank appropriated customers' information to create millions of bogus accounts Tuesday, Sen. Elizabeth Warren had sharp questions for Wells Fargo CEO John Stumpf. Warren also said Stumpf made millions of dollars in the "scam," telling him, "You should resign... and you should be criminally investigated."
That is a thing of beauty.
It was pretty great indeed. But nothing will happen.
RE: Elizabeth Warren Takes on Wells Fargo CEO - Fo Shizzle - 09-20-2016 06:19 PM
She is correct...Until jail sentences are served by those on Wall Street that are behind this type of thing? Nothing will change.
RE: Elizabeth Warren Takes on Wells Fargo CEO - firmbizzle - 09-21-2016 04:59 AM
The CEO should go to jail. The highly paid exec who cashed out should be the subject of a class action lawsuit for unjust enrichment.
RE: Elizabeth Warren Takes on Wells Fargo CEO - fsquid - 09-21-2016 06:27 AM
CEO should go to jail if he knew or organized it.
Sent from my LG-D850 using CSNbbs mobile app
RE: Elizabeth Warren Takes on Wells Fargo CEO - MplsBison - 09-21-2016 07:48 AM
Kron,
Good point, these average personal bankers aren't criminals or cheaters. They just open accounts that their customers didn't apply for, in order to hit bonuses.
RE: Elizabeth Warren Takes on Wells Fargo CEO - Hood-rich - 09-21-2016 07:51 AM
(09-21-2016 07:48 AM)MplsBison Wrote: Kron,
Good point, these average personal bankers aren't criminals or cheaters. They just open accounts that their customers didn't apply for, in order to hit bonuses.
So... criminal or not a criminal? By your "logic" I'd have to assume this young lady is a criminal. Please help.
![[Image: B9318126085Z.1_20150723002329_000_GJJBDDGFD.1-0.jpg]](http://www.gannett-cdn.com/-mm-/e5690929b4f4bb873c5f686a1f20ffb3819ecc21/c=118-0-3478-2520&r=x404&c=534x401/local/-/media/2015/07/23/JacksonMS/B9318126085Z.1_20150723002329_000_GJJBDDGFD.1-0.jpg)
RE: Elizabeth Warren Takes on Wells Fargo CEO - QuestionSocratic - 09-21-2016 07:54 AM
I wonder how many of you wagon hoppers know that Wells Fargo has been aware of this for years, has fired over 5,000 employees for misconduct related to opening fraudulent accounts, and has been reimbursing customers for some time.
This Senate "investigation" is nothing more than Warren and her colleagues, trying to score cheap political points. But it makes for great theater.
RE: Elizabeth Warren Takes on Wells Fargo CEO - MplsBison - 09-21-2016 07:56 AM
Hood,
Odds are it's a fair assumption!
RE: Elizabeth Warren Takes on Wells Fargo CEO - firmbizzle - 09-21-2016 08:18 AM
(09-21-2016 07:51 AM)Hood-rich Wrote:(09-21-2016 07:48 AM)MplsBison Wrote: Kron,
Good point, these average personal bankers aren't criminals or cheaters. They just open accounts that their customers didn't apply for, in order to hit bonuses.
So... criminal or not a criminal? By your "logic" I'd have to assume this young lady is a criminal. Please help.
Bring her to my office so that I can reprimand her.
![[Image: alrock.gif]](http://www.clubhummeroffroad.com/forums/images/smilies/smilies/alrock.gif)
RE: Elizabeth Warren Takes on Wells Fargo CEO - 58-56 - 09-21-2016 08:33 AM
(09-21-2016 07:54 AM)QuestionSocratic Wrote: I wonder how many of you wagon hoppers know that Wells Fargo has been aware of this for years, has fired over 5,000 employees for misconduct related to opening fraudulent accounts, and has been reimbursing customers for some time.
This Senate "investigation" is nothing more than Warren and her colleagues, trying to score cheap political points. But it makes for great theater.
Wells Fargo was "aware of this for years," yet did not inform their shareholders and handed out massive performance bonuses to executives based on these fraudulent accounts.
But John Stumpf "takes full responsibility" so it's all good.
RE: Elizabeth Warren Takes on Wells Fargo CEO - Kronke - 09-21-2016 09:55 AM
(09-21-2016 07:48 AM)MplsBison Wrote: Kron,
Good point, these average personal bankers aren't criminals or cheaters. They just open accounts that their customers didn't apply for, in order to hit bonuses.
If by "hit bonuses" you mean "reach sales quota in order to keep job".
RE: Elizabeth Warren Takes on Wells Fargo CEO - QuestionSocratic - 09-21-2016 10:05 AM
(09-21-2016 08:33 AM)58-56 Wrote:(09-21-2016 07:54 AM)QuestionSocratic Wrote: I wonder how many of you wagon hoppers know that Wells Fargo has been aware of this for years, has fired over 5,000 employees for misconduct related to opening fraudulent accounts, and has been reimbursing customers for some time.
This Senate "investigation" is nothing more than Warren and her colleagues, trying to score cheap political points. But it makes for great theater.
Wells Fargo was "aware of this for years," yet did not inform their shareholders and handed out massive performance bonuses to executives based on these fraudulent accounts.
But John Stumpf "takes full responsibility" so it's all good.
In the corporate governance world, "materiality" defines what is reported to shareholders. As it applies to BofA's financial position, this incident did not reached the level of material. (Furthermore, it was reported in the media.)
There is no evidence that executives received any performance bonuses based on these accounts since these accounts did not contribute materially (there's that pesky word again) to the bank's financial performance. The bonuses were awarded based upon the overall performance of the bank, which was excellent.
So don't try to make this into anything more than a bunch of senators trying to score cheap political points.
RE: Elizabeth Warren Takes on Wells Fargo CEO - MplsBison - 09-21-2016 10:14 AM
Kron,
They still went along with it.
Nonetheless, Warren wasn't berating the average personal banker in Washington.
RE: Elizabeth Warren Takes on Wells Fargo CEO - Kronke - 09-21-2016 10:18 AM
(09-21-2016 10:14 AM)MplsBison Wrote: Kron,
They still went along with it.
Nonetheless, Warren wasn't berating the average personal banker in Washington.
That brings me back to my original post..
(09-20-2016 02:35 PM)Kronke Wrote: If their practice of opening scam accounts was pushed down from corporate (and not just a way for low-performing salesmen to meet their quotas), then throw the book at them, but she lost me at "Cross-selling is all about pumping up the stock".That is nonsense. The average customer will use a number of, if not all of the products that Wells also offers, so it only makes sense that they would want to keep that business in house. Not only is it good for their bottom line, but there is a science to customer retention in that the more products they own with you, the more likely they are to stay with you.
If she wouldn't get so emotional and didn't think that EVERY person that works at a bank is a criminal, she may be taken more seriously.