Wells Fargo

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Re: Wells Fargo

Postby gnome » Wed Sep 21, 2016 10:14 pm

So does pandering mean "doing what the voters want because you want them to vote for you" instead of because it's the right thing to do?

Maybe I can live with that, how often do we get better?
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Re: Wells Fargo

Postby Grammatron » Wed Sep 21, 2016 10:27 pm

gnome wrote:So does pandering mean "doing what the voters want because you want them to vote for you" instead of because it's the right thing to do?

I'm not sure I understand what you're asking me.
Maybe I can live with that, how often do we get better?

All the time actually.
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Re: Wells Fargo

Postby sparks » Thu Sep 22, 2016 7:11 pm

Grammatron wrote:lol no she didn't


Saw pieces of that one on the various Hubris Channels. And while she may not have literally eviscerated the shmuck, imho she certainly figuratively bled, gutted, and then castrated the fuckwit. And it's still not enough. Bastard needs to be made to give back his bonus and then spend 5 to 10 in Federal Bone Me Up The Ass prison.
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Re: Wells Fargo

Postby Skeeve » Thu Sep 22, 2016 7:45 pm

Grammatron wrote:[big snip]
The CEO didn't even get a slap on the wrist; he just said sorry a lot did an interview, went for a round of golf, then maybe a dinner and a hooker.


One can only hope he contracts AIDS I suppose... I suspect his reputation may be in the toilet, if so, rightly so IMHO.

Wells Fargo has long portrayed itself as a "bank for Main Street," far removed from the excesses of Wall Street's wheeler-dealers, said Andrew Ross Sorkin at The New York Times.

:lmao: okay... sorry my Irony meter just broke...
That carefully crafted image "evaporated" last week, with the revelation that the San Francisco–based bank had fired some 5,300 employees — roughly 1 percent of its workforce — for signing up customers for checking accounts and credit cards without their knowledge. Authorities said about 2 million sham accounts were opened going back to 2011, complete with forged signatures, phony email addresses, and fake PIN numbers — all created by employees who were hounded by supervisors to meet daily account quotas. The bank then charged customers at least $1.5 million in fees for the bogus accounts. "When politicians talk about Wall Street as a 'criminal enterprise,' this is exactly what they are talking about."

Again, FUCKIN A!
"Will anyone go to jail for this?" asked Jesse Singal at New York magazine. Unlikely. Wells Fargo has been ordered to pay $185 million in fines, but that's a pittance compared with the $5.6 billion the bank earned in just the second quarter of this year. Meanwhile, the bank's victims weren't just nickel-and-dimed with overdraft and maintenance fees. Many of them took "significant hits" to their credit scores for not staying current on accounts they didn't even know about. "


link: http://theweek.com/articles/649015/well ... -explained
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Re: Wells Fargo

Postby Skeeve » Thu Sep 29, 2016 7:04 pm

After the Wells Fargo Debacle, Wondering Which Bank to Trust?

Worried that your bank is pulling the wool over your eyes after the Wells Fargo (WFC) scandal, where as many as 2 million accounts were set up for customers who didn't approve them?

In a recent study that reviewed 50 banks, ranking them by number of complaints, regulatory violations, penalty payment amounts, and responsiveness to customer needs, San Francisco-based Wells Fargo came in fifth based on a tally of total fines and consumer complaints.

On the same basis, Bank of America (BAC) ranked first, meaning it had the most fines and complaints, followed by Barclays (BCS) , HSBC (HSBC) and EverBank (EVER) .


:o

Good thing I don't trust a banksta' any further than I can throw them anyway
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Re: Wells Fargo

Postby corplinx » Thu Sep 29, 2016 7:06 pm

I put all my money in comic books. They're valuable because the guide says so.

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Re: Wells Fargo

Postby corplinx » Thu Sep 29, 2016 7:09 pm

Derp
Last edited by corplinx on Thu Sep 29, 2016 8:57 pm, edited 1 time in total.

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Re: Wells Fargo

Postby Grammatron » Thu Sep 29, 2016 7:43 pm

They shouldn't have closed his Wells Fargo account for that.
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Re: Wells Fargo

Postby Skeeve » Fri Sep 30, 2016 12:42 pm

U.S.: Wells Fargo illegally repossessed 413 service members' cars

The bank, already reeling from a scandal over fake accounts, will pay $4.1 million to settle Justice Department charges that it seized 413 cars owned by service members without a court order, a violation of federal law.

The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army National Guardsman in North Carolina who said the bank seized his car while he was preparing to deploy to Afghanistan.

Wells Fargo then auctioned his car and tried to collect a balance of $10,000 from his family, the Justice Department said.
...
News of the penalties came as Wells Fargo and CEO John Stumpf faced the wrath of the House
Translation: another round of wrist-slapping
...Financial Services Committee at a hearing about the millions of fake bank and credit card accounts, plus claims that it retaliated against whistleblowers.


Another example of Wells Fargo's "ethics in action" business practices...IMHO, YMMV.
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Re: Wells Fargo

Postby Witness » Fri Sep 30, 2016 8:24 pm

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More on his website.

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Re: Wells Fargo

Postby Skeeve » Mon Oct 03, 2016 2:15 am

Wells Fargo ignored petition from thousands of employees protesting unethical culture, lawsuit says

...
The lawsuit comes just one week after a $2.6 billion class action case from former Wells Fargo workers leveled similar accusations against the company. It also capped off a month of nonstop controversy for the nation’s biggest bank over its so-called “sandbagging” scheme, in which thousands of workers opened fake customer accounts to meet brutal quotas.


And the $hits, just keep on commin'!
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Re: Wells Fargo

Postby hammegk » Mon Oct 03, 2016 2:27 am

JEROME DA GNOME wrote:
Grammatron wrote:The stockholders seem to be unable, unwilling, or not savvy enough to force the board to stop giving away golden parachutes for failure. The regulations should nullify any severance in cases of widespread fraud or similar negative practices.


lol, you don't know how the system works.

Under a fascist system, the elite class is always raking off the working class.

Under every political system, ditto.

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Re: Wells Fargo

Postby Doctor X » Mon Oct 03, 2016 3:36 am

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Re: Wells Fargo

Postby Witness » Thu Oct 06, 2016 1:20 am

Faux Business wrote:Chicago Suspends Wells Fargo For One Year

The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo & Co from city business because of its scandal over phony accounts, joining the states of Illinois and California in punishing the bank.

The ban includes bond underwriting, brokerage, trustee and other services the bank has provided to the city. Wells Fargo has earned $19.5 million in fees from Chicago since 2005.

http://www.foxbusiness.com/markets/2016/10/05/chicago-suspends-wells-fargo-for-one-year.html

Peanuts.

Reuters wrote:Exclusive: Wells Fargo account scandal extends to small business - U.S. senator

The scandal over improper sales practices at Wells Fargo & Co extended to thousands of small-business owners, according to a U.S. lawmaker, raising questions about the scope of the bank's issues with unauthorized accounts.

In a Sept. 29 letter viewed by Reuters on Tuesday, Sen. David Vitter, a Louisiana Republican, demanded that Wells Fargo Chief Executive John Stumpf provide a "full accounting" of customers affected. Vitter is a member of the U.S. Senate's banking committee and also heads its small business committee.

Discussions between congressional staffers and Wells Fargo "have indicated that the fraudulent activity of your employees was not limited to Wells Fargo's consumer banking operations," Vitter wrote. "Thousands of small business owners were impacted by this fraud."

A person familiar with Vitter's probe say Wells has identified about 10,000 small business accounts that were subject to improper practices.

http://www.reuters.com/article/us-wells-fargo-accounts-business-exclusi-idUSKCN124261

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Re: Wells Fargo

Postby Skeeve » Thu Oct 06, 2016 5:29 am

This keeps coming up...
Wells Fargo Illegally Repossessed Cars of Active-Duty Military Members: DOJ
Dennis Singleton was a soldier preparing to go to Afghanistan in 2013 when he found out from his former wife that Wells Fargo had repossessed their car in North Carolina.

“I said, ‘Hey, they can’t do that!'” he recalled, in an interview with CNNMoney.

He was right. They can’t do that. It’s against the law. But they did it anyway.

Singleton, who serves in the North Carolina National Guard, is one of many service members whose cars were illegally repossessed by Wells Fargo, according to the Department of Justice.

Active-duty members of the military cannot have their cars repossessed without a court order, according to the DOJ, which just charged Wells Fargo with illegally repossessing 413 vehicles from members of the U.S. military.

The DOJ imposed a $24 million fine on the company for its mistreatment of military members, including $4.1 million to settle charges that it seized the cars. But Singleton never got his car back — it was sold at auction in 2013 — and has not received any financial compensation.

When he got back to the U.S., he used his savings to buy a new car. Not only did he lose money; he’s worried about his credit.

“It’s going against my credit,” he said. “Honestly, I just think it sucks.”

Wells Fargo sent a statement to CNNMoney saying the bank was “truly sorry.”


https://www.youtube.com/watch?v=ddOk6kUXioA
Last edited by Skeeve on Thu Oct 06, 2016 5:55 am, edited 1 time in total.
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Re: Wells Fargo

Postby Skeeve » Thu Oct 06, 2016 5:54 am

Wells Fargo to Pay $24M for Improper Repossession of Troops' Cars

and yet another article, this time from military.com

WASHINGTON -- The reputation of Wells Fargo & Co. took another blow Thursday when it agreed to pay $24.1 million for the improper repossession of cars owned by members of the U.S. military.
...
The Servicemembers Civil Relief Act [SCRA] requires a court order to repossess a vehicle if the service member took out the loan and made a payment before entering military service.
...
The Justice Department settlement stems from Wells Fargo's 2013 repossession of a 2011 Ford Escape from Army National Guardsman Dennis Singleton, who was living in Hendersonville, N.C., at the time.

Singleton was preparing to deploy to Afghanistan when the used car was repossessed without a court order, the Justice Department said. He served in Afghanistan from Nov. 17, 2013, to the end of August 2014.


So, does the SCRA say anything about jail time?
https://www.justice.gov/sites/default/f ... ratext.pdf

...
§ 532. Protection under installment contracts for purchase or lease [Sec. 302]
(a) Protection upon breach of contract.
(1) Protection after entering military service. After a servicemember enters military
service, a contract by the servicemember for—
(A) the purchase of real or personal property (including a motor vehicle); or
(B) the lease or bailment of such property,
may not be rescinded or terminated for a breach of terms of the contract occurring before or
during that person's military service, nor may the property be repossessed for such breach
without a court order.
(2) Applicability. This section applies only to a contract for which a deposit or
installment has been paid by the servicemember before the servicemember enters military
service.
(b) Misdemeanor. A person who knowingly resumes possession of property in violation of
subsection (a), or in violation of section 107 of this Act [50 U.S.C. App. §517], or who
knowingly attempts to do so, shall be fined as provided in title 18, United States Code, or
imprisoned for not more than one year, or both.

Okay, if I read this correctly, the DOJ can go to trial (should be straight forward)
and send these folks to jail for a year, as well as fine them.
But for some reason, they are choosing NOT to do so...
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Re: Wells Fargo

Postby WildCat » Thu Oct 06, 2016 1:51 pm

"Not only did he lose money; he’s worried about his credit."

His credit rating was affected by not paying his loan, not because the car was repossessed.
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Re: Wells Fargo

Postby Skeeve » Thu Oct 06, 2016 2:56 pm

WildCat wrote:
"Not only did he lose money; he’s worried about his credit."


His credit rating was affected by not paying his loan, not because the car was repossessed.


Maybe he couldn't continue to make the payments on his military salary.
It doesn't matter much, they took the car without due process (court order).

They *could* have repossessed the car by getting a court order.
But Being a bunch of lazy, shiftless banksta's, they didn't do that.
...
The Servicemembers Civil Relief Act requires a court order to repossess a vehicle if the service member took out the loan and made a payment before entering military service.

"We all have an obligation to ensure that the women and men who serve our country in the armed forces are afforded all of the rights they are due," said U.S. Attorney Eileen M. Decker of the Central District of California. "Wells Fargo failed in that obligation."
link

It begs the question, why should he continue to pay for a vehicle that he no longer possess?
And to add insult to injury:
...
After Singleton's car was sold at auction, Wells Fargo tried to collect more than $10,000 from him to cover the difference between what was owed on the vehicle and what it had sold for.

I suspect that may have had more to do with his credit rating than missing payments...
Anyway...
Singleton wants to get his credit restored, but he said, “I heard it takes an act of God.”

Or it might just take an act of the federal government. The DOJ says Wells Fargo is required to restore the credit rating of all victimized service members. The bank is also required to pay them each $10,000, “plus any lost equity in the vehicle with interest.” Singleton had paid more than $20,000 for his car.
link

Okay, so he had paid more than $20,000 (more than "a payment") into a loan for a used vehicle,
Wells Fargo did the repo, (w/o court order), then Wells Fargo sold it,
and then wanted another $10,000 out of him?
:o

Does make me wonder what kind of vehicle this was... however that is irrelevant.
They broke the law, and they are required to restore his credit as part of the restitution.

This wasn't just one guy, this was hundreds of cars from 2008 through the middle of 2015.
link

And the executives who pushed for this (not the people who pushed the papers),
should do some time for it IMHO. A year in a SUPER-MIN (country club) won't kill them.
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Re: Wells Fargo

Postby Abdul Alhazred » Thu Oct 06, 2016 3:27 pm

Perhaps the real issue is that he shouldn't have got the loan in the first place?
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Re: Wells Fargo

Postby WildCat » Thu Oct 06, 2016 4:43 pm

If they had got a court order his credit would still be shot and he'd still owe the bank for the difference.

And did Wells Fargo even know he had entered military service?
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