Tell us what you really think.....
Why mince words......
Posted on 01/27/2020 6:26:07 PM PST by wardamneagle
WASHINGTON – The Office of the Comptroller of the Currency (OCC) today issued a notice of charges against five former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, and announced settlements with the bank’s former Chief Executive Officer (CEO) and other members of the bank’s operating committee.
(Excerpt) Read more at occ.treas.gov ...
Scroll down to get the 100 page PDF report. WOW !
Do these charges have prison terms as prescribed by law upon conviction?
I scanned through the PDF file and I’ve had some bank consulting in my background. All I can say is that a LOT of people need to serve a LOT of jail time.
It’s crap like this that kills the laissez-faire argument that if you just let the market take precedent everything will work out. This report also puts to shame the belief that if only women were in charge things would be better. A number of the worst crooks in this instance were female.
This is just like the Fannie Mae crap. Fannie Mae execs manipulated earnings to meet and maximize bonus compensation at the top levels and it was an inside joke that they could name any earnings target they wanted and hit it.
They probably will not do jail time, but the Feds will mess with them for a good long while with this. I work for a major international bank and deal with the OCC and FRB regularly. They are a real pain in the ass. That said, Wells was stupid, arrogant and downright negligent for years. Bad culture but one that is slowly being cleaned up,
Looks like things are being exposed and are coming down on crooks. i hope they get sent to prison. God I hate big banks.
Good, by GOD! I hope they stick it up him and break it off at the Stumpf. That POS cost my wife and I a few thousand when we banked there and had to bird dog some lawyers on them to reconcile; under that SOB's watch, I and several hundred colleagues lost good IT positions when they bought out Wachovia and lied to our management eyeball to eyeball about the nature and intent of the service contract they signed with us; then they tried to gouge us on the mortgage loan they held on our house and we had to unleash a different set of legal krakens to get them to back off. I despise Wells Effing Fargo, every self-entitled/slut/homo/mouth-breathing manager and line worker there, anyone else who works there, anyone who ever worked there, and any sub-embryonic little dirtbag who will work there after they're born. I hope their dogs get worms, their cats get fleas, their frigging goldfish get fin velvet and die, their kids get cursed with teeth braces, chronic zits, and bad breath, their family car engines seize 3/10ths of a mile past the warranty coverage, their hot water tanks explode and flood the basement, their yards get infested with chiggers, and all of their asses get a case of internal hemorrhoids that every suppository on the planet can't relieve if they were frozen into ice cubes!!!!!!! Sons of bitches!!!!!!!
I am in awe!!
“fin velvet”?? d@mn. You ARE mad!
So do I, and I work for one. Walked out today. Don't think I'm going back tomorrow. 15 years was enough.
We tried to work it out with them for 5 month's. They could never find paper work or records of phone calls. This is after we told then the date the time the call started how long it was what it was about the name of the operator, and the operators number.
The comptroller was shocked when we told them what records we had. They asked if we had the papers Wells Fargo sent and we said back 10 years. And records of every bill we paid back over 20 years.
I think they called Wells Fargo and said you are screwed and stop before they lost in court. Moral is Wells Fargo is corrupt or incompetent and can't be trusted.
I have a business credit line with Wells which I established many years ago, for a business that no longer exists. Though that business no longer exists, it was a sole prop, so nobody other than me is liable for repayment. I’ve borrowed $70K on it at times, many times. It is exceptionally handy and sometime they offer 4% or 6% interest for 18 months, which is great, IF you can use the money productively.
So at one point they called me up and stated that in order to continue the line, I had to 1: open a savings account, 2: Open a ckg account, 3: maintain minimum balances in both, and 4: Have 4 ATM withdrawals or 3 automatic deposits or some similar combo of activities. At the time I had a small balance on the CL at 4% so I was making more than minimum payments but otherwise not crazy about paying off the CL.
6 months later, I take a look at the savings & ckg accts and I’m being charged $12 a month for both. Tellin’ ya, I marched down to the local branch in a huff, sat down with a manager and demanded that we go through all my statements and reverse all those service charges and close both accounts, like right f’n now.
He did. I imagine Wells opened millions of accounts this way, precisely the thing they’ve been slammed for.
Not a single one was sentenced to any pokey time but some pretty good penalties. Noticed Hope Harrison had a bankruptcy clause in her order so she must have been filing. Should have sent them to the big house with heavy sentence with no chance of early release. Also the funds that are recovered will go to Uncle Sugar not the ones defrauded.
Totally incompetent. Lucky I had all the dates of when we gave them the paper work to tell the comptroller.
We have a note book we keep track of every time we talk to a bank or business. It contains the date of the call, when the call started, how long the call was, operator name, and operator number. There is a description of the call with what was talked about and any actions taken. We also log if any paper work was discussed or send and that we have it on file if it is sent.
Started this when a credit card kept charging us late fees even though they were taking the money before the date it was due. We got the money back but thousands didn't because they didn't keep record. The card went bankrupt from a class action lawsuit that was for 25 million settlement. The other people got like a dollar thirty from a 35 dollar late fee.
I don't trust banks because they don't hire the brightest. And because of that Wells Fargo couldn't take our house. F-ing morons.
You mean my rep is getting around? Yeah, I am kinda nucking futs. My cheese done slipped off my cracker. My old doctor put me on anti-anxiety meds 20 years ago because he was afraid I was going to get on the roof and shoot at passing cars. My neighbor across the fence line now is the county sheriff. He watches me with binoculars.
Bkmk Wells Fargo
They should be under personal cease and desist orders. All of their money should be forfeited to the government and they should do felony hard time.
I spent 42 years in commercial banking and my hatred for these people is eternal.
Great! You said it much better than I could.
I could never understand when they were in the news a few years ago for opening unsolicited accounts for customers how those customers didn’t realize 1) the accounts had been opened, and 2) the fees being charged on said unwanted accounts were just basically donations to the bank. Where did the money come from?
Can anyone explain how that worked (how unwanted new accounts were basically dried up with fees)?
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