How Scott Reckard Uncovered Wells Fargo Fraud Story | Power Lunch | CNBC ... Thanx to CNBC
***** LA TIMES/ E. SCOTT RECKARD: Wells Fargo's pressure- cooker sales culture comes at a cost ... (the December 2013 original investigative story that broke ground to take action)
This posting will serve as Part 3 of the "Too Big To Fail Ba(n)kery" and "Wells Fargo" series of this journal/ blog, that I wanted to record in here concerning Wells Fargo. I feel that right now (2016), it is more importante than ever because of these massive/ behemoth predator institutions they are more becoming, and devouring our economies, that we should seriously consider starting to grow a strong public banking system, owned and controlled by us for us (Public Banking Institute info) ... but that's another posting. I wanted to open above with Scott Reckard and the piece he done 3 years back in the Los Angeles Times, because much credit should go to him and his colleagues for the investigative work they done, as well as the bank customers and employees that helped this get in motion ... but, this is what broke ground for this before any of the government agencies from the CFPB (Consumer Financial Protection Bureau), the DOJ (U.S. Department of Justice), and the House Financial Services Committee even looked at any of these latest allegations on a more serious level, making it all possible for this to become mainstream. This is leading a push for further criminal investigations too, and also Wells Fargo CEO/ Chairman John Stumpf, will have to face the Senate Banking Committee this coming tuesday 09/ 20/ 2016. I selected a few pieces to link below about this out of several I read to highlight here, the one from the New York Times also has a CNBC/ Mad Money video exclusive with Chairman/ CEO of Wells Fargo, John Stumpf, trying to explain what happened, and how great of a community bank Wells Fargo is, and how they love their customers over their own lives/ existence, etc. Also Thanx to Presidential candidate Hillary Clinton for inspiring the title of this posting in part ... because as I was reviewing these cases, allegations and settlements ... I couldnt help to think of Hillary Clinton who summed it up perfectly in short, that these super- predator gangs and mobsters should be brought to heel, although she wasnt talking about the banksters here, everything she said in the half minute video below describes what these banksters are, and what should be done to them. So on that note, since she is so influential on Capitalism Hill (aka Capitol Hill), I would hope that everyone from the DOJ to the Congress and herself, will DO all they can to bring these super- predator gangs of extortion, corruption, fraud and theft to heel ... after all ... there are 2 million new cases that justify criminal investigation and possible indictments to choose from. After, I will add a few more words ....
***** NY TIMES/ WILLIAM D. COHAN: Wells Fargo Scandal May Be Sign of a Poisonous Culture ... (newsread/ video)
***** BUSINESS INSIDER/ CHRIS SANCHEZ: Why Wells Fargo keeps getting into trouble ... (some of Wells Fargo problematic legal issues)
***** CONSUMER AFFAIRS.COM: Top 104 Complaints and Reviews about Wells Fargo Student Loans ....
Hillary Clinton- Full 'Bring Them To Heel' gang comments ... Thanx to TALEAST
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***** PD/ RCJ: "TOO BIG TO FAIL BA(N)KERY" PART'S 2 & 1
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The Deadliest Terror Attack On Wall Street ... Thanx to BUSINESS INSIDER
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Thomas Hudson Pickering/ Ranch Chimp
You know, when you have folks like JPMorgan leaving the holes in the wall from the slug/ shrapnel of their Wall Street bank after the explosion/ attack on their bank and Wall Street in 1920, and saying it is in "defiance" of those who dare to attack them ... looking at these folks actions, as well as your other big banks ... they are basically saying, whatever they do to incite this violence will be looked at as them being the victims, and everyone else is their enemy and the aggressors. However, when these institutions do what they do to our citizens, communities and economies ... "they deserve what they get" as well should be our motto, the only disappointment I see in any of these attacks or even vandalism or whatever on these institutions, is all the innocent people that are harmed or killed ... instead of the bankers themselves ... I shed no tears when harm and failure comes their way ... after all ... who are the real instigators inciting this war on the people? Wells Fargo for example has a history now of several years of shady and illegal practices, by law, they are habitual offenders (at least that's how most Americans are charged and tried, such as "3 strikes out" laws), with several years of recidivism ... they prey on the common smallest depositor, homeowners, middle class, students, veterans, small businesses, elderly to young, to the homeless and people on Social Security, you name it ... they even have a term and plan for lower income people of colour in their culture ... that they casually call "mud people", where they peddle off through their communities and targeting their church ministers to peddle off subprime loans, that they call "ghetto loans" (PBS) ... all of these gangs of predators and their culture, whether it's Wells Fargo or others, will even train and pressure their employees to prey on the most vulnerable of our society, including their employees own family members and friends on up in America and abroad, and do just about anything to screw them/ you somehow out of something ... how can you have any respect for them?, or even want to have anything to do with their institutions/ banks? ... I see it as insane, and even more insane to make excuses for them. The thing is as well, since the 2008 financial crisis, these institutions that were too big to fail, are even larger, and it's getting worse by the year. Sure, the fines and penalties they receive are a positive, but it is not stopping any of this. Wells Fargo now saying that they will put on a new rehabilitated business image starting January 01, 2017? ... of course more bullshit, to see who the next political administration/ cabinet is, to get their lobbyists and insiders to work on ... this should have been done several years ago after previous troubles.
It's also insane that the senior executive VP that headed their community banking, Carrie Tolstedt, gets to walk away scott free with also over $124 million, but, that's all in the contract work and part of her compensation ... she was right in the thick of all this as it was going down, but like Chairman/ CEO John Stumpf, are not aware of this culture ... so they're either lying, or very incompetent. I would hope that this Senate Banking Committee hearing/ session will bring about much more focus on this, and a clearer view from the executives positions, but I dont expect much more than a political version of "Dancing with the Stars", being politicians drilling hard questions, but getting a dance around the issue response from Stumpf ... similar to previous shows with folks like JPMorgan's Jamie Dimon or BP's Tony Hayward hearings. The committee has to hold these hearings most importantly now during this election season, because it gives politicians and the 2 parties a boost, to show that they are somewhat cracking down ... so folks like Stumpf or whoever, understand and dance to the tune basically ... so that is mostly for show, and all you can do is hope that something positive results from it ... and it gets heavier media exposure, and inspires more investigations and possible criminal charges. Since there is no accountability of any of these folks in any significant way, you have to enforce laws, bring criminal indictments, and take action ... this is the only way to slow this down ... simply fining someone several millions who makes billions off these practices does nothing at all ... not taking action, is like failing business and the industry. They say that Warren Buffet for example lost over a billion dollars over this (Bloomberg) ... good, this also is a positive, and all the other major investors. It is a positive as well that there is a social and mainstream media saturation of this, and that thousands of people take their money out of this/ these institutions and refuse to do business with them ... there are so many different smaller banks, credit unions and other places to put your money and do business with ... customers dont deserve this, any more than they deserve politicians that fiddle faddle around and indirectly support this kind of culture, abandon them as well. If we dont challenge this, from the working class depositor to the larger investors ... this type of culture and behaviour will only get worse, and have a greater financial crisis impact and consequences on our economies, in an already fragile economy that we have now.
Word Out ....
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**** quote commonly credited to Jefferson, but lack of solid proof that it came from him ... still, a great quote
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***** RANCH CHIMP JOURNAL "WELCOME" POST
***** RCJ MUSIC/ ART'S HONOUR ROLL SOCIETY (my hand- selected music/ arts picks)
***** RCJ/ THOMAS PICKERING: GOOGLE+ (video posts)
***** THE RESISTANCE/ PERIL'S OF THE POWER POSSE (inspiration for hope & change) ... to be viewed as a "profit- see", not a "prophecy".
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