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| Wells Fargo's stupid scam ... | |
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| Tweet Topic Started: Sep 10 2016, 03:08 AM (642 Views) | |
| jon-nyc | Sep 11 2016, 01:14 AM Post #26 |
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Cheers
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They did a lot. They fired 5300 people over the course of a few years. |
| In my defense, I was left unsupervised. | |
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| TomK | Sep 11 2016, 04:19 AM Post #27 |
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HOLY CARP!!!
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One would think that this was a major ongoing internal problem for the bank. Management obviously know of the situation and I'm sure they knew it was illegal--but instead of changing the sales goals for tellers they just fired ones that were caught red handed. It just seems ridiculous. |
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| Steve Miller | Sep 11 2016, 08:27 AM Post #28 |
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Bull-Carp
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That strategy did not work and you'd think they would have figured long before year 3. |
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Wag more Bark less | |
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| Luke's Dad | Sep 11 2016, 01:24 PM Post #29 |
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Emperor Pengin
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What's wrong with sales goals? My understanding is that it wasn't so much employees trying to keep their jobs as it was employees trying to hit that next bonus level. |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| Luke's Dad | Sep 11 2016, 01:25 PM Post #30 |
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Emperor Pengin
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I still think that there should be criminal prosecution. We are talking about identity theft, here. |
| The problem with having an open mind is that people keep trying to put things in it. | |
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| Aqua Letifer | Sep 11 2016, 01:52 PM Post #31 |
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ZOOOOOM!
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This! This thing that just happened! That's exactly what's wrong with sales goals! But hey if that doesn't do it for you: ![]() That guy. Matter of fact the entire theme of the play shows what's wrong with sales goals, they're foul. |
| I cite irreconcilable differences. | |
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| TomK | Sep 11 2016, 01:56 PM Post #32 |
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HOLY CARP!!!
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They have to be reasonable and do able. they have to make sense to the people trying to achieve them and to the overall organizational goals. They can't be fluidly random as those from WF appear to be. No one in management was paying attention to the plight of the workers (you have to figure there are at least GOOD people doing bad. What kind of hell is that? when you force good people to do bad things to save their jobs?) Edited by TomK, Sep 11 2016, 01:58 PM.
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| jon-nyc | Sep 15 2016, 09:46 AM Post #33 |
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Cheers
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So far three US attorneys offices and the state of North Carolina. http://www.nytimes.com/2016/09/15/business/dealbook/wells-fargo-investigation.html?_r=1 |
| In my defense, I was left unsupervised. | |
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| George K | Sep 21 2016, 11:26 AM Post #34 |
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Finally
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Today's WSJ says that Wells Fargo did not benefit.
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A guide to GKSR: Click "Now look here, you Baltic gas passer... " - Mik, 6/14/08 Nothing is as effective as homeopathy. I'd rather listen to an hour of Abba than an hour of The Beatles. - Klaus, 4/29/18 | |
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| Horace | Sep 21 2016, 08:05 PM Post #35 |
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HOLY CARP!!!
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That's just an opinion piece. An apologist one at that. And this is just absurd:
So, after 5 million of these frauds, "most" of which customers caught immediately and reported, it was still a practice in the institution? How dumb is Wells Fargo supposed to be, anyway? I wonder how many degrees of separation that apologist has from bank money. |
| As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good? | |
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| jon-nyc | Sep 22 2016, 12:41 AM Post #36 |
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Cheers
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There were 2MM fake accounts and well over 95% were not fee generating. The bank has nothing to gain from fake accounts that customers don't even know they have. The individuals who gain are those who are compensated based on how many accounts they open. I really don't see why this situation is so hard for people to understand. It's such a straightforward, almost boringly predictable display of human primates responding to incentives. Actually, that's not true. I do understand. People have a good vs evil heuristic through which they see most human events and bank execs fit squarely on the evil side. They simply *must* have orchestrated this, because they are bank execs, and bank execs are evil. |
| In my defense, I was left unsupervised. | |
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| Horace | Sep 22 2016, 01:02 AM Post #37 |
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HOLY CARP!!!
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Oh, well played. But then again you gravitated to what you gravitated to. |
| As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good? | |
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| Horace | Sep 22 2016, 01:09 AM Post #38 |
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HOLY CARP!!!
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Jon will never talk about money. I remember the thing so far back where he was just a boy-nyc. Obviously not capitalized, just like jon. But he accidentally let slip that he didn't consider it an important amount of money to buy a Bosie. While also accidentally making it his avatar. |
| As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good? | |
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| jon-nyc | Sep 22 2016, 01:44 AM Post #39 |
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Cheers
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I think you need to confront two facts in order to maintain the belief that this was orchestrated by C-level execs of the bank: 1). The bank has no incentive to open dummy accounts that don't bear fees and won't be used, since the customers don't even know they exist 2). If this *was* orchestrated, yet management still fired 5,300 employees for essentially doing as they were told, why couldn't the CFPB or the LA district attorney get any of them to talk? Share a memo? Anything? Of course, if that's too hard you could always just resort to ad hominem arguments against me. |
| In my defense, I was left unsupervised. | |
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| Horace | Sep 22 2016, 01:56 AM Post #40 |
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HOLY CARP!!!
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jon will never talk about his money and where it comes from. I'm not sure where my money comes from but I believe it comes from a good place. I hope he believes the same. I'm not sure he could believe that quantitatively. |
| As a good person, I implore you to do as I, a good person, do. Be good. Do NOT be bad. If you see bad, end bad. End it in yourself, and end it in others. By any means necessary, the good must conquer the bad. Good people know this. Do you know this? Are you good? | |
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| Aqua Letifer | Sep 22 2016, 09:11 AM Post #41 |
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ZOOOOOM!
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Mysterious. I personally couldn't give a crap. Jon's awesome to share beers with and that's good enough for me. As to this issue, I don't know if this meets the definition of fraud but the triangle test seems pretty clear here. Opportunity and rationalization seem like slam dunks. |
| I cite irreconcilable differences. | |
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4:45 PM Jul 10