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Wells Fargo Directors Face Wrath for Complicity In Bank Corruption


#1

Wells Fargo Directors Face Wrath for Complicity In Bank Corruption

Lauren McCauley, staff writer

Met by fierce protests both inside and out the annual shareholder meeting in Ponte Vedra Beach, Florida on Tuesday, members of the Wells Fargo board of directors refused to step down despite expressions of outrage and no confidence for their handling of a massive consumer banking scam.


#2

Corporations are incentivized to rip us off.

A way to dis-incentivize them? Perp walks.


#3

Exactly right!

While reading the article I kept thinking, "Where's any mention of Obama's (so-called) Justice Department?" Its practice of not prosecuting Wall Street offenders contributed to the current "corporate CAFO" atmosphere found today.


#4

As banks have gotten to big to fail, by mergers, acquisitions, etc, these predatory practices have only been increasing and yet, no one is sent to jail. If I stole a $100 million from a bank, I'd be put away forever but they do the same to their customers/marks and they reap fat bonuses. Something is really wrong here and it's not my perception of things. I'm just glad that I belong to a not for profit credit union because they can't do these types of illegal/unethical practices.


#5

Better yet find a credit union to join, where profit is not the motivator for good service. Take your business elsewhere. That's what hurts them in ways they understand.


#6

Here is an excellent article that enumerates the wide range of predatory practices exercised for decades by Wells Fargo and the banks it merged into WF (Wachovia, Norwest, e.g.) making it the second largest bank in the world. http://www.alternet.org/economy/whats-wrong-wells-fargo

The list of bad practices is appalling with drug money laundering included but, all they have done is pay the fines and continue BAU. Guess the new CEO, Sloan is no better than the dethroned Stumpf...the culture of usury and deception are more the practice than the exception. (Sloan is also paid handsomely and lives in a $5Mil home in San Marino an upscale residential suburb of Los Angeles where the median income is $160,000.) The one thing in their favor is that they will not loan money to DJT or his spawn as they were burned by him/them in the 1980-1990's.

As is the culture of most BoD's, they are almost all top executives (active or retired) of any number of corporations/banks/investment firms/insurance companies and quid pro quo is the norm...you scratch my back, I'll scratch yours...they work to fill their personal accounts by authorizing excessive salaries and platinum parachutes for their fellow execs at the expense and on the backs of their depositors/customers. Greed is their only god with avarice their idol.


#7

Yeah, I dig that.


#8

What are BAU and BoD? In many people's opinions , nobody is worth paying those ridiculous salaries while they get chauffeured around in their limos. Our first responders, and people who save lives ( doctors, nurses, PAs etc do not make that kind of dough.


#9

I agree, as well as supporting small businesses and cutting back on the material world period.


#10

Hey, at least when Rayguns was in office staff members from the savings and loan industry went to jail- yes they actually did. Then there were other high stakes scandals such as Enron. Remember Kenny boy Bushie boy's friend? At any rate- who can wrap his/her head around people accepting our richest citizens crashing the global economy and getting away with it? Over 5,000 people committed suicide- nobody wants to address that- not even Obama or Holder.


#11

Business As Usual

Board of Directors


#12

Met by fierce protests both inside and out the annual shareholder meeting in Ponte Vedra Beach, Florida on Tuesday, members of the Wells Fargo board of directors refused to step down despite expressions of outrage and no confidence for their handling of a massive consumer banking scam.

....and yet the board of directors and senior management remain.

People can protest and disrupt shareholder meetings all they want. It will NOT produce the desired results. Protests and disruptions just roll off the backs of these capitalist ruling class members like dust. As far as they are concerned, the commoners (99-percenters) are merely chaos -- nothing more. They tune us out just like turning off a light switch.

Until the common working class people get united and get serious about changing the current economic and political systems now in-place, this situation with Wells Fargo is just a glimpse of what is on the horizon.

In facing the reality of situation; I really do not think that the vast majority of the working class realize, understand, or even care enough about our situation to do anything meaningful to change our allotted role in life as designed by the elites.

As unfortunate as it is, get used to it. There is more and worse to come.


#13

The sheeple are busy grazing.


#14

So, what did each one know and when did they know it?.... Why does NO ONE ever go to jail for this sh*t....?


#15

You know, you are so right... the vast majority of people do not understand... and actually, many, worship the rich.


#16

This likewise goes for our government officials. Marching in the street and "raising Mollie Ivins style" hell with cute protest signs has become merely "a feel good" exercise for those who participate. The protests just run off the well oiled backs of officials like so much water.


#17

'... [Chairman Stephen] Sanger tried to get Marks to sit down and wait until a specific Q&A session, telling him he was "out of order."' LOL. Out if order? Yea


#18

Divest, divest, divest.

If you have an IRA, 401K, 503B or any sort of retirement fund that invests in variable equity annuities, contact your financial adviser right away and tell them to move your money out of any mutual funds that invest in Wall Street Banks, Oil Pipelines, or any company that puts profit before people. I recommend "Green Century Funds", but there are others out there, I'm sure.

Expect resistance from your adviser. They'll tell you that you'll get a better return on your money if you keep it where it is. It's a lie. Their marching orders are to keep as much money in those toxic companies as possible because they make more money in brokerage fees and kickbacks by holding your money where it does the least good for humanity. I didn't get results until I threatened to roll over my IRA myself and fire my financial adviser. Then all of the sudden they were more than happy to work with me.

Companies like WellsFargo will still be able to function with funding from Bershire Hathaway and other mega-rich investors, but they don't have to do it with YOUR money. YOUR money will be helping companies who put people and planet before profit.


#19

You have to forgive me for not reading the entire article but just could not get by this statement," "Let them speak! Let them speak! Or are they just mouthpieces for the executives who allowed these predatory practices to occur?"
Are these people really ignorant of the fact that the economic system that they work in is by it's very nature "predatory"?
That people who are strong supporters of the capitalist system have been for 200 years touting that very fact. Telling us how it is force of nature, how it replicates the very idea of natural selection, the strong survive and the weak die.


#20

Actually, 35 bankers did go to jail for their crimes in the financial crisis of 2008-2009. The problem is that they were from smaller banks who didn't have the political connections of the "too big to fail" crowd.