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You Should Be Fired, Not Rewarded': Warren Slams Scandal-Ridden Wells Fargo CEO for 35 Percent Raise


#1

You Should Be Fired, Not Rewarded': Warren Slams Scandal-Ridden Wells Fargo CEO for 35 Percent Raise

Julia Conley, staff writer

Sen. Elizabeth Warren (D-Mass.), a longtime outspoken defender of consumer rights and critic of Wall Street banks, condemned Wells Fargo on Thursday for giving its CEO a 35 percent pay raise following several scandals at the bank, and slammed executive Tim Sloan when he criticized her remarks.


#2

WTF, W-F? Have you no shame? If corporations are people, here’s one “person” who should be facing capital punishment.


#3

The legacy of the elite yacht and sports car coup of the nation as “economy” - at least in theory…

finance "industry’ …the fastest set of wheels… for a coup


#4

No matter what her other faults, the deep rooted problems of an egregious economic system seems to be in the sights of only the vocal Ms. Elizabeth Warren.

Can we get behind her for at least that reason, and forget her not endorsing Bernie in a timely manner?


#5

The wealthy bankers and their backers know that the US “justice system” and public opinion are no worries to them. I hope I live long enough to sing, “What Are You Gonna Do When We Come For You!”


#6

Isn’t it obvious? Even after the fines Wells Fargo made a boodle of money on the scam so the CEO is being rewarded for profitability. Of course these CEO sociopaths have no shame. No one with a thread of decency ever rises to the top of the corporate manure pile.


#7

Yup. And the raise sends the clear message: “Please continue doing this sort of thing.” My question is: why haven’t all of Wells Fargo’s customers jumped ship?


#8

The Bankers will be singing Van Halen’s song, “Runnin’ With The Devil” as we’re coming for them.


#9

I had a sub-prime auto loan with WFB for which they were charging me 16%. It was because I had credit problems and they were the only one, I think, who provided financing. I got out of that with a loan at my local credit union with a rate around 4%. For WFB, it’s better than highway robbery. I would never do business with them again. As far as my company, they use WFB for part of their business. I don’t know why and have mentioned other banks. From my experience in the business world - many of the people in it are clueless, don’t care or have no real consciousness of the issues we are facing as a country. There are millions of millions of americans who should know better and stop using WFB but they seem like zombies. Americans are also creatures of convenience and a bank could be raping the country but they would still use it - because it is “convenient” for them.


#10

Few things. For one, it is long past time we started to talk about public banking, and having public banks controlled by citizens, not politicians. Secondly, modern corporations are inefficient, internally authoritarian and often profit by creating costs that are then passed off onto others. Society at large or particular individuals and companies. Worker-owned cooperatives, credit unions, municipally, state, county and federal public enterprises, we need to take a look at institutional alternatives. Alternative institutions that are place-based, as well as directly accountable to the populace. We have to address ownership of enterprises in this economic system at some point, especially given that place-based enterprises wouldn’t ship production elsewhere and other institutions allow for more democracy and transparency. Last thing, finance has grown relative to the underlying economy. Finance’s share of domestic profits around the time that Reagan took over was less than 10%. Leading into the crash, it was approaching 40%. It went down after the crash but is rising again. Finance’s product is debt, and private debt has exploded since Reagan. Private debt is much larger than public debt, and it has grown at a much quicker rate than public debt. If we are ever going to move away from a debt based economy and go towards an economy based on producing things (in an environmentally sustainable way), then the debt overhang on the economy will make a good, functioning and equitable economy impossible. This is compounded by what the WTO requires, as well as trade agreements like NAFTA and bilateral trade agreements, which make both financial regulation and public enterprises really difficult.

If it isn’t obvious, radical changes are needed, and they’re needed now. Any politician in either party that takes finance’s money and does their bidding is the enemy of working people, and the domestic economy too.


#11

Excellent analysis. I believe that the post office used to offer checking or savings accounts for the average consumer. Why not?


#12

Warren agrees. I like her overall, although I disagree with her on a number of things. However, on this issue, she’s on the ball. There’s also the Bank of North Dakota too, which has done amazingly well over the long-term.


#13

This is exactly why big banks/crooks need to be broken up and caps mandated on salaries by CEO’s and their ilk. I mean a salary cap at say $750K. No person living needs or can justify this amount of stupid opulence. These are vile, vein tyrants and they now need to be stopped. Using any means possible. Time for the gloves to come off and change things or there won’t be anything left needing change. And yes I’m a bit of a dreamer.


#14

yes, yes and yes. If we can have a minimum wage - we can have a maximum wage as well. The alternative would be to go to a 90% income tax on wages over $700K or something like that.


#15

Bankers and now their employees are cheap bastards. Ask the teller for rolled change. I get rolls and look through them for older better coins or new mint coins worth saving. Even the new mint rolls have been previously checked and normal mint coins found in high grades are no longer there. You once could ask for any amount of any coin and the bank would provide them, not any longer.


#16

Go Warren – !!!

Wells Fargo isn’t some little corner of corruption in the Banking World.

Let’s also remember that it is citizens who create our economies and it is
banks and financial institutions which manipulate those economies for the
profit of Elites/wealthy.

How much does it cost you to repay $1,000 in credit to a bank or credit card company?

How much do you get when you put $1,000 into a CD or a Savings Account?


#17

In NJ, Commerce Bank was returning rolls of coins where a nickel would be
substituted for a quarter and some other gimmickry with the coin counting machines.

I personally experienced that quite a number of times … maybe one in every 5/6 rolls?

No end to the corruption of banks.


#18

Perhaps because it’s hard to find a robust alternative.

Where are you going to go? Bank of America? TD Banknorth? They’re all invested in pipelines, weapons, and inequality.

Credit unions? Well, if my local one is any indicator, they’ve been hollowed-out by participation in an inherently fraudulent economic system.

My local credit union (of which I’ve been a member for 20+ years) now sells all its loans on the secondary market. It treats lower-income “shareholders” like second-class citizens. Its routine and customary practices discriminate against shareholders of lower social rank, and favor those of higher social rank, in clear defiance of its corporate charter. Just like their bigger banking siblings.

The entire modern monetary system is based on theft of the commons. On the lie that infinite material growth is possible—and desirable—in a world characterized by finite resources.

Institutions and organizations founded on lies cannot remain stable.

So where are all the existing banks’ customers to go instead?


#19

I’m behind her right now!


#20

But you’re not the only one…