• filter:

Article: 'Inside Wells Fargo’s fake accounts scandal'

  • Page :
  • 1
  • Text Only
  • Search this Topic »
Voting History
rated:
(Didn't see any current thread on WF account-opening scandal)
Article from Vanity Fair purporting "insider" look.  A lot of it is rehashfrom prior accounts, although I did find this tidbit interesting:

Almost 15 years before the scandal became front-page news, in 2002, Wells Fargo’s internal investigations unit had noticed an uptick in what they called “sales integrity” cases. “Whether real or perceived, team members . . . feel they cannot make sales goals without gaming the system,” an investigator wrote in a report dated August 2004. “The incentive to cheat is based on the fear of losing their jobs.” The report recommended that Wells consider reducing or eliminating sales goals, as several peer banks had done, and warned that the issue could lead to “loss of business and . . . diminished reputation in the community.” There was no follow-up.

http://www.vanityfair.com/news/2017/05/wells-fargo-corporate-cul...

Member Summary
Staff Summary
Thanks for visiting FatWallet.com. Join for free to remove this ad.

rated:
Womp womp....

Ever since banks transitioned their business model from trying to get people to come and use their banks for depositing their money to now the new fee-charging model.... It's overall just gotten sickening. The entire business venture with trying to get employees to open as many accounts as possible as goals is ridiculous. Their entire initiative is to get poor pathetic people that barely scrape by to open accounts on the prospects that they will be their outragous monthly fees, service fees, overdraft fees, etc...

We clearly need some regulation here - Banks used to be about serving people so they would use the bank for their daily transaction needs - hoping as they progress up that they continue to accrue more assets and deposit them at the bank. Now it's just a money-now game of trying to sucker them into fees. That's not what banks were created for.

rated:
justignoredem said:   Womp womp....

Ever since banks transitioned their business model from trying to get people to come and use their banks for depositing their money to now the new fee-charging model.... It's overall just gotten sickening. The entire business venture with trying to get employees to open as many accounts as possible as goals is ridiculous. Their entire initiative is to get poor pathetic people that barely scrape by to open accounts on the prospects that they will be their outragous monthly fees, service fees, overdraft fees, etc...

We clearly need some regulation here - Banks used to be about serving people so they would use the bank for their daily transaction needs - hoping as they progress up that they continue to accrue more assets and deposit them at the bank. Now it's just a money-now game of trying to sucker them into fees. That's not what banks were created for.

  
Silly rabbit...  companies making more money is what makes this country great!  It doesn't really matter how they do it, as long as they can report higher and higher profits, everything is good.  The people they supposedly hurt are better off too because all that new wealth trickles down to everyone and makes them better too.  Not maximizing profits at all costs is downright un-American.

/sarc

rated:
skarydrunkguy said:   
justignoredem said:   Womp womp....

Ever since banks transitioned their business model from trying to get people to come and use their banks for depositing their money to now the new fee-charging model.... It's overall just gotten sickening. The entire business venture with trying to get employees to open as many accounts as possible as goals is ridiculous. Their entire initiative is to get poor pathetic people that barely scrape by to open accounts on the prospects that they will be their outragous monthly fees, service fees, overdraft fees, etc...

We clearly need some regulation here - Banks used to be about serving people so they would use the bank for their daily transaction needs - hoping as they progress up that they continue to accrue more assets and deposit them at the bank. Now it's just a money-now game of trying to sucker them into fees. That's not what banks were created for.

  
Silly rabbit...  companies making more money is what makes this country great!  It doesn't really matter how they do it, as long as they can report higher and higher profits, everything is good.  The people they supposedly hurt are better off too because all that new wealth trickles down to everyone and makes them better too.  Not maximizing profits at all costs is downright un-American.

/sarc

  
I don't know why you think that is sarcasm - it is actually true isn't it (except for the trickle down part)?   Making money is the most American thing, right next screwing everyone else over.  Companies exist to maximize shareholder value - that is the only thing they are beholden too.  Now that corporations are people, my friend, they have individual rights and can use ever increasing profits to buy politicians to further increase profits.  Of course, the only people that benefit are the executives whose sole goal in life is to leach as much as they can from the company coffers before being fired.  That's not sarcasm - that is exactly the way business in America works now.

rated:
Xnarg1 said:   
  
I don't know why you think that is sarcasm - it is actually true isn't it (except for the trickle down part)?   Making money is the most American thing, right next screwing everyone else over.  Companies exist to maximize shareholder value - that is the only thing they are beholden too.  Now that corporations are people, my friend, they have individual rights and can use ever increasing profits to buy politicians to further increase profits.  Of course, the only people that benefit are the executives whose sole goal in life is to leach as much as they can from the company coffers before being fired.  That's not sarcasm - that is exactly the way business in America works now.

  
Making money isn't an "American" thing, it's a human thing. Business in America doesn't work this way "now," it has always worked this way. And it has worked the same way in countless other societies for generations as well. Show me a society with a better standard of living for 300 million people in which wealthy corporations and individuals don't wield an enormous amount of power. Greed has always existed, here and elsewhere, and will continue to exist. If complaining about big bad CEOs makes you feel better, more power to you. Personally, I find it to be pretty useless.

rated:
meade18 said:   
Xnarg1 said:   
  
I don't know why you think that is sarcasm - it is actually true isn't it (except for the trickle down part)?   Making money is the most American thing, right next screwing everyone else over.  Companies exist to maximize shareholder value - that is the only thing they are beholden too.  Now that corporations are people, my friend, they have individual rights and can use ever increasing profits to buy politicians to further increase profits.  Of course, the only people that benefit are the executives whose sole goal in life is to leach as much as they can from the company coffers before being fired.  That's not sarcasm - that is exactly the way business in America works now.

  
Making money isn't an "American" thing, it's a human thing. Business in America doesn't work this way "now," it has always worked this way. And it has worked the same way in countless other societies for generations as well. Show me a society with a better standard of living for 300 million people in which wealthy corporations and individuals don't wield an enormous amount of power. Greed has always existed, here and elsewhere, and will continue to exist. If complaining about big bad CEOs makes you feel better, more power to you. Personally, I find it to be pretty useless.

  


The topic at hand here is a corporation systemically, flagrantly violating the law by defrauding millions of customers over many years.

That is not defensible in the name of capitalism.

 

rated:
jerosen said:   
meade18 said:   
Xnarg1 said:   
  
I don't know why you think that is sarcasm - it is actually true isn't it (except for the trickle down part)?   Making money is the most American thing, right next screwing everyone else over.  Companies exist to maximize shareholder value - that is the only thing they are beholden too.  Now that corporations are people, my friend, they have individual rights and can use ever increasing profits to buy politicians to further increase profits.  Of course, the only people that benefit are the executives whose sole goal in life is to leach as much as they can from the company coffers before being fired.  That's not sarcasm - that is exactly the way business in America works now.

  
Making money isn't an "American" thing, it's a human thing. Business in America doesn't work this way "now," it has always worked this way. And it has worked the same way in countless other societies for generations as well. Show me a society with a better standard of living for 300 million people in which wealthy corporations and individuals don't wield an enormous amount of power. Greed has always existed, here and elsewhere, and will continue to exist. If complaining about big bad CEOs makes you feel better, more power to you. Personally, I find it to be pretty useless.

  


The topic at hand here is a corporation systemically, flagrantly violating the law by defrauding millions of customers over many years.

That is not defensible in the name of capitalism.

 

I agree, however, I did not understand Xnarg's comment to be limited to Wells Fargo. It sounded to me like he was talking about "business in America" in general. Hence my response.

While it does upset me that what Wells Fargo did went on for so long, the banking regulatory system ultimately worked, and the press putting the word out about that is what severely damaged their reputation. That's good news.
Then again, their stock has already recovered. So while this affected tons of customers, the vast majority that it didn't affect haven't cared enough to take their business elsewhere. And it seems, at least from that article, that the civil court system is not equipped to handle this sort of thing via civil lawsuits for illegal termination. That is bad news.

rated:
meade18 said:   
jerosen said:   
meade18 said:   
Xnarg1 said:   
  
I don't know why you think that is sarcasm - it is actually true isn't it (except for the trickle down part)?   Making money is the most American thing, right next screwing everyone else over.  Companies exist to maximize shareholder value - that is the only thing they are beholden too.  Now that corporations are people, my friend, they have individual rights and can use ever increasing profits to buy politicians to further increase profits.  Of course, the only people that benefit are the executives whose sole goal in life is to leach as much as they can from the company coffers before being fired.  That's not sarcasm - that is exactly the way business in America works now.

  
Making money isn't an "American" thing, it's a human thing. Business in America doesn't work this way "now," it has always worked this way. And it has worked the same way in countless other societies for generations as well. Show me a society with a better standard of living for 300 million people in which wealthy corporations and individuals don't wield an enormous amount of power. Greed has always existed, here and elsewhere, and will continue to exist. If complaining about big bad CEOs makes you feel better, more power to you. Personally, I find it to be pretty useless.

  


The topic at hand here is a corporation systemically, flagrantly violating the law by defrauding millions of customers over many years.

That is not defensible in the name of capitalism.

 

I agree, however, I did not understand Xnarg's comment to be limited to Wells Fargo. It sounded to me like he was talking about "business in America" in general. Hence my response.

While it does upset me that what Wells Fargo did went on for so long, the banking regulatory system ultimately worked, and the press putting the word out about that is what severely damaged their reputation. That's good news.
Then again, their stock has already recovered. So while this affected tons of customers, the vast majority that it didn't affect haven't cared enough to take their business elsewhere. And it seems, at least from that article, that the civil court system is not equipped to handle this sort of thing via civil lawsuits for illegal termination. That is bad news.

  I don't buy your argument that the system "worked" based on the fact that this even happened in the first place, and for years and at this level of magnitude no less...

rated:
ArmchairArchitect said:   
meade18 said:   
jerosen said:   
meade18 said:   
Xnarg1 said:   
  
I don't know why you think that is sarcasm - it is actually true isn't it (except for the trickle down part)?   Making money is the most American thing, right next screwing everyone else over.  Companies exist to maximize shareholder value - that is the only thing they are beholden too.  Now that corporations are people, my friend, they have individual rights and can use ever increasing profits to buy politicians to further increase profits.  Of course, the only people that benefit are the executives whose sole goal in life is to leach as much as they can from the company coffers before being fired.  That's not sarcasm - that is exactly the way business in America works now.

  
Making money isn't an "American" thing, it's a human thing. Business in America doesn't work this way "now," it has always worked this way. And it has worked the same way in countless other societies for generations as well. Show me a society with a better standard of living for 300 million people in which wealthy corporations and individuals don't wield an enormous amount of power. Greed has always existed, here and elsewhere, and will continue to exist. If complaining about big bad CEOs makes you feel better, more power to you. Personally, I find it to be pretty useless.

  


The topic at hand here is a corporation systemically, flagrantly violating the law by defrauding millions of customers over many years.

That is not defensible in the name of capitalism.

 

I agree, however, I did not understand Xnarg's comment to be limited to Wells Fargo. It sounded to me like he was talking about "business in America" in general. Hence my response.

While it does upset me that what Wells Fargo did went on for so long, the banking regulatory system ultimately worked, and the press putting the word out about that is what severely damaged their reputation. That's good news.
Then again, their stock has already recovered. So while this affected tons of customers, the vast majority that it didn't affect haven't cared enough to take their business elsewhere. And it seems, at least from that article, that the civil court system is not equipped to handle this sort of thing via civil lawsuits for illegal termination. That is bad news.

  I don't buy your argument that the system "worked" based on the fact that this even happened in the first place, and for years and at this level of magnitude no less...

  
How are regulators supposed to prevent illegal things from happening rather than handle illegal things after they happen? Would you also argue our system of due process doesn't work because the police and courts throw people in jail after they murder someone instead of making sure the murder wasn't committed in the first place?

I'm not arguing it worked swiftly or even worked well. Just that it ultimately worked.

rated:
meade18 said:   
ArmchairArchitect said:   
meade18 said:   
jerosen said:   
meade18 said:   
Xnarg1 said:   
  
I don't know why you think that is sarcasm - it is actually true isn't it (except for the trickle down part)?   Making money is the most American thing, right next screwing everyone else over.  Companies exist to maximize shareholder value - that is the only thing they are beholden too.  Now that corporations are people, my friend, they have individual rights and can use ever increasing profits to buy politicians to further increase profits.  Of course, the only people that benefit are the executives whose sole goal in life is to leach as much as they can from the company coffers before being fired.  That's not sarcasm - that is exactly the way business in America works now.

  
Making money isn't an "American" thing, it's a human thing. Business in America doesn't work this way "now," it has always worked this way. And it has worked the same way in countless other societies for generations as well. Show me a society with a better standard of living for 300 million people in which wealthy corporations and individuals don't wield an enormous amount of power. Greed has always existed, here and elsewhere, and will continue to exist. If complaining about big bad CEOs makes you feel better, more power to you. Personally, I find it to be pretty useless.

  


The topic at hand here is a corporation systemically, flagrantly violating the law by defrauding millions of customers over many years.

That is not defensible in the name of capitalism.

 

I agree, however, I did not understand Xnarg's comment to be limited to Wells Fargo. It sounded to me like he was talking about "business in America" in general. Hence my response.

While it does upset me that what Wells Fargo did went on for so long, the banking regulatory system ultimately worked, and the press putting the word out about that is what severely damaged their reputation. That's good news.
Then again, their stock has already recovered. So while this affected tons of customers, the vast majority that it didn't affect haven't cared enough to take their business elsewhere. And it seems, at least from that article, that the civil court system is not equipped to handle this sort of thing via civil lawsuits for illegal termination. That is bad news.

  I don't buy your argument that the system "worked" based on the fact that this even happened in the first place, and for years and at this level of magnitude no less...

  
I'm not arguing it worked swiftly or even worked well. Just that it ultimately worked.

  Well then we can agree on this point.

rated:
I don't understand why anyone continues to bank with Wells Fargo. If you hired a maid, who you later found out was stealing from you or someone else you knew, would you continue to use her ... No you wouldn't. Why can't the american public see this.

rated:
grp2c said:   I don't understand why anyone continues to bank with Wells Fargo. If you hired a maid, who you later found out was stealing from you or someone else you knew, would you continue to use her ... No you wouldn't. Why can't the american public see this.
  Depends on what "extra" benefits this particular maid is giving me. WF had (has?) the 5% card which is why many FWF users bank there.

rated:
bbr -- yes. It's not that the maid was stealing from us. We were stealing from the maid. Where she got her money, we didn't really care. As is typically the case, she probably got her money from those that didn't have the FWF philosophy of money.

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2017