Wells Chairman Out Following "Unbelievable, Outrageous" Scandal

Tyler Durden's picture

Two weeks after the latest consumer scandal involving Warren Buffett's favorite bank, Wells Fargo, broke when the NYT reported that as many as 800,000 people who took out car loans from Wells were also charged for auto insurance they did not need, with many of them still paying for it, while some were forced to default as a result of this obligations, and just days after the NYC Comtroller Scott Stringer, said that what happened at Wells Fargo is an "unbelievable, outrageous, full-blown scandal"... 

This is a full-blown scandal — again. It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo. This isn’t just a corporate debacle. It’s caused real human harm. It’s reflective of a system that Americans feel is rigged against the little guy, and sadly symbolic of a culture that puts short-term profits ahead of creating sustainable value for shareowners. Everyday families have suffered and tens of millions of hard-earned dollars were stripped from unsuspecting Americans, many of whom are struggling just to get by. In the end, shareowners ultimately suffer the long-term consequnces.

... moments ago Dow Jones reported that Wells Fargo Chairman Stephen Sanger is likely to step down.

  • WELLS FARGO NONEXECUTIVE CHAIRMAN SANGER LIKELY TO STEP DOWN -- SOURCES
  • WELLS FARGO ACTIVELY WEIGHING BOARD CHANGES -- SOURCES
  • WELLS FARGO VICE CHAIR ELIZABETH DUKE COULD REPLACE SANGER -- SOURCES
  • WELLS FARGO PLANNING TO NAME AT LEAST ONE NEW DIRECTOR BY LABOR DAY -- SOURCES

And now the lawsuits begin.

 

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45North1's picture

Who's robbing the Stage Coach?

Looney's picture

 

Meanwhile, Warren Buffett is scuba diving in his bathtub.  ;-)

Looney

Zip_the_Zap's picture

wink: How dare you impugn Warren Buffets character. All he does is dedicate his sleepless nights figuring out how to get rich people to pay more taxes so the little guy can get more government benefits and then spend more money at the Nebraska Furniture Mart for entertainment centers.

y3maxx's picture

The buck should stop at the top....Warren is the top.

bigfire's picture

The buck stop over there.

Unreliable Narrator's picture

Congress is the top.

They fucked up repealing Glass-Steagall.  This let the big banks take even more market share than they already had.

Then they fucked up passing Dodd-Frank.  This suppressed the growth of small banks, which again let the big banks take more market share.

Congress' handling of banking regulations is what allows all of this to continue to occur.

Congress is the top.

Fire them all.

Delving Eye's picture

I bet Sanger's golden parachute is extremely well-feathered. (Like Robert Nardelli's was after he tanked Home Depot..)

eclectic syncretist's picture

And yet this guy probably bitches about the millennials acting and feeling like they're the entitled ones.

His behavior proves that no one is more unjustly entitled than a bankster.

All Risk No Reward's picture

>>Two weeks after the latest consumer scandal involving Warren Buffett's favorite bank, Wells Fargo, broke when the NYT reported that as many as 800,000 people who took out car loans from Wells were also charged for auto insurance they did not need, with many of them still paying for it, while some were forced to default as a result of this obligations, and just days after the NYC Comtroller Scott Stringer, said that what happened at Wells Fargo is an "unbelievable, outrageous, full-blown scandal"... <<

People broke the law...

WHERE ARE THE CRIMINAL INDICTMENTS?

Oh, Wells is a Mega-Corporation in the Debt-Money Monopolist Mega-Corporate Fascist Empire, so they aren't held accountable for their crimes...

like Wells property Wachovia that laundered up to $378 BEEEELLYUN in drug money and wasn't even taxed on the money, let alone anyone charged for the crimes...

How a big US bank laundered billions from Mexico's murderous drug gangs
https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs

Muddy1's picture

AND Warren is still fighting the US federal government in court to avoid paying his own taxes.

CheapBastard's picture

And the stawk reacts by not dropping below 54.

 

Incredible how immune the market is to corruption and debt. Seems like they know no banker will ever be indicted.

ParkAveFlasher's picture

Stringer is running for mayor.  fyi

Phoenix Pilgrim's picture

Classic Problem-Solution technique.

Early life and education - Elizabeth Duke was born in Portsmouth, Virginia July 23, 1952
1974 - Bachelor of Fine Arts in Drama, Univ of North Carolina at Chapel Hill
After graduating - part-time teller at First and Merchants National Bank in Virginia Beach
1978 - Vice President and Chief Financial Officer of the Bank of Virginia Beach
1983 - MBA , Old Dominion University
1985 - Vice President and Chief Financial Officer of the Bank of Tidewater
1987 - President of the Bank of Tidewater
1991 - Chief Executive Officer of the Bank of Tidewater
1998 - Director of the Federal Reserve Bank of Richmond
1999 - President of the Virginia Bankers Association
Duke remained as president and CEO of Bank of Tidewater until it was acquired by SouthTrust in 2001.
2001 - Vice President of Southern Trust Community Bank Development. When Wachovia acquired SouthTrust in 2004, Duke remained an executive VP, but in charge of the merger project office.
2004-2005 Chairman of the American Bankers Association
2005 - Senior Executive Vice President and Chief Operating Officer of Towne Bank.
2007-2013 - Board of Governors of the Federal Reserve (nominated by President George W. Bush)
2016 - Vice-Chair at Wells Fargo
Rather remarkable career. Must be really good. /s

dogballs's picture

Right on target with that reply.

Froman's picture

Screw Buffett.  Munger is the person responsible for building the BH empire.  Without Munger, BH never gets to where it is today and neither does Buffett.

runnymede's picture

Warren is a silent assassin in a grandfather suit. The folksy manner is the shtick. All about the image. 

just the tip's picture

is tracy in there with him, does she have her own tub, or is she standing by the vanity holding his ice cream?

booboo's picture

Motor boating Becky Quick

ArthurDaley-OldieTimeTrader's picture

Looney

 

Great avatar. 1790's re-dux 2017 style..

Yen Cross's picture

lol~ And trying to bite his fart bubbles.

besnook's picture

who knew the stage coach robbers were the good guys?

U4 eee aaa's picture

They weren't robbers. They were trainees

GUS100CORRINA's picture

Wells Chairman Out Following "Unbelievable, Outrageous" Scandal

My response: Where is Andrew Jackson when we need him?

=====

Congress in 1836, Jackson closed the second Federal Bank (est. 1816) with these comments: 

The bold effort the present (central) bank had made to control the government. . . are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it. 

I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country. 

Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. 

You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out. 

sgt_doom's picture

I don't understand why the CEO has to go????

I mean, after all those illegal SILOs Wells did?

Or after all that money laundering they did?

Or after all those illegal fraudclosures they did?

Or all those millions of fake accounts they did?

Or now this?

What's the Big Deal already?????

/sarc

Gasbag's picture

I'm assuming Elaine Chao

veritas semper vinces's picture

Wake me up when (they) are in jail.

I may sleep longer than the Sleeping Beauty!

junction's picture

More of the same, only Wells Fargo got caught.

spastic_colon's picture

yep <whisper> its not just wells fargo.................

plus I love all the advisors jumping ship to other firms and claiming innocence in order to bring their clients to a new lions den..........

BabaLooey's picture

SMELLS ......................................................FARTGO

BEEN TOTAL SHIT FOR OVER HUNDRED YEARS.............

SHIT...SINCE THE GOD DAMNED BEGINING....

 

Troy Ounce's picture

 

The US is a country of hustlers.

sgt_doom's picture

And yet, although I haven't read them recently (due lowered disposable income problems), Hustler magazine is about the only Real Political Publication remaining!

Buck Johnson's picture

They got caught, exactly.  I wonder what else they have that hasn't been shown the light of day.

 

 

spastic_colon's picture

"I wonder what else they have that hasn't been shown the light of day."

Emails from uncle Warren saying "keep up the good work..............."

Gert_B_Frobe's picture

Warren got some good tips from the Hildebeast on scrubbing, bleaching, hammering, killing (I'm sure there are few that got wacked), etc.

 

Oh, wait, who gave whom, what???? Per chance it's the other way around.

Max Damage's picture

How much do the thieving cunts want off the taxpayers now?

SillyWabbits's picture

WOW!

A crooked bankster.

Who knew!

U4 eee aaa's picture

An honest one would be more newsworthy

Gods's picture

let me guess none is getting locked up

ZippyBananaPants's picture

Im going to stop paying my mortgage to them, and see what happens!

 

The Cooler King's picture

They'll foreclose on you & steal your home. Then you'll file for chapter 7 bankruptcy. Then, you'll get an offer from them for a $50,000 loan with a teaser interest rate to help you move out of your cardboard box

Seasmoke's picture

You should. Actually everyone should. Overnight revolution. With no bloodshed. So simple. Yet everyone is afraid. 

poland spring's picture

Aren't corporations people? No one goes to jail?

/s

general ambivalent's picture

And people think the SJWs complaining about fat-shaming is bad. If you want to see obesity just take a look at corporate finance...

desertboy's picture

Cosmetic shuffling of the board.

ebworthen's picture

Wells Fargone.

The bandits hijacked the coach, handkerchiefs over their faces, whipping the horses out to the badlands where they will kill the men, rape the women, and pilfer anything of value then ride off.

just the tip's picture

handkerchiefs.

we don't need handkerchiefs.

we don't need any sting-king handkerchiefs.

Grandad Grumps's picture

Rigged against the little guy? Umm, kinda.

On human terms, the little guys (those with less money and power to influence others) are as big or bigger than the parasites running things.

dark pools of soros's picture

if they go bankrupt can i stop paying my mortgage and credit card with these fags?