Wells Chairman Out Following "Unbelievable, Outrageous" Scandal

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.

 

Comments

Unreliable Narrator bigfire Thu, 08/10/2017 - 12:37 Permalink

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.

In reply to by bigfire

All Risk No Reward eclectic syncretist Thu, 08/10/2017 - 14:52 Permalink

>>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

In reply to by eclectic syncretist

Phoenix Pilgrim CheapBastard Thu, 08/10/2017 - 14:09 Permalink

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

In reply to by CheapBastard

GUS100CORRINA 45North1 Thu, 08/10/2017 - 11:58 Permalink

Wells Chairman Out Following "Unbelievable, Outrageous" ScandalMy 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. 

In reply to by 45North1

sgt_doom 45North1 Thu, 08/10/2017 - 13:15 Permalink

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

In reply to by 45North1

ebworthen Thu, 08/10/2017 - 11:48 Permalink

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.

Grandad Grumps Thu, 08/10/2017 - 11:51 Permalink

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.