How many Wells Fargo employees were fired for NOT committing fraud?


#1

Originally published at: http://boingboing.net/2016/09/25/how-many-wells-fargo-employees.html


#2

Working with banks and other financials, I’m exposed to the internal advertising these corporations use to promote ethics hotlines, etc.

From what I’ve seen firsthand, employees are already skeptical of “anonymous” tiplines. The news from Wells Fargo is only going to serve to reinforce the view that corporations are at best playing lip service, and at worst it’s a trap.

Looking at it from the other direction,there’s good money to be made operating outsourced “anonymous tip” services for corporations, and even with the best intentions, ultimately the paying customer hotline operators need to keep happy isn’t the Feds or the employee doing the whistleblowing, but the corporation that cuts the check each month.

So yeah, “anonymous”. Sure.


#3

As a WF customer, this has been apparent for decades. When everyone was talking about how Wells Fargo was the only bank that didn’t get too deep into shenanigans during the financial collapse, I was waiting for the other shoe to drop. Now it is dropping.


#4

This is why the general public thinks congress isn’t doing their jobs.

We can’t pressure for a trial on shit like this - but we can spend millions on investigating stupid crap like email servers.


#5

I switched our accounts from Wells Fargo to a local credit union in 2011. With no significant changes in either our income or expenses, a year later our credit union balance was more than twice that of the Wells Fargo account. Coincidence?

Bring back public hangings for criminal executives. It might not reduce corporate crime, but it would at least offer some entertainment.


#6

If these “displaced” Wells Fargo workers were protected by their equivalent of a “Police Union,” these workers would be “reinstated with back pay, and their scheduled raises that they would have received.”


#7

Lets say it is true that no senior officer knew about this, specially none of those people that can have hundreds of millions when they go or are fired,

… so exactly why are you paid that much money and get so great bonuses and stuff? Cause by your own admission, your bank engaged in stealing millions from customers and has now a really bad reputation while you were absolutely ignorant of it. What value, exactly, are you giving to the company?


#8

I find the high levels of innocence exhibited by America’s executive class to be truly inspiring!

All these years I’ve been paying attention and practically none of them have attracted police attention - how exemplary!


#9

why the snark? they really believe in the good in mankind, this is a very positive and exemplary character trait. the world would be a better place if everyone would think and act alike


#10

The idea that extremely overpaid execs can weasel out of major criminality on their watch HAS to be fixed. We see the “they either the knew it or they were incompetent” combo time after time in these cases, but US culture just sits back and takes it. We have to figure out a way to take our country back. This is a new aristocracy and it’s going to kill us.


#11

We had the same thing over here in the UK where News International’s Rebekah Brooks faced investigation over her part in their phone hacking scandal, and her defence seemed to be that she was too incompetent to know what was going on in her own news room. No sooner was she cleared, than she got given a very similar job with the same corporation.


#12

What are the chances!?!

I’d say around… 1%


#13


#14

Re-referencing:

So, again, that scenario where they told an executive doesn’t seem to be specified or protected in the whistleblower section of Sarbanes-Oxley. They’d have to figure out who the law enforcement officer is in this situation, then tell them. If a whistle is blown in the forest…?


#15

silly apenzott, unions only get that kind of power if they pose no actual threat to rich people! Otherwise either every union could do that, or none could.


#16

I misstated my intentions.

The courts may decide to grant the class action and use “reinstated with back pay, and their scheduled raises that they would have received.” as the basis for calculating the fines, and then tack on additional penalties on top of that.


#17

Yeah, I was getting bled from my WtF account as well. And now that all those service fees have an explanation, I’m suddenly very interested in joining some sort of class action lawsuit. They may be able to thumb their noses at criminal court thanks to regulatory capture, but civil court seems like just the thing for this.


#18

Police Unions are figuratively the only sort of union I refuse to support. If they make a picket line, I’m going out of my way to cross that fucker.

No, don’t give them the equivalent of a police union. Just a nice normal boring regular labor union would be just fine.


#19

Strumpf should not be fired and Tolstedt should be called back from retirement. Both should be forced to work as tellers for teller pay and not be allowed to resign for a year although each could be terminated with cause. I don’t think either of them would last a month before losing it at a client or failing to close out to the penny or missing cross-sell targets.

Folks who are too big for their britches need to spend some time in the trenches.


#20

Yes and no. It’s not a moral crisis, it’s not even an ethical crisis, not really. It’s more important than that, more like the global warming thing.

If this, then that. This gets fixed, or else there’s going to be consequences.

As with global warming, I have given up on the authorities suddenly waking up and changing their behavior to meet the bare minimum of institutional survival. Its the consequences we all need to brace ourselves for.

Edited to add: it’s no longer a national system that’s at issue. This is global. If its not fixed on a global scale, the culprits will just play games with where they hide the assets.