Wells Fargo execs sealed their bonuses by gouging the bank's business customers


#1

Originally published at: https://boingboing.net/2017/11/28/incentives-matter.html


#2

Well…at least its not just the little guys getting hosed, now they are screwing over their own kind?


#3

Businesses with bank accounts are only “their own kind” in the very loosest sense. I don’t think these businesses are the Fortune-500 type.


#4

hence the question mark :wink:


#5

Mustache-twirling levels of villainy, and yet they are still in business. Huh.


#6

Am I wrong or are these crooks just getting away with total theft by fraud by simply saying they are changing their business model and moving to Dubai?


#7

I can’t help but wonder about these companies accounting practices that would allow this to go unnoticed.


#8

It could be a kind of reductio of Goodhart’s law, where pointing smart financially-minded people at fixed accounting rules and an incentive structure systematically destroys any correlation between the target metrics and what you actually care about. I say a reductio because the people setting the goals in the first place are already corrupt and choosing rules that suck for everyone else.


#9

@Yri: “Too big to fail”.

Same reason why Equifax is still in business along with a bunch of other mud-sucking, bottom-dwelling maggots.


#10

But Equifax wasn’t gouging their CUSTOMERS, the credit issuers. They were shafting everybody else. By shafting today’s customers to get bonuses today, while putting future business at risk the management of WF was engaging in another form of corporate looting.


#11

FTFY. I mean, it was only 150,000,000+ people that had their credit reporting data leaked worldwide. Nothing major there! /sarcasm


#12

Well, I’m definitely getting a credit union account after Christmas and getting all my money out of Wells Fargo.


#13

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