Originally published at: http://boingboing.net/2016/09/28/wells-fargo-execs-will-lose-a.html
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Man, even I can afford to lose that!
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I hope that while Carrie is going without the sandwich that the $19 would have bought, she realizes how much she has to atone for.
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10% clawback on their ill-gotten gains?
That’ll learn em!!!
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Wells Fargo should be dissolved as a public menace, its top executives brought to trial, and its business broken up into smaller, employee-owned companies. Not that that would ever happen.
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Fines that sound ruinously huge, a lifetime of earnings for mere mortals, are exposed as shallow appeasement, a metaphorical slap on the wrist, when applied to the 0.1% set.
The question of scale is one that no news organization seems willing to educate its audience upon.
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Whenever I hear about penalties like this, I get the feeling that these executives will actually still get the money, just in a different form and at a later date. I don’t believe that those people live in a world with actual penalties.
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Whoever gets the customer to order salt and pepper as condiments is in the executive track.
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Remember, kids, crime doesn’t pay.
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Warden’s house, warden’s rules.
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Who the fuck buys $19 sandwiches? The 1%.
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You really think that would change a thing? They aren’t even the worst ones, and the mini-Fargoes would immediately get busy “enhancing profit margins.”
EDIT: Wait, dissolved and then broken up?
Absolutely. There is a different set of rules.
FTR, I don’t have a problem with people who run companies or sit in the C level, are VP’s, whatever making s shit load of money when they are in charge of running a major company.
The problem isn’t just the staggering sums these people make, the problem is the utter and complete disconnect from reality AND the core function of said business.
So often, they are not only disconnected, they are operating completely at odds and against the very people they have working for them in staff and managerial positions. People on staff are trying to do their job, working for their customers (I’m applying this in general, not just aimed at WF) trying to solve problems, etc… But the upper levels of the company are so focused on quarterly earnings and positioning themselves for when they jump ship for their next company that they literally make policy that conflicts directly with their own STATED business goals.
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I’m sure glad that this represents just an aberration in a relatively well-regulated, ethical financial system genuinely focused on good business practices for serving the needs of customers and the economic strength of democracy…
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i emailed WF a couple weeks ago to see if I could transfer my IRA elsewhere without a penalty. I could have googled it, but I wanted to hear it from the horse’s mouth. I added that I wanted to do so because WF “make[s] me sick.” They said I could. About a week later I got a letter in the mail saying that their customer complaint dept (or whatever) is looking into the matter and that a case manager (or some such) has been assigned to this and will get back to me shortly.
It all just has a sad air to it…execs get rich, rank and file employees–including whistleblowers–get shitcanned, and now another demoralized, low-level employee has to devise some sort of response to the fact that they make me sick.
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Maybe we should pay federal prosecutors 1% of any fines levied against corporate entities.
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They are suck dickbags.
BTW, if they say they are going to charge you to transfer the funds, demand a complete payout without taxes pulled and then put those funds in your new account. Making sure you do so within 60 days.
When I’ve moved stuff, it’s always been from something else to Fidelity, and had them handle the entire thing.
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Well, ‘hung drawn and quartered’ always seemed excessive, so sure; why not ‘dissolved and broken up’?
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