It’s clear many of the legacy Wachovia folks have been the chosen ones when it comes to mid senior and senior level executive roles. The question is when did this criminal activity begin?
Was it when norwest acquired Wells Fargo or when Wells Fargo acquired Wachovia? Or was the legacy Wells Fargo the original fraud?
If I recall correctly, the property the manager was misusing for parties was a Wachovia/GW repossession, and the manager came from Wachovia.
Excusing the fraud? How on earth did you take that away from this thread?
Yes, @3pgz+13eVCyYn, the Sandlers did have awesome timing, did they not? Walked with their 2 billion big ones just moments before their loan portfolio blew up.
And they had no idea anything was wrong. May they both Rest In Peace.
Golden West had an REO of less than 5% of all mortgages, 6 months after Wachovia bought them the number sky rocketed to close to 20%.
D*ck Kocacevich is morally and ethically bankrupt. He's the start of the entire debacle and is laughing his *ss off that John Stumpf was left holding the bag when the music stopped.
His first name is so fitting! Arrogant d*ck.
Hey, you guys remember that senior VP who was using a foreclosed mansion and a foreclosed yacht for parties?
I think that was back in '09 or '08.
Stumpf came from Norwest, but it doesn't matter where the rot originated, it was allowed to spread by everyone.
If you peruse the Wells wikipedia page you'll wonder how we're allowed to stay in business.
I'm looking for a new job this year. It's never ending, scandal after scandal, and I work in IT and the IT department here is backwards in tech and management keeps trying to reinvent the wheel and failing.
It's not Wachovia it's First Union they took the Wachovia (Name only). Much like what Well's Fargo did with Norwest. First Union was great back in the day working for them but had to quit Wells Fargo too much corruption stress and managers only promoting the Mistresses! Yeah how much of that goes on here !!!!!!! Plenty!
PACA (People As a Competitive Advantage) exist anymore?
Both my manager and their manager are former Wachovia and are terrible. I wondered how people like this survive here for over 20 years but then read the OCC report.
I started with Norwest.
Its was a great family company. Truly carried about us. Then it all changed with the WF merger. Then it got worse with Wachovia deal. Now just a number. Carring about employees is out the window. Benefits get worse every year. More loopholes health insurance. Pay increases don't cover the cost of insurance increases or Mega Deductibles. The top management is a revolving door of poor quality. This company would be a embarrassment for Undercover Boss.
8 (products) was “great” back in the Norwest days.
Golden West was the one with the toxic mortgages. But Wachovia just had to get in on the big money pick-a-pay action. Nobody made them do it. As always, it all comes back to the greed
NORWEST. 1998 was when the entire legacy team undef D–k Kovacevich bought WF and both John Stumpf and Carrie Tolstedt at Norwest took over.
2008 was when WF bought Wachovia who had all toxic mortgage assets and was laundering money and had to be bailed out by the government. Regardless WF bought them and had more captive customers to open up fake accounts.
Tolstedt came from Norwest, Kovacevich is responsible for cross selling and making branches into “stores” and he was a Norwest, Stumpf was picked by Kovacevich. This is definitely all Norwest.
The other execs were either too afraid or too incompetent from keeping these other “leaders” from destroying the company.
I never worked at Wachovia, but the Wachovia people still hate the WF people. If Wachovia hadn’t bought Golden West, none of this would have happened to those Wachovia people, so I’d be mad too.