https://www.warren.senate.gov/imo/media/doc/Letter%20to%20Wells%20Fargo%20Board%20of%20Directors%20091321.pdf
39 replies (most recent on top)
Remember the good old days when OCC stormtroopers would move in to a poorly-run bank and just take it over for a week or so, seemingly to remind everyone that they could?
It’s time to refresh the board, Shart and the OC again
@toh+1cZgGBzf you can be upset with both. It is not Mutually exclusive.
I never thought it possible that I could agree with Senator Warren on anything. But I do agree with her letter!
Can we put aside the partisan nonsense -- EVERY politician lies their a-s-s-e-s off --- it's part of their DNA/Ego. Democrat or Republican -- they'll say what they think gets the most votes from their constituents. Ain't no such as political courage.
Call it what you want - capitalism comes in many forms - one of which is innovation, which it is synonymous with. Agriculture = innovation. I don’t know how many farmers you’ve met, but they tend to be very hard workers, and they also tend to amass wealth over time (aka, they get rewarded for their work).
Actually @afx, ask any 6th grader what ended humans being hunter-gatherers, and you'll learn that it was Agriculture, not Capitalism.
Feel free to post another easily disprovable claim.
My goodness this is ridiculous. Every species out there does hard labor. Would you rather go back to hunting and gathering? Because capitalism is what got us out of that.
Chainsaw was too busy shipping jobs to India to care about pesky things like OCC regulatory order compliance.
@xva Feel free to work to earn your living. Personally, I don't enjoy being the only species that pays to live on the planet.
You guys, Warren is literally helping no one. Customer harm worse than harm to us? Give me a break! Having our livelihoods destroyed by trying to destroy our company is a bit worse than opening accounts that had on average like $20 bucks charged per customer. She’s trying to make a 2024 push. That’s who she’s trying to help.
Work is required to deal with this.
In typical Wells Fargo fashion... We will just ignore it and hope Liz doesn't remember abt her letter....
Post ID: @cls+1cZgGBzf
One of the problems is that Wells Fargo has not fully paid restitution to impacted customers. Again - read up on the bank you work for.
Post ID: @xva+1cZgGBzf
Blame Charlie and his overpaid buddies and the Board for not focusing on the priorities and/or for ineffective leadership.
In your world, I’m guessing you blame the cops and judges for putting away the bad guys rather than those who are coming the crime? Like someone said: simple-minded buffoon.
So how many times, exactly, can one be punished for breaking the law once they have already paid restitution / fees etc.? Whatever happened to "he paid his debt to society"?
It's all a farce anyway. All the matters is Daly showing up with suitcases full of campaign contributions. Once that happens enough, suddenly there won't be any scandal.
I work here, I'm not jumping for joy at Liz im the least. However, 250k workers impacted versus the untold thousands of customers harmed, sometimes in irreparable ways?
Get some perspective - WFC wouldn't just evaporate, most of us can find other jobs but the customers harmed are the ones with the actual problems from this company and since management can't seem to see the forest through the trees on this is why she's still coming for us in the first place.
If you're angry, be angry at management and the board, not someone actually doing their job because they haven't.
Seems like over half the posters on here absolutely love Warren dismantling our company. Why?
I swear if Warren had her way, my family and I would be out on the streets and she would be absolutely thrilled about it since I’m Republican and feel people should have to work for a living.
Gotta love Senator Warren, highlighting how Scharf obviously wasn't hired to fix Wells Fargo.
Post ID: @mzn+1cZgGBzf
And everyone of them is a man.
“I read somewhere that Elizabeth Warren cheated on her Home Economics test in 5th grade. Therefore she does not have the authority to protect WFC’s 65 million customers from ongoing fraud and abuse. Anyone who has not been 100% perfect (in my judgment) for their entire lives has no right to be in charge of anything ever. I don’t know much about banking or government or even Wells Fargo, but my opinion is the only opinion that matters. And, BTW, I am a simple-minded buffoon and have the right to judge everyone. It is my only pleasure in life” 🙄
It's not commonly known but Ms Warren took advantageous of bank foreclosures and flipped one mortgage foreclosure and made a tremendous profit before going into politics. I think if she was genuine she would have shared some of her profits with the couple who's house had been foreclosed.
Post ID: @brv+1cZgGBzf
Well, fortunately for our customers and the banking system, it doesn’t matter what you believe.
@xkw+1cZgGBzf I believe the regulators have exceeded their authority. It is really that simple. Whether Wells is guilty or whether Charlie is a good guy or a bad guy is not the point.
Cool story bro
Here’s the deal, Wells Fargo repeatedly broke the law. Charging you for products you didn’t ask for and don’t want is fraud, it’s illegal. So is ripping off service members and abetting money launderers.
For those that really do not understand this, it’s not about overreach nonsense. The bank is on parole and it keeps violating parole. If the bank were an individual, it would be in jail.
Yes, we know all about "systemically important financial institutions". That's a fun euphemism for government overreach, because 'reasons'. Funny, how those in DC never seem to be concerned about the impact of government failures on the nation, just when it's a private business does it become a problem (aka opportunity to get votes). The government was very very involved in the root causes of the financial industry issues in 2008-9, and have spent the last decade+ blaming others and pretending they had nothing to do with it. No bank is safe, including institutions that weren't at risk of failing at all at the time. It's about as tasteful as arresting a black guy, because some other black guy mugged someone.
Banks have money (which pols want for bribes...errr... donations) and people tend not to like them (good for getting votes). That's why they are in the pols crosshairs. Those in DC could care less about the financial industry other than for those two reasons. Let's not be naive.
Question 4 in particular gives the board the opportunity for a sacrificial firing. Curious if the board puts the blame on Mandy.
Post ID: @xkw+1cZgGBzf
Thanks for 'splaining that for us
"This massive fine represents another astonishing failure in a long chain of lawlessness and incompetence by Wells Fargo and its top executives."
shocked face
Elizabeth forgot that she works for us, not the other way around.
To those who are having trouble with questions about Charlie’s pay:
If you take the time to read and understand the questions - the questions are related to how Charlie’s pay is tied to his performance in improving regulatory compliance. And how his pay will be penalized/clawed back for failing to bring the bank up to regulatory standards. No one would be questioning Charlie’s pay and bonus structure if he was making significant progress in improving the bank’s governance.
Senator Warren is chair of the Senate Banking Subcommittee. And Federal Reserve Chair Jerome Powell absolutely has the authority to revoke WFC’s status as a Financial Holding Company. It is the government’s responsibility to ensure that WFC’s customers are protected, and not at risk for additional fraud and negligence.
It’s time to learn about the industry you’re in and the bank you work for. You can’t be critical of the bank’s critics if you aren’t knowledgeable about the topic at hand. And you can’t help Wells Fargo to succeed if you don’t know and understand the rules and regulations.
Develop You will be stuffed with more training videos. After all, isn't the common worker bee at Wells the real bad guy?
- What specific metrics and timelines did Mr. Scharf and the Board put in place for improving governance and regulatory compliance at Wells Fargo? Did Mr. Scharf meet these metrics in 2020? Has he met them to date in 2021?
- What components of Mr. Scharf’s 2019 and 2020 bonus were based upon improving Wells Fargo’s governance and regulatory compliance?
- Will Wells Fargo seek to claw back any or all of these bonus awards based on the ongoing legal and governance problems at the bank?
- What is the compensation and bonus structure that is in place for Mr. Scharf in 2021? Specifically, what components of this bonus and compensation structure are based upon improving governance and regulatory compliance at the bank? Will Mr. Scharf lose any 2021 compensation as a result of the ongoing failures at the bank?
- Have any other top company executives been held accountable for the ongoing failures in governance and regulatory compliance at the bank? If so, which executives, and how were they held accountable?
- Wells Fargo has claimed that “In addition to the changes made at the senior leadership level, the Board has focused on enhancing its composition, oversight, and governance
practices.”
- What specific changes were made to the Board’s composition, oversight and governance practices, and why have these efforts failed?
- Have any Board members been held accountable for these failures, and if, how?
- What additional plans have Mr. Scharf and the Board put in place to address the ongoing governance and compliance problems at Wells Fargo?
- Wells Fargo’s latest quarterly report states, “The Company is subject to a number of consent orders and other regulatory actions, which may require the Company, among other things, to undertake certain changes to its business, operations, products and services, and risk management practices. Addressing these regulatory actions is expected to take multiple years, and we may experience issues or delays along the way in satisfying their requirements.”23 What other “issues or delays” are you anticipating in Wells Fargo’s ability to address existing regulatory actions?
Like most on this site, I am disappointed with the Bank's leadership and what has become of the company. That being said, Elizabeth Warren couldn't find her way out of a paper bag. She has never worked in the private sector. Her only insight into how the economy works is based on something she read in a book. Her latest attack on Wells Fargo is a cheap publicity stunt.
What Wells pays Charlie is none of regulating agencies business. Wells is not a government organization, but a for-profit publicly held corporation under a state charter. My point is that there is a line between government and business and it is there for a reason. However, regulators, in their zest to regulate, will often go beyond their legally allowable boundaries. I believe that is the case here. Although not a Charlie fan, what Charlie earns is not relevant.
Post ID: @oef+1cZgGBzf
So is this one yet I don't hear too much from Lizzy on the subject
https://www.reuters.com/legal/government/exclusive-jpmorgan-faces-oil-bribery-probe-brazil-2021-09-22/
I can see a lot of people on this site don't understand this bank is a GSiFI or what that means.
Endemic of many who work at this company and know nothing not only of their area (risk, tech, security, etc) but of the industry this company is a significant part of or how it is regulated and by whom.
Politicians and the art of saying nothing yet sounding as outraged as humanly possible. No doubt we have issues but nothing in her questioning will do a single thing to change them. Must be Friday.
Compensation isn't the government's business, unless it's below min wage or a civil rights violation if some kind. If a private company wants to pay a horrible janitor $100/hr, so what? Market forces will regulate poor decision making better than anything else, and without government intrusion from political hacks.
I would love to see the answers.