WELLS FARGO'S "INVENTIVE" COMPENSATION PLAN:
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| .. but never to jail! |
Thought you might like to see the following excerpt from Wells Fargo's Bonus Compensation Plan [here's the link] , as published with the SEC.
"L. Code of Conduct:
Violations of the terms or spirit of the Plan and/or Wells Fargo's Code of Ethics and Business Conduct by the Participant and/or the Participant's supervisor, or other serious misconduct (including, but not limited to, gaming [reckon this is in here for a reason?] which is discussed below) are grounds for..."
"Participants are expected to adhere to ethical and honest business practices. A Participant who violates the spirit of the Plan by "gaming"[interesting word for cheating and fraud] the system immediately becomes ineligible to participate in the Plan."
"Gaming" is the "manipulation" and/or misrepresentation of sales or sales reporting in order to receive or attempt to receive compensation, or to meet or attempt to meet goals."
And, what happened to employees - whose families depended on them keeping their jobs! - who failed "to meet goals"?
"Bonuses and commissions should not come
without penalties. [link] To create a potential for gain, there must be potential for loss. If sales people are not performing at expected levels, they must be penalized, demoted, [then whipped and flogged!], or even fired."
"L. Code of Conduct:
Violations of the terms or spirit of the Plan and/or Wells Fargo's Code of Ethics and Business Conduct by the Participant and/or the Participant's supervisor, or other serious misconduct (including, but not limited to, gaming [reckon this is in here for a reason?] which is discussed below) are grounds for..."
"Participants are expected to adhere to ethical and honest business practices. A Participant who violates the spirit of the Plan by "gaming"[interesting word for cheating and fraud] the system immediately becomes ineligible to participate in the Plan."
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| "Hook..." |
And, what happened to employees - whose families depended on them keeping their jobs! - who failed "to meet goals"?
"Bonuses and commissions should not come
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| "Line..." |
WELLS FARGO HAD NO IDEA THAT "THEY" WERE LURING THEIR OWN FOLKS INTO AN ETHICAL SWAMP, A MORAL BLIND ALLEY.
YEAH RIGHT, SURE "THEY" DIDN'T KNOW...
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| "... and Stinker!" |
"MR. THEY"!
Wells Fargo CEO John Stumpf
2 comments:
Hook, line and STINKER!
Amen!
ADDENDUM TO COMPENSATION PLAN:
However, regardless of the illegal nature of the activity, should such activity result in creating a profit for the company, the individual responsible for the activity shall be generously compensated.
Lesson to be learned? Always read the addendum.
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