Wednesday, September 14, 2016

Ethics: Just A Game At Wells Fargo?


WELLS FARGO'S "INVENTIVE" COMPENSATION PLAN:

.. 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." 


"Hook..."
"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
"Line..."
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."

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...


"... and Stinker!"
"MR. THEY"!
Wells Fargo CEO John Stumpf


2 comments:

Anonymous said...

Hook, line and STINKER!

Amen!

Anonymous said...

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.