The Incredible Leadership At Wells Fargo...

$10+ BILLION IN FINES,
 IN 13 SEPARATE INSTANCES
 OVER THE LAST 6 YEARS....

MR. STUMPF SAYS UNDER OATH BEFORE CONGRESS: 
FINANCIALLY THAT'S "NOT MATERIAL" TO WELLS FARGO!

First Crass Banking...

SINCE YOU CAUGHT ME RED-HANDED...

WITHOUT ADMITTING GUILT,

I'M WILLING TO GIVE PART OF THE MONEY BACK

AND CALL IT EVEN - OK?

The Right Creed For Credit Unions...?

"To be nobody but yourself in a world which is doing its best, night and day, to make you everybody else, means to fight the hardest battle which any human being can fight; and never stop fighting."          -  e.e. cummings

... and perhaps the right creed for all of us?

[Thanks, Paul!]

Analyzing The Debate...

MS. CLINTON'S OPINION OF

THE DONALD !

AND, MR. TRUMP'S OPINION OF...

Show Time 2016... Stay Toon'd !

FOGHORN LEGHORN

[He's YHUGE!]

    
        

AND THE...

                      

CHICKENHAWK!

[But, she's one TOUGH bird!]

BROUGHT TO YOU BY...

It Looks Ominous...

MR. STUMPF MAY BE IN A BOX...

... BUT NOT A STRONG ONE!

An Early Holiday Greeting For Mr. Stumpf...

HAPPY HALLOWEEN!!! 

SUSPECT...

A Little Hudson Valley River Cruise...

SINCE WELLS FARGO'S LEADERSHIP SOLD US DOWN THE RIVER...

WHY DON'T WE SEND THEM...

The Next Perk For Wells Fargo Executives...

FREE HOUSING!!

A HOME AWAY FROM HOME...

Wells Fargo: "Plan A"....

IT'S NOT US, IT'S THEM....

HOPE THE BOYS AND GIRLS AT WELLS FARGO 

HAVE A "PLAN B"!

Wells Fargo Employees: "Getting Stumpf'ed"...

"I ACCEPT FULL RESPONSIBILITY."

[Note: ... using uninjured wrist not slapped!]

Putting The Coach Before The Horses...

Wells Fargo "Accountable" Leadership...

[here's link if easier]

Hey let's not get personal here; 

as the CEO, how was I to know???

Source of Injury Confirmed...

CFPB SEVERELY INJURES STUMPF

AND WELLS FARGO...

... WITH SLAP ON WRIST PENALTY!

And, About Mr. Stumpf's Testimony...

PURE BULL...

After Today's Senate Banking Committee Hearing...

WOULD GUESS THAT...

MR. JOHN STUMPF

is...

Today's Senate Banking Committee ...

Wells Fargo's Top "Customer Relationship Management" Team...

For 2015-2016

"Don't bother asking!"
"We know what you need..."

Perception of Today's Senate Banking Committee Hearing?

Mr. Stumpf's performance before the Committee 

 was pretty unbelievable!

Simply fantastic!...

Just Follow The Yellow Brick Road...

Expect some fireworks!!!

THE SENATE BANKING COMMITTEE MEETS TODAY AT 10:00 A.M. EST.

[here's the link]

[listen here]

THIS MAY TURN OUT TO BE THE SEQUEL TO 

"THE WIZARD OF OZ'...

FEATURING:

Acting Liz-ardly!!!

"THE WICKED WITCH OF THE LEFT"

... AND CO-STARRING...

With Wells Fargo: Be Prepared For the Unexpected...

Wells Fargo Offers Protection...

The Facts Of Life.....

It's not our culture!

"It is difficult to get a man to understand something, when his salary depends on his not understanding it."

- Upton Sinclair

The Lesser of Two Weasels...

THE SENATE BANKING COMMITTEE WILL MEET 

TUESDAY SEPTEMBER 20TH

TO DISCUSS THE WELLS FARGO

"BREW HAHA"!

SENATOR ELIZABETH WARREN

YOU HAVE TWO PROBLEMS...

Wells Fargo's Largest Shareholder...

ON STOCK MARKET INVESTING:

Mr. Buffet, think you ...

Wells Fargo's "Un-Account": For Customers Who Just Don't Know...

HEY, CAN WE INTEREST YOU IN AN ACCOUNT YOU DON'T NEED?

Wells Fargo's "Un-Account"!

OVER 2 MILLION OPENED!!!

EASY SIGN-UP, YOU DON'T EVEN HAVE TO ASK!

*1 (Ours not yours!)

Our CEO John Stumpf says this about this great program...

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...

Yet Another Reason Why Few People Respect The CFPB...

We are all well aware of the multitude of

detractors arrayed against the efforts of the

Consumer Financial Protection Bureau (CFPB) to bring balance and fairness to the U.S. consumer financial marketplace. 

The new regulatory Agency has made a whole lot of folks very, very mad, often with good reason! The CFPB has forced some "usurious-types" to stop gouging and preying upon some very nice, quite innocent and unsuspecting folks - like your co-workers, neighbors, friends, and your kids!

But it is increasingly difficult to support the

"Bless his heart!"

Agency and its leader, Mr. Cordray when he makes the following statement of "high ridicularity" in connection with the recent fine imposed on Wells Fargo [see CUTODAY story here]:"Wells Fargo employees [See Fact #1] secretly [See Fact #2] opened unauthorized accounts [See Fact #3] to hit sales targets and receive bonuses. Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed [See Fact #4].  Today's action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks, [See Fact #5] which can have legal consequences." [See Fact #6] 

HERE ARE THE FACTS:

#1: Wells Fargo fired 5300 employees in connection with the fraud or almost 6% of the 94,000 employees in its consumer finance division. This was not a minor "isolated" incident within the bank.
#2: Yah really reckon this was a "secret" (this went on for over 5years!) within the bank?!? If you do, can I interest you in buying a bridge?
#3:  Over 2 million+ fraudulent accounts were opened by those dedicated bonus seekers.  Granted Wells Fargo is a large bank with 40 million customers, but do you think that Wells Fargo's line managers and internal audit staff are all really that slack and "dull as dirt"?
#4: Wells Fargo paid the CFPB a fine of $100 million (a total of $185 million to all parties to the settlement). Would you like to guess what Wells Fargo's net profit for the second quarter of 2016 was... try $5.6 billion [here's the link], which should mean Wells Fargo will earn a $22+ billion net profit for the full year. CFPB's "largest fine ever" is less than 1% of WFB's projected profits for just this year!
#5: Ya' really know how to hurt 'em Richard - almost broke their wrist when you slapped it, I reckon! That what you meant by "carry serious wrists"?
#6: Wells Fargo signed a consent decree with the CFPB neither admitting or denying guilt. In other words CFPB agreed in writing not to prosecute Wells Fargo for incenting its staff to open 2 million+ fraudulent accounts. Kind of brings a whole new meaning to the concept of "legal consequences"!

But here's the BONUS QUESTION:

[so to speak - no cheating!]

Q: What was the fine paid by Ms. Carrie Tolstedt, the Sr. Executive Vice President responsible for the offending Community Banking Division at Wells Fargo, and when was she fired?

What The Fargo???

HERE WE GO AGAIN...

 AND AGAIN... 

AND AGAIN...

AND AGAIN... 

AND...

Over 2 MILLION+ fraudulent accounts opened!

Really?!

Without anybody noticing (wink! wink!)...