Monthly Archives: October 2016

San Francisco resolution includes calling on OCC to explore revoking Wells Fargo’s national banking charter

Oh oh for Wells Fargo…

The resolution directs the city to:
·Create an inventory of all financial dealings with Wells and the feasibility of ending them;
·Directs the City Attorney to investigate if other banks are engaged in similar account practices;
·Consider establishing a Responsible Banking Ordinance to better connect the city’s banking relationships to banks engaged in ethical corporate behavior;
·Calls for a criminal investigation of former CEO John Stumpf; and
·Calls on the OCC (Wells Fargo’s primary bank regulator) to explore whether conditions exist such that the OCC should revoke Wells Fargo’s national banking charter.

A spreadsheet tracking $1.7B in Wells Fargo settlements and lawsuits from 2015 to 2016

FILE: Wells Fargo Reports Higher Earnings

It is available for download here: Wells Fargo Fact Sheet

Wells Fargo’s ex-CEO quits his $400k Target, $275k Chevron board positions

NEW YORK (CNNMoney) –

Wells Fargo’s embattled former CEO John Stumpf stepped down on Tuesday from the boards of two corporate giants: Target and Chevron.

The moves come just one week after Stumpf resigned suddenly as CEO amid an outcry over the scandal at his bank. There were loud cries for his resignation from lawmakers after Wells Fargo admitted to firing 5,300 workers for creating as many as 2 million unauthorized accounts since 2011.

Stumpf’s two board positions were lucrative. Last year, he earned $400,000 from Chevron and another $275,000 in fees and stock awards from Target.

Read on.

Wells Fargo workers describe mental health nightmares

WMDT47:

NEW YORK (CNNMoney) –

For Janis Barinsky, a former Wells Fargo banker, it started with stress-induced migraines and severe anxiety.

She says trying to balance the bank’s aggressive sales goals without doing something illegal and sacrificing her morals pushed her into deep depression.

Barinsky worked for Wells Fargo from 2002 to 2013 as a personal banker and a business specialist at several locations in Northern California and Idaho. She told CNNMoney she “internalized this constant pressure — and it manifested itself in physical, emotional and psychological problems in my life.”

The bank last month admitted to creating as many as 2 million unauthorized bank and credit card accounts. Almost immediately after the revelations, CNNMoney was inundated with dozens of emails from Wells Fargo workers, both current and former, who described the high-pressure work environment. Many of these workers said they suffered mental health issues as a result.

It was an environment where unethical behavior was rewarded, many former employees say. Barinsky says she watched colleagues get lucrative bonuses and even promotions after hitting unrealistic goals by using unethical practices.

The mental health issues forced Barinsky to go on medical leave and she sought treatment from psychologists. Eventually, she was forced to retire.

Barinsky, who today is 63 years old, said efforts to speak up by calling the Wells Fargo ethics line, an internal hotline for confidentially flagging bad behavior, repeatedly didn’t work. That echoes claims made by other former employees.

“I am not alone,” said Barinsky. “I am positive many former employees have experienced and are experiencing these lasting and devastating effects of the abuse we suffered as Wells Fargo employees.”

Jeremy Mohr of Pennsylvania said he too felt “ridiculous” pressure to hit “unreasonable” sales goals after Wells Fargo took over his Wachovia branch in 2009. He described getting “hounded” about his performance by “obsessive compulsive, controlling management.”

Mohr recalled being constantly observed by managers, who would critique his interactions with customers. The observations were recorded and Mohr had to sign off on the documents. One time, Mohr was told to sign a document indicating he had just been observed on a customer interaction, even though that hadn’t happened. He signed the form, and three months later, Mohr was fired in early 2011 for “willful misconduct” tied to this incident.

Mohr found it extremely difficult to find another job and it ultimately led to a personal bankruptcy. The experience left him humiliated.

“I went into depression, I contemplated suicide…from losing my job,” said Mohr.

In June 2011, he used exhaust fumes from his father’s car to attempt suicide. Mohr said he was hospitalized for carbon monoxide poisoning after his ex-wife discovered him.

“The catalyst was the s— that Wells Fargo did to me,” Mohr said. Today, Mohr, 40, is happily employed, working as a bartender at Houlihan’s in Hershey, and has plans to buy a home. “I have fun at work. It’s a great environment,” he said.

The experiences recounted by these employees underscore the human toll inflicted by a work culture that many former Wells Fargo employees said forced them to cheat and even break the law. Some described migraines and severe anxiety. Several complained of stomach ailments because they were denied bathroom breaks, a problem one banker described recently to a Wells Fargo executive at a California State Assembly hearing.

FBI set to review 650,000 Weiner-laptop emails for Clinton server ties as hope for quick resolution fades

Can’t wait for the election to be over…

The FBI will wade through 650,000 emails on the computer top Hillary Clinton aide Huma Abedin shared with her estranged husband Anthony Weiner in a last-ditch effort to find a batch that might be linked to the Democratic nominee’s private server — a bizarre 11th-hour surge in an already years-long search for a smoking gun that has now prompted accusations of political bias.

It was also revealed Sunday that agents had learned of the new laptop in early October but did not brief FBI Director James Comey on the emails found on it until late last week, an eye-opening chronology that raises further questions about his role in potentially upending the already chaotic 2016 race.

Metadata on the computer found by agents indicated that as many as thousands of emails may have been sent to or from the private Clinton server that was the subject of the FBI’s original investigation, The Wall Street Journal reported Sunday. But the sheer amount of emails that agents will now have to review — just to determine which are duplicates of emails they’ve already looked at and whether any contain classified information — will ensure that the newest stage of the probe will not conclude until weeks after voters go to the polls on Nov. 8.

Read on.

The real reason millennials aren’t putting their money in banks

US banks are imposing stomach-churning and often hidden fees — some with gargantuan, five-digit interest rates — that force as many as 25 million poorer millennials and Gen Xers to go unbanked, according to the latest studies.

“Millennials are a large portion of the group now being pushed out of the system, along with other lower-income people who are economically distressed,” Alex Tabb, chief operating officer of Tabb Group, a financial markets research firm, told The Post. “It just so happens that more millennials are in the lower-income group today.”

And in a report for the podcast “Wall & Broadcast,” Tabb and co-host Dan Simon discover that millennials — a cohort of some 75 million Americans 18 to 34 — are not voluntarily quitting banks in droves just for the lure of high-tech alternatives, as is popularly assumed.

It’s more because of the mafia-style fees banks are charging.

The “Wall & Broadcast” report, which talked to millennials, some unbanked, did not single out any individual banks, but in reviewing the entire sector, the podcast noted:

  • The majority of debit card overdraft fees are on transactions of $24 or less.
  • The majority of overdrafts are repaid within three days.
  • In lending terms, a consumer borrowing $24 for three days and paying the median overdraft fee of $34, effectively carries a 17,000 percent annual percentage rate.
  • An unbanked consumer pays as much as 2 percent of the face value to cash a check at a facility such as Western Union in New York.\

Read on.

Leaked memo: Clinton campaign looked to oust Wasserman Schultz as DNC Chair last year

Well, well, well.. Politics make strange fellows. Look like player Debbie got played. Debbie manipulated the Democratic Party election, used the media, and violated the DNC charter for not being impartial to all of the Democratic candidates in order to get Hillary Clinton nominated as President while Clinton camp was working behind the scenes trying get her out of her position.. Pay back is a b for sure…

Fwd: Documents for Discussion

To: john.podesta@gmail.com
Date: 2015-12-19 12:27
Subject: Fwd: Documents for Discussion