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

Shadow banks are taking over the mortgage market again

Shadow banks are on the cusp of taking the lead from their commercial counterparts in the mortgage market, new data suggests, a phenomenon that hasn’t been seen since the 2008 financial crisis.

Non-bank lenders, which inhabit the comparatively lightly regulated industry, accounted for 48 percent of mortgage activity in 2015 — and there’s reason to believe that when all is said and done for 2016 that number will grow.

The implications, while good for an industry that is believed to hold about $80 trillion in assets, carry some dark undertones.

“The last time nonbanks accounted for that much mortgage activity was 2006, the year before the subprime crisis began,” a report fromSNL Financial said this week. (NOTE: The post is behind SNL’s pay wall.)

Read on.

‘Mistake’ Wells Fargo Letter Says Thousands of Homeowners Owe Back Taxes

WHITEFISH BAY — About 3,300 Milwaukee and Dunn County homeowners may become panicked over letters sent to them by mistake.

Wells Fargo officials stated in writing that customers were incorrectly notified that their real estate taxes were delinquent.

Homeowners in Franklin, Shorewood, Whitefish Bay, Milwaukee, and Wauwatosa are being reassured it was all a mistake.

The finance department in Whitefish Bay did their own detective work.

The first thing they noticed is that non-escrow customers, or people who don’t have their taxes come out with their mortgage payment each month, were unfairly targeted.

“And what she noticed – she pulled up a lot of these is that the tab for ‘delinquent’ is naturally bright red. She also found out from Wells Fargo that they had used a third-party to determine the delinquency of non-escrow mortgages,” said Jenny Heyden, Village of Whitefish Bay.

To ease everyone’s minds, Heyden says a new letter is coming soon from Wells Fargo to state the letters were sent out in error.

Read on.

Cummings and Conyers Request Full Disclosure from DOJ and FBI on Email Investigation

Oct 28, 2016
Press Release

Cummings and Conyers Request Full Disclosure

from DOJ and FBI on Email Investigation

 

Washington, D.C. (Oct. 28, 2016) – Today, Reps. Elijah E. Cummings and John Conyers, Ranking Members of the House Committees on Oversight and Government Reform and Judiciary, sent the following letter to Attorney General Loretta Lynch and FBI Director James Comey:

 

 

October 28, 2016

 

The Honorable Loretta E. Lynch                                The Honorable James Comey

Attorney General                                                        Director, Federal Bureau of Investigation

U.S. Department of Justice                                         U.S. Department of Justice

950 Pennsylvania Avenue NW                                   935 Pennsylvania Avenue NW

Washington, D.C. 20530                                            Washington, D.C. 20530

 

Dear Attorney General Lynch and Director Comey:

 

Today, Director Comey sent a letter to eight Congressional Committees after the FBI learned of the existence of emails that may be pertinent to its investigation of former Secretary Hillary Clinton’s personal email server.

 

Although Director Comey’s letter was clear that none of the new material identified by the FBI may be “significant,” the letter provided such limited and vague information that it allowed rampant speculation, numerous leaks, and wild accusations just 11 days before the presidential election.

 

During Director Comey’s testimony before Congress on July 7, he made clear that the FBI was not treating Secretary Clinton differently from anyone else investigated by the FBI.  He explained that it would have been a double-standard to recommend prosecution based on the evidence the FBI had obtained.

 

In fairness to everyone involved, we are writing to request that the FBI and Department of Justice issue a more complete accounting of the details behind this letter, based on information from your career investigators and prosecutors, in order to debunk these conspiracy theories and correct the public record.

 

Sincerely,

 

 

 

 

Rep. Elijah E. Cummings                               Rep. John Conyers, Jr.

Ranking Member                                            Ranking Member

House Committee on Oversight and               House Committee on the Judiciary

Government Reform

 

 

cc:        The Honorable Sally Yates, Deputy Attorney General

 

The Honorable Mary McCord, Principal Deputy Assistant Attorney General for National Security

 

The Honorable Jason Chaffetz, Chairman, House Committee on Oversight and Government Reform

 

The Honorable Bob Goodlatte, Chairman, House Committee on the Judiciary

 

114th Congress