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Elizabeth Warren: Wells Fargo executives to forfeit millions


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Founder of the Consumer Financial Protection Bureau, Elizabeth Warren, just won a considerable victory for consumers against the filthy, corrupt, banking industry. Hillary Clinton has already stated that she plans to utilize Warren in her government. If it is anything less than Attorney General, I will be disappointed.

 

C'mon, cons, show us how pathological your mentality is by attacking Warren for fighting for people's interests.

 

 

 

https://www.theguardian.com/business/2016/sep/27/wells-fargo-sales-tactics-investigation-john-stumpf

 

(Full article at above link)

 

 

 

Wells Fargo executives will forfeit millions of dollars in the wake of revelations that the bank’s sales quotas led to the creation of more than 2m unauthorized accounts.

The bank’s chief executive, John Stumpf, will forgo his salary for the coming months as independent directors launch a new investigation into Wells Fargo’s retail banking and sales practices.

Last year, Stumpf made about $19.3m. Stumpf will also forfeit unvested equity awards worth about $41m.

Carrie Tolstedt, who oversaw retail banking at Wells Fargo while the unauthorized accounts were opened, was slated to receive as much as $124.6m after retiring this summer, according to Fortune. The bank said on Tuesday that she would not receive an undisclosed severance and would forfeit about $19m in unvested awards.

Less than three weeks ago, Wells Fargo announced that it had agreed to pay $185m in penalties after an audit found that its employees opened as many as 1.5m deposit accounts and 565,000 credit card accounts without customers’ consent. The accounts were opened by the bank’s staff in hopes of meeting their monthly sales quota and earning their incentive bonuses.

Wells Fargo workers have tried to draw attention to the “unreasonable” quotas before – some even staged a protest in front of the bank’s headquarters last year.

When Stumpf testified in front of the Senate last week, Senator Elizabeth Warren of Massachusetts told him that he demonstrated “gutless leadership” in blaming the unauthorized accounts on the 5,300 former employees.

“This is about accountability,” she said. “You should resign, you should give back the money you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission. This just isn’t right.”

Warren said that Wall Street executives were not held accountable in 2008 “when they crushed the worldwide economy” and were not being held accountable now, either.

“The only way that Wall Street will change is if executives face jail time when they preside over massive frauds,” Warren told Stumpf. “Until then it will be business as usual, and at giant banks like Wells Fargo, that seems to mean cheating as many customers, investors and employees as they possibly can.”

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She already kicked Romney's teeth in and she will do the same for other white collar criminals.

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"There is nobody in this country who got rich on his own. Nobody. ... You moved your goods to market on the roads the rest of us paid for; you hired workers the rest of us paid to educate; you were safe in your factory because of police forces and fire forces that the rest of us paid for. You didn't have to worry that marauding bands would come and seize everything at your factory, and hire someone to protect against this, because of the work the rest of us did. Now look, you built a factory and it turned into something terrific, or a great idea. God bless. Keep a big hunk of it. But part of the underlying social contract is, you take a hunk of that and pay forward for the next kid who comes along."

Senator Elizabeth Warren is drawing praise from progressives for her legislation that would bar companies from requiring prospective hires to submit to a credit check as a condition of employment. “This is about basic fairness -- let people compete on the merits, not on whether they already have enough money to pay all their bills,” said Warren, a Massachusetts Democrat. “A bad credit rating is far more often the result of unexpected medical costs, unemployment, economic downturns or other bad breaks than it is a reflection on an individual’s character or abilities.” A few things: First, the credit reports employers see don’t even include the score -- or “rating,” as Warren put it. Rather, they show the credit report itself. This isn’t a minor distinction: While a low credit score could reflect any number of causes (from medical bills to missed payments on a boat loan), the credit report includes comprehensive information on the applicant’s credit history. If the only delinquent accounts are medical bills, employers will see that; they will also see if the source of turmoil is boat loans, timeshares and a Neiman Marcus store card. The fact sheet for Warren’s Equal Employment for All Act explains that “There is no evidence to suggest that credit is an indicator of one’s work ability”; in subsequent interviews she amended “no evidence” to “little or no evidence.” That’s more accurate, but it’s far from a settled matter. There is abundant research suggesting that financial stress has a negative impact on job performance. A 2011 PricewaterhouseCoopers survey found that 29 percent of U.S. workers report that personal-finance issues have been a distraction at work, and 48 percent said that they had handled personal-finance matters during work hours. So while Warren is right that there isn’t definitive proof that a poor credit history predicts poor job performance, employers are hardly irrational for looking at it. Tracy Coenen, a forensic accountant and the author of “Essentials of Corporate Fraud,” says that examining the financial situation of a prospective employee is one of the top tools companies have for preventing embezzlement. “Financial difficulties are correlated with the propensity to commit fraud,” she says. “If you’re hiring for a position where someone will have access to money, you want to know whether they’re having financial difficulties.” Academic research on this matter is mixed. (A 2008 study found a correlation between financial history and workplace theft; a 2011 study found no such correlation.) It would be fair to say that the rationale for employers wanting to look at credit reports is debatable and employers seem to agree. Only 47 percent say they check credit; perhaps the other 53 percent can build a competitive advantage hiring all the great workers who are passed over for other jobs because of bad credit. Some employers ask prospective hires about any number of things that are of debatable relevance. Some employers like to hire former athletes; there is no conclusive evidence that they are the best workers (Lenny Dykstra and Curt Schilling, say hello), and it could be argued that such a hiring bias is unfair to those who aren’t athletically inclined or whose parents, because of their religious beliefs, banned their children from playing. Should the U.S. government bar employers from asking candidates if they played sports in high school? There is also mixed research on whether graduates of elite colleges make particularly great employees. (One researcher argues that World of Warcraft players make better employees than Harvard grads.) And a 2012 analysis of Harvard undergraduates found that 45.6 percent came from families with household incomes above $200,000 -- putting them in the top 3.8 percent of American households. Is an elite education too correlated with class (and, by extension, race and ethnicity)? Should we bar employers from asking candidates where they went to college? Hiring managers make decisions based on incomplete and imperfect information all the time; credit reports have no more potential to unjustly weed out potentially good employees than dozens of other things employers can ask about. There’s also some brazen hypocrisy in the exemption Warren’s bill includes: The federal government and its contractors will still be able to require credit checks when hiring for positions that require a security clearance. This is curious given that Warren is so insistent that employers are irrational for wanting to look at credit reports. So Warren apparently believes that everyone except the government should have to blindly hire people with a track record of financial trouble. Her disdain for the private sector and deference to government buttress the worst cliches about liberals. Finally, remember that nothing in Warren’s bill proposes to create jobs. All that it will do is make it harder for workers with a history of financial responsibility to pair up with employers who value that. We should leave it to the marketplace to decide how much credit history matters when it comes to hiring. Ten states have already passed laws restricting the use of credit reports in hiring. That strikes me as an unreasonable intrusion into the relationship between employers and job applicants. We certainly don’t need the federal government to step in and make it the law for the other states that don’t want such restrictions.

by MICHAEL PATRICK LEAHY 11 Jun 2012

In 1990, Rutgers Professor Philip Shuchman charged Elizabeth Warren, along with Teresa A. Sullivan (above), the President of University of Virginia who resigned unexpectedly yesterday, and Jay Westbrook, her two co-authors of the 1989 book, As We Forgive Our Debtors: Bankruptcy and Consumer Credit in America, with “scientific misconduct.” Within a few months, Warren’s friends and former colleagues at the University of Texas quickly completed an error-filled investigation.

This secret report was accepted by University of Texas President William Cunningham. For two decades, Warren and her co-authors have claimed in academic circles that this report--never before made public--exonerated them.

But the central charge made by Professor Shuchman was neither investigated nor refuted in this secret report. Shuchman cited four specific criticisms of the 1989 book. It is the fourth and last complaint upon which charges of scientific misconduct hang.

Professor Shuchman concluded his book review with this powerful allegation:

This book contains so much exaggeration, so many questionable ploys, and so many incorrect statements that it would be well to check the accuracy of their raw data, as old as it is. But the authors arranged matters so that they could not provide access to the computer printouts by case, with the corresponding bankruptcy court file numbers, this preventing any independent check of the raw data in the files from which they took their information.

In the footnote to this paragraph, Shuchman notes:

A common instance of misconduct in science occurs when “there [is] no way to verify whether or not [the] research was accurate.’ Woolf, Deception in Scientific Research, 29 Jurimetrics J. 67, 83 table 5 n.4 (1988).

The 1991 University of Texas secret report that “exonerated” Elizabeth Warren never asked this simple question:

Did the authors arrange matters so that they could not provide access to the computer printouts by case, with corresponding bankruptcy court file numbers, thus preventing any independent check of the raw data in the files from which they took their information?

Sullivan, Warren, and Westbrook deployed a research methodology that was apparently contrary to the methodology they stated they would use in their National Science Foundation (NSF) grant proposal, which financed their research. After they received their funding, they chose to apply “human subject safeguards” by removing identifying information (case number, petitioner name, and a subsequent “identifier” they added) from the raw data files used in the study--over 1,500 bankruptcy records, each one containing over 200 fields of information (such as assets, liabilities, homeownership, marital status, etc.) That change in methodology made their research data, in effect, unverifiable.

Documents obtained from the NSF suggest that the “human subject safeguard standards” that Warren, Sullivan, and Westbrook imposed on their data were never approved of by that agency, were not consistent with the law, and were never known to the NSF until after the book had been published and Shuchman’s complaint filed.

Twenty-two years later, Professor Shuchman’s charges of “scientific misconduct” against Elizabeth Warren and her co-authors remain publicly unanswered and unresolved. These unresolved charges associated with her first major book raise continue to raise questions that hang over Elizabeth Warren’s entire body of academic work.

Brown charged Warren for her work for Travelers Insurance in a case involving asbestos victims. Brown said Warren helped the company deny payment to asbestos poisoning victims. Brown's facts were largely true, but the impression he left was somewhat misleading. Brown said, "She helped Travelers deny benefits for asbestos poisoning, made over $250,000 in an effort to protect big corporations."

The Globe's conclusion after an extensive examination: Warren was paid $212,000 by Travelers from 2008 to 2010. Warren helped Travelers win a case that gave the company immunity from most asbestos lawsuits, and a $500 million trust fund has not been paid out because of a court order that Travelers won after Warren's work on the case ended.

Elizabeth Warren - A despicable person
Chuck Morse Speaks ^ | Oct 24, 2012 | Chuck Morse

Posted on 10/25/2012 2:23:29 PM PDT by Chuckmorse

Only in Massachusetts could a lowlife bottom feeder like Elizabeth Warren ever be considered for high office. Putting aside her hard-core followers, her true believing cadres who would follow her off a cliff, I can understand why many mainstream Massachusetts Democrats are supporting her. They support her because they want revenge against Scott Brown for taking the "Kennedy seat" during the special election two years ago. To accomplish this they have decided to hold their noses and shut their eyes and ears.

Where should I start? It difficult to know when so much about Elizabeth Warren is based upon lies. Let's see. The mediocre Harvard professor and bankruptcy lawyer who has never run for public office before began compiling her fortune while still living in Oklahoma City. She made a ton flipping distressed foreclosed properties by working with local banks. Yet, isn't Elizabeth supposed to stand for banking reform? She then takes on big multinational corporate clients while at Harvard Law. She lists Harvard as her business address while employed as a lawyer by these big corporations, those companies made up of "millionaires and billionaires" even though she was not an active member of the bar in Massachusetts. And all this while she drones on about the top 1% and claims to be the inspiration behind Occupy Wall Street.

And who were those clients who were paying her those six figure sums? Let's see. There was Travelers Insurance which hired her to help them set up a means by which to get immunity from making good on insurance policies that were held by victims of asbestos poisoning, people who had payed into their insurance plans while working for the manufacturer Johns Mansville. Elizabeth got a quarter of a million bucks helping Travelers set up a separate fund which would've, at best, paid out peanuts to the victims, but which Travelers never funded because they didn't have to after Elizabeth's handiwork. Perhaps Elizabeth thought the clock would run out and those people poisoned by asbestos would die out before they could offer testimony against her and, in this regard, she was largely right. The victims of this scam are crying out from the grave for truth and Justice.

Then came the coal-mining company, yes liberals, that's right, you heard right, a big fat corporation making big bucks stripping tops off of mountains while screwing their union. Elizabeth was brought in and paid handsomely to help them screw their union out of their pensions and other benefits over the objection of liberals in Congress including the late Senator Ted Kennedy. Elizabeth hopes that if she keeps shrieking loud enough about her championing the cause of working people nobody will notice. Union brothers and sisters....hello? Anyone home?

Then, finally, comes the coup de grace, at least in terms of what is known, and no doubt there is more that is not known. Elizabeth marches in and grabs a big check to help Dow Chemical Company, a CHEMICAL company for cripessakes, normally enemy number one of the left and the environmentalists. Elizabeth helps them defend themselves against lawsuits being brought by WOMEN. These women were suffering from toxic disease due to exposure from their Dow Chemical breast implants. They sought a small measure of justice, JUSTICE, until good old Elizabeth Warren, friend of the corrupt fat-cats when they line her corrupt and greedy pocket, strides forth and squelches these women. Oh yes, I'm sorry, that's right, Elizabeth is a champion of women don't you know.

We don't even need to go into how she cheated on Affirmative Action in order to get her tenured position at Harvard. This is something I thought liberals cared about. Release the personnel files Liz. The mediocre teacher teaches one class at Harvard, gets 375K per year and a free house. Not a bad gig I would say. No wonder the rest of us are going broke trying to pay for College.

But, I almost forgot to mention, Elizabeth knows how to work the "rigged" system. She knows that if she spits out enough left-wing slogans she will get a pass. And indeed she has gotten a pass because if this were anyone else they would be long gone. Fellow Massachusetts voters. Please don't disgrace our state and disgrace yourselves. Please don't vote for this lying cheating fraud.

Harvard Law School First woman of color hired at Harvard

Pow Wow cookbook

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They will reelect her over and over

 

As they should, because she is doing precisely what she should do.

 

Warren is the most competent woman ever elected to the Senate.

 

Had she been around earlier, perhaps the entire 2008 Juniorbush Recession would have been prevented.

 

We don't even need to go into how she cheated on Affirmative Action in order to get her tenured position at Harvard. This is something I thought liberals cared about. Release the personnel files Liz. The mediocre teacher teaches one class at Harvard, gets 375K per year and a free house. Not a bad gig I would say. No wonder the rest of us are going broke trying to pay for College.

 

She did not cheat to get tenure at Harvard. She is not a mediocre teacher, she is an excellent teacher as well as an excellent senator.

Harvard has more money than God. but it is Harvard's money, and Harvard's endowment for hiring faculty would never pay for anyone's tuition to attend any other institution.

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She does exactly what the lefties in the Peoples Comm. want. Her teammate Markey is equally insane. The voters in Mass. have inflicted pain on the rest of you for decades. Libbers love us for the socialists we send to DC. Of all the hacks we gave you Tip O'Neill was the best. He forced "The Big Dig" through and it cost 14 billion to build. Boston sharpshooters looted. Trucking companies sprung up to haul dirt. hahahahahaaa. Everybody in Mass. took a piece and it went on for years. Tip. was great. If there is anything left after hilarity Warren will get it as she will follow. Trump all the way.

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They will reelect her over and over

 

As they should, because she is doing precisely what she should do.

 

Warren is the most competent woman ever elected to the Senate.

 

Had she been around earlier, perhaps the entire 2008 Juniorbush Recession would have been prevented.

 

We don't even need to go into how she cheated on Affirmative Action in order to get her tenured position at Harvard. This is something I thought liberals cared about. Release the personnel files Liz. The mediocre teacher teaches one class at Harvard, gets 375K per year and a free house. Not a bad gig I would say. No wonder the rest of us are going broke trying to pay for College.

 

She did not cheat to get tenure at Harvard. She is not a mediocre teacher, she is an excellent teacher as well as an excellent senator.

Harvard has more money than God. but it is Harvard's money, and Harvard's endowment for hiring faculty would never pay for anyone's tuition to attend any other institution.

I love how she says everyone deserves a fair chance but she cheated to get ahead of other applicants....

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We don't even need to go into how she cheated on Affirmative Action in order to get her tenured position at Harvard. This is something I thought liberals cared about. Release the personnel files Liz. The mediocre teacher teaches one class at Harvard, gets 375K per year and a free house. Not a bad gig I would say. No wonder the rest of us are going broke trying to pay for College.

But, I almost forgot to mention, Elizabeth knows how to work the "rigged" system. She knows that if she spits out enough left-wing slogans she will get a pass. And indeed she has gotten a pass because if this were anyone else they would be long gone. Fellow Massachusetts voters. Please don't disgrace our state and disgrace yourselves. Please don't vote for this lying cheating fraud.

Harvard Law School First woman of color hired at Harvard

Pow Wow cookbook

 

 

 

Warren086.jpg

 

 

She's an Injun if I ever saw one.

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Keller @ Large: Elizabeth Warren Needs To Work On Her Local Image

September 30, 2016 7:06 AM By Jon Keller

BOSTON (CBS) – Among the many interesting findings of the WBZ-TV, WBZ NewsRadio, UMass Amherst poll this week, there was this: in a series of hypothetical 2018 match ups, Sen. Elizabeth Warren struggles to dismiss some challenges.

(WBZ-TV graphic)

She beats Lt. Gov. Karyn Polito by four points and former Gov. Bill Weld by only three points, both within the poll’s margin of error. Warren’s favorability rating is 46%, only slightly higher than her unfavorable rating and below the 50% threshold that usually signals likely re-election.

When our pollsters asked voters what word comes to mind first when they think of Warren, positive words like “strong” and “fighter” were dwarfed by the most common adjective associated with her: “liar.”

Warren remains an odds-on favorite to win re-election; if she were to confront a legitimate threat in 2018, she can and will mobilize an avalanche of support from liberals, unions and donors from across the country.

But these results should come as something of a warning sign to Warren that her local image needs some tweaking between now and then.

Warren has delivered on her 2012 promise to fight corporate predators and torture Republicans nationally. But voters here got used to the late Ted Kennedy doing that and taking care of the home front as well. With Ted gone, our delegation has struggled at times to protect our interests.

And the last thing most voters want to see is yet another Massachusetts pol more interested in their national future than in our futures. To the extent that Warren is seen as contracting Potomac fever, she should perhaps start worrying about another disease – the voters getting sick of her.

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  • 6 months later...

April 21, 2017

"Wells Fargo & Co (WFC.N) said it would expand its class action settlement related to the lender's retail sales practices to include customer accounts as early as May 2002.

 

The lender said it would add $32 million to the previous agreement for a total settlement of $142 million.

"The expansion of this agreement is another important step to make things right for our customers," said Tim Sloan, Wells Fargo's Chief Executive Officer.

 

Wells Fargo has been working to win back customer confidence following a sales scandal at its retail banking business and has paid a $185 million fine to the U.S. government.

 

The settlement, announced in September, hammered the bank's share price and led to the resignation of then-Chief Executive John Stumpf.

 

The San Francisco-based lender has since then launched internal probes, fired more than 5,000 employees, apologized to customers, changed compensation plans and scrapped sales targets to win back customer confidence."

http://www.reuters.com/article/us-wells-fargo-accounts-settlement-idUSKBN17N1GE

 

CFPB!!

CFPB!!

CFPB!!

CFPB!!

CFPB!!

https://www.consumerfinance.gov/policy-compliance/enforcement/

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282215_500326563311660_926526646_n.jpg

 

 

 

 

Founder of the Consumer Financial Protection Bureau, Elizabeth Warren, just won a considerable victory for consumers against the filthy, corrupt, banking industry. Hillary Clinton has already stated that she plans to utilize Warren in her government. If it is anything less than Attorney General, I will be disappointed.

 

C'mon, cons, show us how pathological your mentality is by attacking Warren for fighting for people's interests.

 

 

 

https://www.theguardian.com/business/2016/sep/27/wells-fargo-sales-tactics-investigation-john-stumpf

 

(Full article at above link)

 

 

 

Wells Fargo executives will forfeit millions of dollars in the wake of revelations that the bank’s sales quotas led to the creation of more than 2m unauthorized accounts.

The bank’s chief executive, John Stumpf, will forgo his salary for the coming months as independent directors launch a new investigation into Wells Fargo’s retail banking and sales practices.

Last year, Stumpf made about $19.3m. Stumpf will also forfeit unvested equity awards worth about $41m.

Carrie Tolstedt, who oversaw retail banking at Wells Fargo while the unauthorized accounts were opened, was slated to receive as much as $124.6m after retiring this summer, according to Fortune. The bank said on Tuesday that she would not receive an undisclosed severance and would forfeit about $19m in unvested awards.

Less than three weeks ago, Wells Fargo announced that it had agreed to pay $185m in penalties after an audit found that its employees opened as many as 1.5m deposit accounts and 565,000 credit card accounts without customers’ consent. The accounts were opened by the bank’s staff in hopes of meeting their monthly sales quota and earning their incentive bonuses.

Wells Fargo workers have tried to draw attention to the “unreasonable” quotas before – some even staged a protest in front of the bank’s headquarters last year.

When Stumpf testified in front of the Senate last week, Senator Elizabeth Warren of Massachusetts told him that he demonstrated “gutless leadership” in blaming the unauthorized accounts on the 5,300 former employees.

“This is about accountability,” she said. “You should resign, you should give back the money you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission. This just isn’t right.”

Warren said that Wall Street executives were not held accountable in 2008 “when they crushed the worldwide economy” and were not being held accountable now, either.

“The only way that Wall Street will change is if executives face jail time when they preside over massive frauds,” Warren told Stumpf. “Until then it will be business as usual, and at giant banks like Wells Fargo, that seems to mean cheating as many customers, investors and employees as they possibly can.”

21701b9fb7c426c9fceb943c343b8022.jpg

She already kicked Romney's teeth in and she will do the same for other white collar criminals.

 

 

Warren is a breath of fresh air .........

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Good One!!

 

Historian and Republican Bruce Bartlett, former domestic policy adviser to President Ronald Reagan, has called Starve the Beast "the most pernicious fiscal doctrine in history", and blames it for the increase in US government debt since the 1980s.[18

 

]f76286b1730af95299d461e3451d275e.jpg

 

 

Another Bartlett with an eye for financial chaos....

 

https://www.democracynow.org/2009/9/10/good_billions_after_bad_one_year

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