Wells Fargo scandal

[MadImmortalMan]

The hearings in Congress were entertaining. The Mylan ones even more so.

[The Minsky Moment]

Truly horrific reputational damage done to one of the few remaining strong and favorable banking brands, and for what? 

[MadImmortalMan]

Many great political sound bytes were recorded. That's real progress, man.

[CountDeMoney]

Truly horrific reputational damage done to one of the few remaining strong and favorable banking brands, and for what?

You should ask Mortimer and Randolph the next time you're having cigars and brandy at the Heritage Club.

[The Minsky Moment]

Truly horrific reputational damage done to one of the few remaining strong and favorable banking brands, and for what?

You should ask Mortimer and Randolph the next time you're having cigars and brandy at the Heritage Club.

Now why would I ruin a perfectly good brandy with cigar smoke?

Peasants

[garbon]

Truly horrific reputational damage done to one of the few remaining strong and favorable banking brands, and for what? 

Who had a favorable image of this bank?

[Razgovory]

Truly horrific reputational damage done to one of the few remaining strong and favorable banking brands, and for what? 

Who had a favorable image of this bank?

19th century stage-coach bandits?

[Valmy]

Music Man fans?

[CountDeMoney]

Truly horrific reputational damage done to one of the few remaining strong and favorable banking brands, and for what? 

Who had a favorable image of this bank?

Pretty sure general counsel is legally obligated to say that about their clients in public.

[The Minsky Moment]

Pretty sure general counsel is legally obligated to say that about their clients in public.

Not required but highly recommended.   

FWIW I've been adverse to Wells, never represented them.

[MadImmortalMan]

Wells always had that reputation as the best bank. That's like the whore with the fewest sores, but still.

For the record, I've had an account there for 25 years. In the first ten years, not a peep from them. If I'd wanted a loan, there would have been radio silence. I did a couple of jobs for WFHM when I was consulting. They liked to say they took only the safest deals and whatever. The market crashed, bla bla. Suddenly, one day, I started getting calls from them along the lines of "you do a good job with your money! How else can we help you?" I said give me interest on my savings. 

No.

But I will say is that ever since I've not been broke, Wells has been trying to sell me stuff. It's what they've been selling to Wall Street for a long time too.

[11B4V]

A J.C. Penney Co. store in Plano, Texas, Feb. 23, 2014.
The surprising group of shoppers boosting sales at JC Penney

More than half of shoppers start search at Amazon, not Google
A shareholder class action lawsuit was filed against Wells Fargo & Co on Monday that alleged the firm misled investors about its financial performance and the success of its sales practices.

http://www.msn.com/en-us/money/companies/wells-fargo-hit-with-class-action-lawsuit-over-sales-practices/ar-BBwFPuj?OCID=ansmsnnews11

[Monoriu]

Seriously, I won't do business with any bank where they violate trust and essentially steal my money from me.  We are not talking about one rogue employee.  It is management policy to give me accounts and credit cards without letting me know, without getting my consent, and to move my money without my agreement and charge me for said products?  It seems hard to sink lower than that. 

[The Minsky Moment]

I saw the securities suit on the case reports today. Surprised it took so long for the plaintiffs lawyers to file

[Baron von Schtinkenbutt]

Truly horrific reputational damage done to one of the few remaining strong and favorable banking brands, and for what?

You should ask Mortimer and Randolph the next time you're having cigars and brandy at the Heritage Club.

Can I has invite?