News:

And we're back!

Main Menu

Wells Fargo scandal

Started by 11B4V, September 08, 2016, 06:49:40 PM

Previous topic - Next topic

MadImmortalMan

The hearings in Congress were entertaining. The Mylan ones even more so.
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

The Minsky Moment

Truly horrific reputational damage done to one of the few remaining strong and favorable banking brands, and for what? 
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

MadImmortalMan

Many great political sound bytes were recorded. That's real progress, man.
"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

CountDeMoney

Quote from: The Minsky Moment on September 23, 2016, 04:37:53 PM
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

Quote from: CountDeMoney on September 23, 2016, 05:37:58 PM
Quote from: The Minsky Moment on September 23, 2016, 04:37:53 PM
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
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

garbon

Quote from: The Minsky Moment on September 23, 2016, 04:37:53 PM
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?
"I've never been quite sure what the point of a eunuch is, if truth be told. It seems to me they're only men with the useful bits cut off."
I drank because I wanted to drown my sorrows, but now the damned things have learned to swim.

Razgovory

Quote from: garbon on September 24, 2016, 11:12:06 AM
Quote from: The Minsky Moment on September 23, 2016, 04:37:53 PM
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?
I've given it serious thought. I must scorn the ways of my family, and seek a Japanese woman to yield me my progeny. He shall live in the lands of the east, and be well tutored in his sacred trust to weave the best traditions of Japan and the Sacred South together, until such time as he (or, indeed his house, which will periodically require infusion of both Southern and Japanese bloodlines of note) can deliver to the South it's independence, either in this world or in space.  -Lettow April of 2011

Raz is right. -MadImmortalMan March of 2017

Valmy

Quote"This is a Russian warship. I propose you lay down arms and surrender to avoid bloodshed & unnecessary victims. Otherwise, you'll be bombed."

Zmiinyi defenders: "Russian warship, go fuck yourself."

CountDeMoney

Quote from: garbon on September 24, 2016, 11:12:06 AM
Quote from: The Minsky Moment on September 23, 2016, 04:37:53 PM
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

Quote from: CountDeMoney on September 25, 2016, 09:00:16 AM
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.
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

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.  :P

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.

"Stability is destabilizing." --Hyman Minsky

"Complacency can be a self-denying prophecy."
"We have nothing to fear but lack of fear itself." --Larry Summers

11B4V




Quote
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
"there's a long tradition of insulting people we disagree with here, and I'll be damned if I listen to your entreaties otherwise."-OVB

"Obviously not a Berkut-commanded armored column.  They're not all brewing."- CdM

"We've reached one of our phase lines after the firefight and it smells bad—meaning it's a little bit suspicious... Could be an amb—".

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
The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.
--Joan Robinson

Baron von Schtinkenbutt

Quote from: CountDeMoney on September 23, 2016, 05:37:58 PM
Quote from: The Minsky Moment on September 23, 2016, 04:37:53 PM
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?