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  1. #11
    Registered User Semi Pro Member
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    People in Congress are listening. Questions are now being asked on Capitol Hill: when will Wells Fargo try to recover bonuses paid to executives who benefited from this scam?


  2. #12
    Registered User Senior Member
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    170
    There is definitely more to come with this scandal.

    After all, DOJ isn't even through going after bad actors from the mortgage crisis. And that started almost 10 years ago.

  3. #13
    Registered User New Member
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    18
    Wells Fargo was just opening accounts in peoples names that were never requested to charge them fees. The people in charge need to pay. Not just lost jobs. Jail time seem appropriate. I cannot believe there is not more outrage over this scandal.

  4. #14
    Registered User Semi Pro Member
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    382
    I am interested to see what Berkshire Hathaway, as the largest shareholder of Wells Fargo, does. Buffett and Munger always talk a good game of shareholder stewardship and treating customers right.

    Will they put pressure to change the board and current management? Will the force a change of culture of corruption?

    Or will they be happy to just let the scandal pass with a few nice words and paying some fines?

  5. #15
    Registered User Junior Member
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    32
    This is a great time to look at your local banks, credit unions, community banks.

  6. #16
    It does look like there will be a lot of scrutiny of the executives involved. So it does not seem like they will escape justice. But it may be some time before we see any prosecutions.

    For Wells Fargo customers who no longer trust their bank, or want to work with Wells, community banks, regional banks and credit unions are very viable options. Often these local institutions will provide better customer service. Just make sure that you are able to easily access ATMs for your cash needs.
    Current Fico Scores: 710 TU, 732 EQ
    My Goal for 2016: 750+

  7. #17
    Registered User Semi Pro Member
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    269
    Quote Originally Posted by BigRedDad View Post
    I am interested to see what Berkshire Hathaway, as the largest shareholder of Wells Fargo, does. Buffett and Munger always talk a good game of shareholder stewardship and treating customers right.

    Will they put pressure to change the board and current management? Will the force a change of culture of corruption?

    Or will they be happy to just let the scandal pass with a few nice words and paying some fines?
    Who knows how Buffett will proceed with Wells. Will he step in and run it like he did at Bear Sterns back in the day? Doubtful, as he is older and Berkshire is much bigger today.

    I did see where Todd Combs was placed on the JP Morgan board. Any hint at that bank trying to get ahead of potential scandals there? Or just a hint of who is likely to succeed Buffett?

  8. #18
    Registered User Semi Pro Member
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    302
    Good news - Wells Fargo hired outside counsel to look into clawing back bonuses paid to top executives over the scandal. In the cross hairs are CEO Stumpf and former executive Tolstedt.

    I am hoping the right result is reached. I suspect that even if it is, it will take many years.

  9. #19
    Registered User Junior Member
    Posts
    49
    The clawbacks may be happening sooner than you think. Maybe even as soon as today, according to some reports.

    And considering the political pressure and mounting lawsuits - as well as a new investigation from the Department of Labor - the woes for Wells Fargo over this fiasco (no - travesty!) will continue for some time.

  10. #20
    Registered User Semi Pro Member
    Posts
    300

    And the hits keep coming for Wells Fargo

    Announced earlier today:

    Wells Fargo agreed to pay a $400,000 fine to the Commodity Futures Trading Commission to settle charges over inaccurate reports for physical commodity swaps positions.

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