Itinerant Air-Cooled

Amskeptic wrote:

Bleyseng wrote:I just have 10k in the account and do the 12 transactions with no fees.

SO, Wells Fargo CEO is blaming the underlings for their troubles. Way to accept responsibility.
Colin

This is shocking how? What's disgusting is that piece of shit isn't being charged for stealing from his customers. He'll get whacked by Well Fargo's board of directors and then smile as he boards his personal private business jet on the way to his mansion in Hawaii with his $50 million plus golden parachute.

Someone remind me how many of the bankers who caused the 2008 financial and housing meltdown were brought up on charges? Oh that's right, one mid-level manager. I guess it kind of hard for congress and the senate to press charges against the CEO's who fund their election campaigns.

Any bets that Martin Winterkorn, VW's recently resigned CEO, won't be criminally charged for his part in the emissions scandal?

I don't know if Winterkorn explicitly knew of, and propagated, the emissions hacking. Stumpf seems to know exactly what is going on.

asiab3 wrote:I don't know if Winterkorn explicitly knew of, and propagated, the emissions hacking. Stumpf seems to know exactly what is going on.

[opinion ON]
I am pretty sure Winterkorn most definitely knew. He won the power struggle against Ferdinand Piëch.
Piëch resigned in disgust at where Volkswagen was going, and Winterkorn painted it as a "changing of the guard".
[opinion OFF]

Amskeptic wrote:

asiab3 wrote:I don't know if Winterkorn explicitly knew of, and propagated, the emissions hacking. Stumpf seems to know exactly what is going on.

[opinion ON]
I am pretty sure Winterkorn most definitely knew. He won the power struggle against Ferdinand Piëch.
Piëch resigned in disgust at where Volkswagen was going, and Winterkorn painted it as a "changing of the guard".
[opinion OFF]

Yup, I totally agree. We all know he won't be held criminally accountable for his actions either.

yeah its quite the circle jerk of Corps, wall Street, central banks, Government. No one can unplug without dooming themselves. Government/politicos need funding, Wall Street needs freshly minted currency, Corps need government sanctioned monopolies...and round and round until the bearings run dry

dingo wrote:yeah its quite the circle jerk of Corps, wall Street, central banks, Government. No one can unplug without dooming themselves.

I disagree.
See: Colin's travels.

I was actually referring to the co-dependancy of the above mentioned societal institutions...my wording was sloppy.
But yes indeed, Amskeptic is out there on the frontier, challenging the paradigms at every turn in the road....which is something i very much resonate with.

dingo wrote:I was actually referring to the co-dependancy of the above mentioned societal institutions...my wording was sloppy.
But yes indeed, Amskeptic is out there on the frontier, challenging the paradigms at every turn in the road....which is something i very much resonate with.

Oh, I'm doomed, all right.
ColinOneBeeInTheCoffeeCupFromDisaster

Amskeptic wrote:

asiab3 wrote:I don't know if Winterkorn explicitly knew of, and propagated, the emissions hacking. Stumpf seems to know exactly what is going on.

[opinion ON]
I am pretty sure Winterkorn most definitely knew. He won the power struggle against Ferdinand Piëch.
Piëch resigned in disgust at where Volkswagen was going, and Winterkorn painted it as a "changing of the guard".
[opinion OFF]

Yes, now this I have to agree on. Winterkorn was part of the group trying to get the Porsche family out of VW's management.

Amskeptic wrote:[
Oh, I'm doomed, all right.
ColinOneBeeInTheCoffeeCupFromDisaster

And fasten your seat belt (assuming this picture was taken while driving)!

MonoCone wrote: And fasten your seat belt (assuming this picture was taken while driving)!

We've been over this. You can't jump out the window to avoid a head-on collision if you're wearing a seat belt.

There is nothing wrong with challenging sales goals per se, but it sounds like these were unreasonable, and based on negative reinforcement and brow-beating. And for Christ's sake, they're business majors making $35K a year who thought they would be doing banking, not phone sales.

I've been on quota for much of my career, and it's inconceivable that at least two levels of management didn't know it was going on. It would only take the bare minimum of scratch-and-sniff auditing to uncover crude cheating like that.

Very surprising, since Wells Fargo was much more conservative than most in their lending practices, and didn't get hurt by liar loans and sub-primes during the financial crisis.

hippiewannabe wrote:There is nothing wrong with challenging sales goals per se, but it sounds like these were unreasonable, and based on negative reinforcement and brow-beating. And for Christ's sake, they're business majors making $35K a year who thought they would be doing banking, not phone sales.

I've been on quota for much of my career, and it's inconceivable that at least two levels of management didn't know it was going on. It would only take the bare minimum of scratch-and-sniff auditing to uncover crude cheating like that.

Very surprising, since Wells Fargo was much more conservative than most in their lending practices, and didn't get hurt by liar loans and sub-primes during the financial crisis.

This is a natural result of being surrounded by a bad crowd. You finally get sucked in.

We have exactly this problem in Congress when it comes to money in politics.
Colin

http://www.msn.com/en-us/money/companie ... ar-AAiS6Kn

And... he's out. The only thing left is to read the value of his golden parachute. At least the scandal cost him some money he had to forfeit.

Update- the national news is reporting this CEO will exit Wells Fargo with close to $150 million. I can't recall which congressman said "if a $13 dollar an hour teller took $20 dollars they'd go to jail". Yet, this douche bag has no criminal charges against him. Unbelievable.