THE CRANKY OLD MAN
Random thoughts and stuff from a cranky old man. Humor (maybe)and satire, mostly stuff from a confused head.
I intend for this blog to be non-political. If I offer a political statement, rebuttals are permitted, however this blog is not for the unsolicited political opinions of others and as such those comments will be deleted and not published.
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Friday, October 28, 2016
WELLS FARGO GREEDY BASTARDS
WELLS FARGO GREEDY
A cranky opinion for
The following is the opinion of a
cranky old man with limited knowledge of the topic opined.Opposing opinions are welcome, but they are
wrong.As always, please, no name
calling, that means you, you big stupid-head!
The CEO of Wells
Fargo recently decided to step down after his bank got caught creating false
accounts and ripping people off in tiny pieces (mostly, I think, service
charges.) Poor bastard, it wasn’t his
fault, the fraud was all done by lower level managers and clerical
workers.I suspect the scaty-eight million
dollars he took with him in bonuses and stock options will help take the sting out of his leaving.
I have to
admit, that even though I have read about this case several times I’m not
completely sure how much any customers were hurt by the bank’s illegal
activity.I don’t think anyone was beat
up badly ala Bernie Madoff, I think there was a lot of nickel and dime expenses
but that no one was seriously financially injured.
I believe that
is why this fraud went on undetected for so long.
Who I really
feel sorry for are the low-level bank employees that helped perpetrate this
fraud.Were these employees bad
people?Did they walk away with scads of
money? I don’t think so.I believe most
of the perpetrators were pressed to open new accounts no matter what.If they didn’t meet their quota they did not
get a good review, did not get a raise and were rightfully concerned about
keeping their job.
everyone at the bank (and I suspect other banks) were pressured to bring in new
business.In effect, everyone was
expected to be a salesperson, and an awful lot of people are not cut out as
salespeople, I know I am not.
about Wells Fargo came out, I was not surprised.Several years ago, Mrs. Cranky told me the
reason she left working at her bank was she was being pressured every day to
open new accounts.She liked her job,
she was good with numbers, but she was told to ask every customer questions
which directed them or encouraged them to “take
advantage of the banks many products.” She was expected to open a certain amount
of accounts (think quotas.)
I found that
difficult to believe.How could anyone
expect tellers or even their supervisors to have a quota of new products they
had to sell?
was true, and what fries my patoot is I know God damn well that if people were
being pressured at every level, then every level on up, especially the CEO, knew
about and were responsible for this pressure.
suddenly set me off about banks abusing of their hard-working, salt of the
earth blue collar employees?Recently I
read a comment on an ancient post I was researching for my weekly re-run.
I found it
very interesting, as it relates to this Wells Fargo story and confirms what my
wife told me many years ago.The comment
was on a post about a sales job I almost took and why I could not sell
something to someone whom I knew did not want what I was selling.
This is the comment made over five
years before Wells Fargo was sanctioned for opening unauthorized accounts,
mostly by lower -level employees who felt pressured to do so:
“I just left a job at a big bank about 3 months
ago (I have another job now) where I had to start selling things to every
single customer. this would be fine, if I didn't work in IT/tech support for
that bank. customers don't want to get help troubleshooting their quicken/QuickBooks
access for 45 mins and then be asked, ‘have
you thought about starting a supplemental IRA with us?’
that is so obnoxious. “
This comment was on a post from September
2011.Interesting isn’t it.I wonder how many thousands of employees’
lives were made miserable by the high-pressure tactics forced on them by the
I hope the CEO and other high executives
of Wells Fargo run into a Mr. Even Steven. FUCK’EM! The preceding was the opinion of a cranky old man, and I’m pretty sure management, Mrs. Cranky, agrees.