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Old 09-12-2016, 07:52 PM   #31
jefro
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I got some spam now from a bogus Wells Fargo "like" email trying to fool me.
 
Old 09-12-2016, 08:00 PM   #32
cwizardone
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Quote:
Originally Posted by jefro View Post
I got some spam now from a bogus Wells Fargo "like" email trying to fool me.
Just a few minutes ago I received a text message on my cell phone saying my Chase online account has been suspended and they gave a web address at which I can correct the problem.
As I don't, and never have had, an account with Chase, this is obviously a scam ran by thieves with a auto dialer.
Be carefull out there!

Last edited by cwizardone; 09-12-2016 at 10:16 PM.
 
Old 09-12-2016, 08:08 PM   #33
frankbell
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Quote:
Just a few minutes ago I received a text message on my cell phone saying my Chase online account has been suspended and they give a web address at which I can correct the problem.
I get this stuff frequently--it seems to come in waves. I marvel at the number of bank accounts that I seem to have with banks I've never dealt with.
 
Old 09-23-2016, 11:25 AM   #34
Jeebizz
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Thumbs down Wells Fargo CEO could walk with $200 million - Proof that nothing will ever really change - No real consequences

"Some bonuses linked to account growth


A portion of Stumpf's bonuses were tied to increasing the number of customer accounts. An intense focus on adding new accounts, former employees say, led to a pressure-cooker atmosphere. "

http://money.cnn.com/2016/09/22/inve...ion/index.html



This is just one company, but remember back in `07-08 when more than one company were pulling shit similar to this? What was the end result of that again?

Lobbyists pretty much have this country in a vice-like grip. Glass-Steagall and Dodd Frank was supposed to prevent shenanigans like this from happening right?

I just wish I could be unethical at my own job, and get fired with a fat severance package too!

The free market will also fix this, so there is nothing really to worry about, right?
 
Old 09-24-2016, 10:56 AM   #35
cwizardone
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Quote:
Originally Posted by Jeebizz View Post
....Glass-Steagall and Dodd Frank was supposed to prevent shenanigans like this from happening right?....
Glass-Steagall was repealed under bent willy clinton who said, when he signed the bill, it was no longer needed.

Last edited by cwizardone; 09-24-2016 at 10:58 AM.
 
Old 09-24-2016, 11:00 AM   #36
Jeebizz
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Originally Posted by cwizardone View Post
Glass-Steagall was repealed under bent willy clinton who said, when he signed the bill, it was no longer needed.
Gee, I wonder what amount of $ it took to convince him of that?
 
Old 09-25-2016, 12:04 PM   #37
cousinlucky
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This should be interesting in the courts:

http://www.nydailynews.com/news/nati...icle-1.2805681
 
Old 09-25-2016, 12:13 PM   #38
sundialsvcs
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It continues to amaze me that legitimate vendors who use e-mail do not digitally sign their messages, and why e-mail software (including Google's ubiquitous web-mail ...) do not automatically validate it.

In fact, it should be possible for the intermediate mail-delivery subsystems to refuse to carry mail that claims to be from certain sites, if said messages are not properly signed. Why do we burden the mail delivery systems with it? Why do we allow it to be carried and delivered? We have the technology . . .
 
Old 09-25-2016, 12:24 PM   #39
hazel
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I don't know about Wells Fargo, but we had a very similar system of bonuses here in the UK for bank staff who sold so-called payment protection insurance. The basic principle of payment protection is reasonable enough: when you take out a loan, you also take out insurance against losing your job and becoming unable to pay the debt. But what the banks did was to secretly award themselves 95% of the insurance premium as a "commission" and pass on only 5% as premium to the insurance company. Consequently any actual pay-out was minuscule.

This was like a license to print money, and staff were put under tremendous financial pressure to sell the dud deals. They had pay scales that classified a large chunk of their pay as bonus, which could be withdrawn if they didn't sell enough PPI. Many of them ended up pressurising their friends and relatives to take out PPI so that they didn't lose their bonuses.

You can't expect people to act ethically when they are put under that sort of pressure.
 
Old 09-25-2016, 01:48 PM   #40
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Quote:
Originally Posted by hazel View Post
I don't know about Wells Fargo, but we had a very similar system of bonuses here in the UK for bank staff who sold so-called payment protection insurance. The basic principle of payment protection is reasonable enough: when you take out a loan, you also take out insurance against losing your job and becoming unable to pay the debt. But what the banks did was to secretly award themselves 95% of the insurance premium as a "commission" and pass on only 5% as premium to the insurance company. Consequently any actual pay-out was minuscule.

This was like a license to print money, and staff were put under tremendous financial pressure to sell the dud deals. They had pay scales that classified a large chunk of their pay as bonus, which could be withdrawn if they didn't sell enough PPI. Many of them ended up pressurising their friends and relatives to take out PPI so that they didn't lose their bonuses.

You can't expect people to act ethically when they are put under that sort of pressure.
I think it is time that there were a review of all these severance packages, AND salaries for CEOs. I do not understand the justification for a CEO to make hundreds of millions of dollars a year. What is the justification for that amount of money, because he/she is a CEO?

Nothing will ever change as long as those at the top are practically untouchable, get paid massive amounts of money for putting said company in the shitter while they are laughing all the way to the bank.
 
Old 09-25-2016, 02:14 PM   #41
rokytnji
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Quote:
Zeng Chengjie, executed
Weibo via Tea Leaf Nation

Crime: Illegal fund raising and fraud

Job title: Real estate developer in Hunan

In 2011, Zeng Chengjie was convicted of illegal fund raising 3.45 billion yuan, and defrauding 57,000 investors. Zeng's daughter said that local Chinese officials withdrew investments last minute causing panic among local investors.

Lin Haiyan, death sentence
Reuters

Crime: Illegal fund raising and fraud

Job title: Owner of investment company

Lin Haiyan raised 640 million yuan (approx $100 million) from investors, mostly friends, co-workers, and family. But she failed to recover about $70 million. The Wenzhou court found that Lin told investors she was directing dunes into IPOs and bank deposits but was using them to speculate on futures and stocks.
Among about 20 others. White collar crime can get you killed in China.
 
Old 09-25-2016, 02:19 PM   #42
Jeebizz
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Originally Posted by rokytnji View Post
Among about 20 others. White collar crime can get you killed in China.
At the risk of praising the PRC, at least they got some priorities correct. Good on them for that at least.
 
Old 09-26-2016, 12:07 AM   #43
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To have moved money from existing accounts' funds on such a large scale means
  1. that the bank's management always held the superuser rights to operate every account they opened without the customers' case by case request.
  2. that the bank didn't and probably doesn't have an effective way to audit transactions.

OK
 
Old 09-26-2016, 12:10 AM   #44
AnanthaP
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Quote:
At the risk of praising the PRC, at least they got some priorities correct. Good on them for that at least.
Beware of the PRC they are supposed to be great copy cats and who isn't to say that they won't replicate this scam on a large scale.

OK
 
Old 09-29-2016, 08:59 PM   #45
cousinlucky
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I wonder if the RICO laws will be used against Wells Fargo??
http://www.nydailynews.com/news/nati...icle-1.2812047
 
  


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