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Started By
Message
1
Posted on 10/13/16 at 7:34 am to Rouge
quote:
You also have to ask yourself in this entire time where was the audit function, both internal and external, in regards to these accounts.
Their compliance department will never get another job. They'll have pages of FINRA disclosures.
Posted on 10/13/16 at 7:34 am to slackster
quote:
This is actually false by the way. He had no golden parachute. The $134MM was the value of his retirement fund from 34 years of working at WF.
Yeah, NPR clarified this on this morning's show as well. Sadly, Lester Holt reported the 134MM figure last night on the nightly news like it was a golden parachute.
Posted on 10/13/16 at 7:36 am to slackster
Nobody cares about your " technical accuracies"
Cheers
Thanks for clarification
Cheers
Thanks for clarification
This post was edited on 10/13/16 at 7:36 am
Posted on 10/13/16 at 7:36 am to GetCocky11
Why is someone's retirement plan, especially if it is 401k or Pension money, known to the public?
Posted on 10/13/16 at 7:36 am to GetCocky11
quote:
Yeah, NPR clarified this on this morning's show as well. Sadly, Lester Holt reported the 134MM figure last night on the nightly news like it was a golden parachute.
If you want a massive golden parachute, Stephen Wynn is the guy you want to be.
quote:
Besides whatever retirement benefits he has accumulated over the years at the helm of Wynn Resorts, founding CEO Stephen Wynn would get a payout of $358.1 million if his board terminates him without cause or a change of control, such as in a merger, according to filing checked in August.
Posted on 10/13/16 at 7:37 am to Thib-a-doe Tiger
quote:
Why is someone's retirement plan, especially if it is 401k or Pension money, known to the public?
Assuming it was mostly in WF stock, as a director he has to disclose the amount of shares he owns in any capacity.
ETA: I'm not sure how accurate all of the reporting terms are. He seems to have 89k shares of WF in his 401k, mostly through an ESOP program. He and his wife have sizable WF holdings in their IRAs, but not $134MM worth.
He does have a holdings in various trusts, but that still takes him to roughly $110MM through direct and indirect ownership of WF. They must have established the $134MM figure from other filings he has made.
This post was edited on 10/13/16 at 7:49 am
Posted on 10/13/16 at 7:38 am to Rouge
My old roommate was fired from Wells Fargo for creating all these false accounts Their bonuses were based on how many new accounts and whatnot they opened, so he would always open up new accounts for old people, people he thought would never check or were not smart enough to check on these things.
We lost our badass townhouse because of that. fricker. This was back in 2008 and 2009.
This post was edited on 10/13/16 at 7:39 am
Posted on 10/13/16 at 7:39 am to Salmon
quote:
My old roommate was fired from Wells Fargo for creating all these false accounts
I just can't imagine working for a company where the pressure from upper management was so intense that I'd start creating these accounts.
Posted on 10/13/16 at 7:42 am to Salmon
Another take away from the podcast is that the young lady was making $35,000 a year while working in downtown San Francisco. In addition to the stress work environment, she would have been broke as shite.
Posted on 10/13/16 at 7:44 am to GetCocky11
It happens a lot.
My wife used to be a regional manager for a large women's clothing store. They had a magazine that they were supposed to push and upper management wanted new subscriptions.
Between all my wife's stores (like 13), she was supposed to get 40-50 new subscriptions every goddamn day. Of course, she couldn't do it herself, so she had to put pressure on her managers and their staff.
Well, naturally, just like with WF, she finally caught a couple of managers creating fake subscriptions and had to fire them.
My wife used to be a regional manager for a large women's clothing store. They had a magazine that they were supposed to push and upper management wanted new subscriptions.
Between all my wife's stores (like 13), she was supposed to get 40-50 new subscriptions every goddamn day. Of course, she couldn't do it herself, so she had to put pressure on her managers and their staff.
Well, naturally, just like with WF, she finally caught a couple of managers creating fake subscriptions and had to fire them.
Posted on 10/13/16 at 7:45 am to Rouge
quote:
Another take away from the podcast is that the young lady was making $35,000 a year while working in downtown San Francisco. In addition to the stress work environment, she would have been broke as shite.
Yeah my roommate was barely making $30k, so you can see the temptation to make these accounts, since more money is based off of it
Posted on 10/13/16 at 7:51 am to slackster
quote:
Assuming it was mostly in WF stock, as a director he has to disclose the amount of shares he owns in any capacity.
Yeah I knew most of it was that, and they are probably restricted shares, but to put a number on his private accounts is inaccurate
ETA: forgot we're talking about a CEO, he has to disclose everything
This post was edited on 10/13/16 at 7:54 am
Posted on 10/13/16 at 7:53 am to Rouge
My company switched our 401Ks to Wells Fargo about a month before this scandal broke. SMH.
Posted on 10/13/16 at 7:56 am to Thib-a-doe Tiger
quote:
Yeah I knew most of it was that, and they are probably restricted shares, but to put a number on his private accounts is inaccurate
ETA: forgot we're talking about a CEO, he has to disclose everything
Even still, I come up $24MM short based on his WF disclosures. Apparently the $134.1MM is an estimate from an executive-pay tracking firm called Equilar.
Posted on 10/13/16 at 7:56 am to foreverLSU
quote:
My company switched our 401Ks to Wells Fargo about a month before this scandal broke. SMH.
You'll be fine.
Posted on 10/13/16 at 8:00 am to Rouge
Him leaving the office in disgrace
Posted on 10/13/16 at 8:23 am to Rouge
quote:
$134MM
Meh. I earn interest on a few of my deposit accounts larger than that every year. He's in for a tough run.
Posted on 10/13/16 at 8:28 am to Salmon
quote:
Yeah my roommate was barely making $30k, so you can see the temptation to make these accounts, since more money is based off of it
If they threatened to fire me over that bullshite I would have immediately taken the branch to the securities exchange commission.
Posted on 10/13/16 at 8:40 am to Mootsman
quote:
$134MM
I weep for his children because they will never know what its like to be rich with this small retirement fund. Hopefully he will find employment at an even more dysfunctional bank and with that said I believe Bank of America and SunTrust have openings.
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