Friday, December 9, 2016

Wall Street

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wells fargo

Wells Fargo is going to pay $124 million to the person who directed a group that created over two million fake accounts in customer’s name.

Carrie Tolstedt was put in charge of a new Well’s Fargo goal to get account holders to open multiple accounts. Her division performed very well.

So well, she was rewarded handsomely, for her efforts. She was paid around $9 million for her fantastic job. Her division grew by leaps and bounds and she made out like a bandit.

How did she do it? She cheated.

Under her supervision, many employees were creating fake accounts for current customers and even forging their signatures.

The new accounts would charge bogus fees to the account holder and making more money for Wells Fargo.

In all, over two million accounts were falsified, and the incredible growth in her division was fraudulent.

What is Wells Fargo going to do with Tolstedt?

When the 56-year-old Tolstedt retires at the end of the year, she will be paid $124 million for the phenomenal work she did at the bank.

There doesn’t look there will be any repercussions for Tolstedt or any of the employees that engaged in forging documents and creating false accounts. Wells Fargo was fined but that is it.

Anthony Try, a former Wells Fargo employee explained what the workers were doing.

“There would be days where we would open five checking accounts for friends and family just to go home early.”

It seems like the culture at Wells Fargo is corrupt. The unrealistic sales goals came from the top, and the employees did what they had to do to reach the goal.

Everyone had their hand in this mess and the bank and the employees should be held accountable.

As of right now, it doesn’t look like anything will happen to Wells Fargo, Tolstedt or any employee.

Apparently it is ok for the banks to sign your name to open an account for you, but try cashing a false check and see what happens.

This is just another example of the Wall Street corruption that has gone unchecked for too many years.

Will you start or continue banking with Wells Fargo? Let us know in the comments below.

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Stocks

When trading started on Wall Street this morning, the Brexit vote was on the top of everyone’s mind. The general consensus was the stocks were going to take a hit, but what happened was historic.

The Dow Jones Industrial Average dropped over 500 points to open the session today.

Yesterday the Dow Jones closed at 18,011.07 and the market opened up and hit a low of 17,472.80–close to a 3% loss in an instant.

The Euro markets are seeing a bigger hit. The British Pound was down 10% at one point and the country is looking at emergency actions they can take to stop the bleeding.

The Euro is also down a significant amount.

Major parts of the global economy were shocked by the UK voting to leave the EU and where we go from here is unknown.

Nobody expected the referendum in the UK to actually vote to leave. Even the leader of the Independence Party who has been pushing against the EU his whole political life, Nigel Farage, gave what sounded like a concession speech when the polls closed.

When the country woke up, he was giving a victory speech. The markets don’t know how to react. Nobody knows how to react.

Scotland is calling for a new referendum to leave the UK and become its own country, and places like France and the Netherlands are thinking of leaving too.

The slide that is happening in our global economy could just be the tip of the iceberg. There is so much division and uncertainty in the world and we are playing out part.

The world is nervous about our elections and in much of the same way, don’t know how to react to a Trump presidency.

With the Brexit, if the economy continues to slide, that will only help Donald Trump. The vote on Brexit was majorly influenced by immigration. That will only help Donald Trump.

The uncertainty in the world will not help our 401Ks and our savings though. Hopefully the markets will calm down and level out soon. Until then, it is a good time to buy gold.

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