Tuesday, December 6, 2016

Wells Fargo

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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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franklin-graham

Franklin Graham, an evangelical Christian preacher and son of Billy Graham, has called for a new boycott on gay-friendly businesses–and he’s just getting started.

After banking giant Wells Fargo ran a TV ad featuring a lesbian couple and their adopted daughter, Graham announced that he’d move all of the bank accounts for his two ministries–Billy Graham Evangelistic Associate and Samaritan’s Purse–out of the bank. He plans to have the accounts, which total a whopping $460 million in assets, closed within the next 30 days.

“This is the only way we as Christians can speak out–we have the power of choice,” Graham said, on a Facebook post. “Let’s just stop doing business with those who promote sin and stand against Almighty God’s laws and His standards.”

He added: “Maybe if enough of us do this, it will get their attention.”

And just like that, Graham’s boycott was born.

Graham’s not targeting companies that hire or serve gay or lesbians–that would be virtually impossible, considering practically every nationwide brand has done so.

But he plans to make sure his money (and his ministries’ money) doesn’t go to companies that actively promote “a godless lifestyle,” as he puts it. He adds that companies “should not be trying to get into a moral debate and take sides.”

Overall, Graham’s plan seems to be to mobilize Christians into boycotting these businesses–just enough to make sure they stop airing offensive ads like the ones Wells Fargo did, which Graham considers to be against Christian teachings.

With the boycott just beginning, it’s hard to know exactly how many Christians Graham can rally against nationwide companies that are pro-gay marriage—but Christians remain a large majority of Americans, so it’s possible that this could have a sizeable impact.

However, he faces an uphill climb in mobilizing many of those Christians: in a recent poll, apparently 7 in 10 Americans feel the gay marriage fight is already lost–admitting that it’s “inevitable” that gay marriage will eventually be legal in all 50 states.

But Graham–and the Christians in his ministries–aren’t going down without a fight. Only time will tell whether or not they can make enough of an impact to stem the tide.

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