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Wells Fargo internal report proves vulture capitalism practices from their banks in California and Arizona!

An internal investigation report into the practices of the Community Bank in Arizona and California proves the inner-workings of always be closing paradigm that was manipulating and also hurting their own workforce. Where the retail bank of the Wells Fargo in the states of Arizona and California had such methods of trading and selling that cheated to get to levels that the leaders set.

The employees was constant put into pressure of sales and get the highest turnover. That even the witnesses sandbagged their family members into bad accounts and deals with the bank to met the expected sales. The reality of the practices proves the vulture economics voodoo who sold duplicated accounts to costumers with no need for it.

There so many aspects of the leadership and the practices like these… shouldn’t be needed by the big-banks and affiliated like Community Bank. The Community Bank and their operation breached not only public trust, but also they manipulated their corporate practices. This report is showing how far banking management can take it!

Aided by a culture of strong deference to management of the lines of business (embodied in the oft-repeated “run it like you own it” mantra), the Community Bank’s senior leaders distorted the sales model and performance management system, fostering an atmosphere that prompted low quality sales and improper and unethical behavior” (Wells Fargo, P: 4, 2017).

The Community Bank identified itself as a sales organization, like department or retail stores, rather than a service-oriented financial institution. This provided justification for a relentless focus on sales, abbreviated training and high employee turnover” (Well Fargo, P: 7, 2017).

Witness report on how the Community Bank used Scorecard system:

Witnesses recalled that bankers were encouraged to make prospect lists of friends and family members who were potential Jump into January sales targets, and often would “sandbag” (temporarily withhold) December account openings until January in order to meet sales targets and incentives. The pressure associated with the campaign manifested itself in higher rates of low quality accounts, as confirmed by the “Rolling Funding Rate,” a quality metric used by the Community Bank to track the rate at which its customers “fund” (place more than a de minimis amount into) new checking or savings accounts” (Wells Fargo, P: 21, 2017).

The negative consequences of these regional bank-wide processes were exacerbated by management in certain regions who over-emphasized the use of sales rankings and campaigns and employed other aggressive practices. California and Arizona in particular consistently ranked among the top states for sales practice problems, in part based on sales pressure tactics encouraged by certain regional managers” (Wells Fargo, P: 22, 2017).

In Arizona:

Multiple witnesses also said that Conboy or certain of her subordinates encouraged bankers to sell customers “duplicate accounts” regardless of actual customer need. One manager reporting to Conboy lamented that Arizona district managers “taught branch managers how to sell same day multiple account opens to customers with false customer needs”; another reported that “some Managers and Bankers feel a bit uncomfortable opening multiple DDA’s [sic] on the same day for a customer” because “it feels as though they are manipulating the sales system.” Conboy also told subordinates that they should not overemphasize quality accounts, but should manage to the Community Bank’s minimum quality standard in order not to miss productive sales opportunities; Conboy stated to one district manager that “your team should be managing within the 87.5% [Rolling Funding Rate] guideline at a store level . . . You and I have discussed the opportunity costs of 100% funded accounts . . . my direction would be to coach your stores and MPs to remain above the combined 87.5% [Rolling Funding Rate] . . . .” (Well Fargo, P: 25, 2017).

Sales Staff treatment:

Because good performance was deemed in large part to mean meeting or exceeding sales goals, and poor performance in many instances led to shaming or worse, many employees believed that their future at Wells Fargo depended on how many products they sold. In a January 2012 email to a colleague, a Community Bank marketing leader wrote that, despite an increased emphasis on customer needs, “we consistently put more focus on solutions, we increase the solutions goals . . . the message [employees] are receiving is that Solutions continue to be king and everything else falls below that.” (Wells Fargo, P: 30, 2017).

What we can learn by this and see, is that Wells Fargo and their affiliated companies has had vulture capitalistic tendencies, where the leadership pushed their sales-team and their results with enormous profits. That the branches and leaders even misuses funding and duplicate accounts to meet the quotas needed. So the hazardous business practices did not only hurt the costumers, but also the inner works of the Community Bank and Wells Fargo. This sort of scandal should show the reasons why the government and federal institutions needs to regulate the banking industry. A banking industry that has no issues with having vulture practices if the loose regulated systems of the United States today. Peace.

Reference:

Independent Directors of the Board of Wells Fargo & Company – ‘Sales Practices Investigation Report’ (10.04.2017)

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Opinion: President Trump might have the most eloquent speech yesterday, still his acts is what worries me!

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It does not matter if he has the most perfect and most suited address of internal American matters or international yesterday in the Congress. That do not affect me B. Since his Executive Orders, Internal Memo’s and all the other tools that he uses to inflict harm and destroy humanity is that concerns a fellow brother like me.

I does not matter to me if he learned a few new words, spoke with his heart and blurred out some common sense yesterday. Since the lack of respect for intelligence and the lack of understanding of the reactions to his own actions are massive. The reason for the concern is the way he can easily pick something out of context and spread it like a disease.

President Trump, your Executive Orders and Presidential Memorandum is the ones that brings fear to me. The insulting ways of not caring what the experts in fields are saying and your lack of grasping the mentality of being the man-in-charge. The title is easy to carry, but to achieve something with honour and grace seems far-fetched at this point. Therefore, we are at crossroads, the crossing has already appeared and your methods are in use.

I cannot look out say since you said something beautiful yesterday and hopeful. Believe that tomorrow you will act like a man, who respect the constitution, international order and be civil. Since your ways is not like that and seems strange if that really would happen. You have an imagination and self-drive that is out of proportion. The sense of justification for your assaults on others is because you are always the victim, even when you strike first. Which is insulting to the rest of us seeing the whole ordeal and hearing it by all cable-TV.

So that you believe in yourself that you can as a PR stunt in a first Presidential Address take away the inflicted pain and suffrage you have already caused, that is not possible. There is a long way, but your immigration rules, the way you have been fixing the ICE agents procedures and attack on anyone questioning your reasons. Does not rule high in my book of proverbs. More likely shows the lack of morals and the lack of integrity a man of Presidential stature is supposed to have.

President Trump and his administration do not care about the effects as long as the rich multi-national companies earns fortunes, if you spill oil in rivers, frack the Midwest like a Swiss Cheese or even put trade-embargoes on Mexico and Canada, who cares as long as Goldman Sachs or any other big financial organizations earns huge profits. The pain of the ordinary person is not important. Therefore if 20 million Americans lose their health insurance is not that important, but what is important is that they pay for their coverage and get rid of the ones that should not have the ability to covered anyway. That is a true American spirit and wishful society, where the wealthy get yachts and hotels, while the poor has decide if they can by McDonalds burger or medication for their daughter. What a wonderful picture of the new America First.

Certainly, Trump must be so brave to take away the help to the poorest, the ones in need so he can spend fortunes upon fortunes on ammunition, guns and hi-tech military equipment, that is how nations is built. Out of the ashes of war and despair comes the grand fortunes of corruption and multi-million progress salvage pack bought and greased by American business. A favourable package for Trump and financial market friends.

Therefore, the words and speech of hope or whatnot yesterday does not matter to me. Because I cannot believe it or think that, it is true. Since his Executive Orders is to free-market policies or to give way to deport, detain or stop immigration at a scale in modern history that cause havoc. Together with the current political climate and the scales of internal conflict, it does not serve the United States, neither the world.

You can in theory claim that a potato is not a potato, still when you look at it and touch it. You know deep in your heart it is a potato and your mind remembers how a potato feels in your hand. Even if Trump now speaks of peace, promise of better day and of another to make America First. Trust me; I do not trust him, not a single bit. That is because of his acts and the way he does not give in. That is why he has in the past always taken things to court and appealed until the others have given in to a settlement instead of what they was entitle to get in the first place. Trump have manoeuvred that way in the past. So why should the old man change now?

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I will not be shocked if read soon more disturbing Executive Orders where the Immigrants and their access to American soil is a danger to all of society, a cost and burden on all sort of employment. Therefore, I do not trust the man. Since his time as President the efforts to humans who flee wars for safe haven has been shut, the deportation with ICE agent has escalated and the reality of the economic is already starting to be shaped. A nice little speech is not changing my perspective on the man. Unless, the man retracts the Executive Orders, stops the internal memos and just stop with rhetoric of his. However, the old man will not do that, since it is not his way.

So please, do not tell me there is new Trump. Glean and Clean Trump does not exist and is not real. It fake like his tan. If there were a new Trump, it would have the changed and begged sorry to some of the people he really has offended. That is not him. We all know that my now and we know that he will not do anything about that. Unless, Bannon or one of the other wise guys at the White House says so.

Well, enough of the nonsense? Not yet! We have so many more days of this administration. Therefore, there will be more of this and this gravy train of ignorance and blatant disregard of decency will not decay, more it will sprite up some more juice and call it soup. Peace.

Opinion: President Trump and his White House staff are cry-babies who cannot handle critique!

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“Everyone has the right to freedom of opinion and expression; this right includes freedom to hold opinions without interference and to seek, receive and impart information and ideas through any media and regardless of frontiers.”

― United Nations, Universal Declaration of Human Rights

We know by now that President Donald J. Trump isn’t an ordinary man, politician or businessman. We all who hasn’t been living under a rock, knows about the amount of nonsense that comes from this man, there are enough quotes and idiocrasy from the man who runs the United States government. There is certainty that he lacks moral codes and his cabinet shows the same disregard. Certainly, the man loves and hates media has taken it further. With his terminator mouth of White House Press Secretary Sean Spicer who had another press conference yesterday!

“Outlets seeking to gain entry whose requests were denied included the Guardian, the New York Times, Politico, CNN, BuzzFeed, the BBC, the Daily Mail and others. Conservative publications such as Breitbart News, the One America News Network and the Washington Times were allowed into the meeting, as well as TV networks CBS, NBC, Fox and ABC. The Associated Press and Time were invited but boycotted the briefing” (…) “The decision to limit access to Spicer, hours after Trump once again declared that much of the media was “the enemy of the American people” while speaking at the annual Conservative Political Action Conference, marked a dramatic shift” (Siddiqui, 2017).

So the lack of transparent and the editing out fellow media to their press conference, show the lack of accountability and the level of wanting to answer hard questions by the Trump Administration. I am sure that they just want to sell Ivanka Trump Jewellery and get Japanese diplomates on the Old Post Office Trump Hotel in Washington D.C., but hey they are supposed to run a machine of a government and administration as well. It’s a hard bargain to sell the sort of Executive Orders, the sort of acts and bills, while still being loved. So, with the draconian and animosity the Trump administration delivers it didn’t help with yet more attacks from the President himself at a Republican conference of some sort!

“In his speech, Trump wrongly accused the media even of inaccurately covering his “enemy of the people” tweet. He offered a kind of clarification: he was not saying the media is an enemy of the people, merely the “fake news” segment — a claim belied by his specific mention of ABC, NBC, CBS, CNN, and the New York Times” (…) “Because they have no sources, they just make ‘em up when there are none,” he said. “I saw one story recently where they said, ‘Nine people have confirmed.’ There’re no nine people. I don’t believe there was one or two people. Nine people,” he said — apparently referring to an accurate Washington Post article that led to Trump’s firing of national security adviser Michael Flynn” (Dale, 2017).

Trump and Spicer lack the basic understanding of the media, or they doesn’t want to understand it, because their lack of faith in the reports and their work. If Trump and his administration acted fair and had just legislation than the media would indirectly praise or even write good stuff about it. If the Trump Administration did Noble acts and took care of their own, then they would write that. If the Trump Administration showed character and took charge of their difficulties, didn’t lie and didn’t blame everyone else. Than the media would write those stories of the Trump administration does good things.  However, the Trump administration blames Oba and blames everyone else breathing on planet earth. Saying their chaos is perfect and that their acts aren’t causing any issues, which is also wrong. So a fair and balanced media will address this, but Trump only accept praise of InfoWars and Fox News, that is why he watches that and even uses it in his speeches. Such a gentleman this Trump, nah, just kidding!

Trump is cry-baby who can’t manage critique and criticism, he is always the genius and the mastermind. Trump is the wonder-boy if he put his feet in the Hudson River, that would suddenly find Atlantis. That is the mind of Trump; he knows everything and has all knowledge, therefore who needs intelligence and questions which is hard from the media. They will not report it the way Trump sees it anyway, because none else has the brilliance of the President anyway. The ignorance and the lacking accountability of the man is on the forefront.

Donald Trump doesn’t show the knowledge of democracy, of freedom of speech or need of a free press, but not that it is shocking. Trump doesn’t even have the ability to drop the IRS Tax Returns to prove his real value and his companies’ ties to the rest of the world. That is because of his massive ego and doesn’t want his bloated arrogance to tarnish by the actual value of the Trump Organization.

Trump cannot and will not be questioned too much, because in truth, he has lacking knowledge of important subject, he also has no tact and no clear vision, except for his ego. The President are self-centred who talks about the people when calling the media an enemy, but he means is that the media as an enemy for him. This is usual autocratic leaders, like they envision themselves in the people, but reality only talking about their own identity.

So it is time for Trump and his administration to get out of the hissy fit, grow a few manly balls, and envision some strength and capacity. Stand up towards the media, address them like folk and spread their vision if they want just behaviour. I doubt that Trump and his folks has the ability to this, they will either attack than change ways. Trump cannot manage to be clear-cut and be on defence. That is not his way, he has to attack or be the victim. That is if we talk about that he acts as apparently or is the common denominator in these circumstances, when we talk about him versus the media or against anyone else. Trump is usually the starter of the war-of-words or acts of distinguished asshole.

So when you act like a con-man, the media going to call you con-man, if sell snake-oil, they going to call you snake-oil salesman, if you going to act like Mandela or Ghandi, they are going to call you a hero and a just freedom fighter. It depends on your acts and your ways. There are biased media, but not all are. Just like InfoWars, Fox News and Breitbart are pro-conservative; there will be other on the other side of the aisle. So not all will be gentle for the get-go, but either is the ones mentioned to liberals or the moderates anyway. So President Trump should get his mind correct and his acts in check. Though, I doubt both, it is not his style or his ways.

Trump administration needs to grow up and also grow a pair. Need a lesson and needs to understand their place in society. It is not a warzone in a press conference, a presser is to clarify and gain understanding on what the White House do and don’t. But hey, Sean Spicer and Donald J. Trump haven’t understood that yet. Peace.

Reference:

Dale, Daniel – ‘In front of a roaring crowd, Trump again calls the media the ‘enemy of the people’ (24.02.2017) link: https://www.thestar.com/news/world/2017/02/24/in-front-of-a-roaring-crowd-trump-again-calls-the-media-the-enemy-of-the-people.html

 

Siddiqui, Sabrina – ‘Donald Trump press ban: BBC, CNN and Guardian denied access to briefing’ (25.02.2017) link: https://www.theguardian.com/us-news/2017/feb/24/media-blocked-white-house-briefing-sean-spicer

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