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)

“No need for Banking Regulations” are the memo from the leaked Goldman Sachs Speeches from Hillary Clinton!

We have all now at some point if we have followed the news cycled heard about the Podesta leaks from Wikileaks; I have already had a few pieces on it and there is still lot’s detail that deserves to be looked and showed. Hillary Rodham Clinton is the Democratic Party Presidential Nominee and running with bravura in her campaign. This is because the leaks show the Democratic Party behavior and her real moderate political framework.

With her moderate mind and positive faith in Wall Street doing their own thing; the paid speeches and transcripts from Goldman Sachs show even more what kind of economic policies that her administration would put forward. If not what she would not do; here they are:

“*Clinton Said, With Dodd-Frank, There Was “A Need To Do Something Because For Political Reasons” Because Members Of Congress “Can’t Sit Idly By And Do Nothing.” *“And with political people, again, I would say the same thing, you know, there was a lot of complaining about Dodd-Frank, but there was also a need to do something because for political reasons, if you were an elected member of Congress and people in your constituency were losing jobs and shutting businesses and everybody in the press is saying it’s all the fault of Wall Street, you can’t sit idly by and do nothing, but what you do is really important.” [GS2, 10/24/13].

She has been saying that Dodd-Frank is a positive first step of regulation of the Wall Street after the too big to fail banks after the recession. Hillary Clinton is claiming that Dodd-Frank is the reason for American People losing jobs, not securing it through the regulations put forward, even how weak they are. Dodd-Frank is not perfect, but first step to regulate a market that has been free-for-all for ages. Therefore, a bank like Goldman Sachs wants to be totally free again!

*Tim O’Neill Told Clinton “We Really Did Appreciate It” When She Had Been “Courageous In Some Respects To Associated With Wall Street And This Environment.” *“MR. O’NEILL: By the way, we really did appreciate when you were the senator from New York and your continued involvement in the issues (inaudible) to be courageous in some respects to associated with Wall Street and this environment. Thank you very much. SECRETARY CLINTON: Well, I don’t feel particularly courageous. I mean, if we’re going to be an effective, efficient economy, we need to have all part of that engine running well, and that includes Wall Street and Main Street. And there’s a big disconnect and a lot of confusion right now. So I’m not interested in, you know, turning the clock back or pointing fingers, but I am interested in trying to figure out how we come together to chart a better way forward and one that will restore confidence in, you know, small and medium-size businesses and consumers and begin to chip away at the unemployment rate. So it’s something that I, you know, if you’re a realist, you know that people have different roles to play in politics, economics, and this is an important role, but I do think that there has to be an understanding of how what happens here on Wall Street has such broad consequences not just for the domestic but the global economy, so more thought has to be given to the process and transactions and regulations so that we don’t kill or maim what works, but we concentrate on the most effective way of moving forward with the brainpower and the financial power that exists here.” [GS2, 10/24/13].

Here again, Clinton are saying it is the people who doesn’t see the engine of Wall Street and their works, they are not understanding the efforts of Wall Street to the Main Street. What she is saying is that people should visit Wall Street and therefore understand their actions that effects global and local activity. The People are supposed to be proud of the Wall Street and their ways the businesses acts. So the Moderate Clinton is praising the greedy and mechanisms that eats of the plate without consideration of Main Street America.

*Speaking About Financial Regulations, Clinton Said “The People That Know The Industry Better Than Anybody Are The People Who Work In The Industry.” *“There’s nothing magic about regulations, too much is bad, too little is bad. How do you get to the golden key, how do we figure out what works? And the people that know the industry better than anybody are the people who work in the industry.” [GS2, 10/24/13].

This point Clinton has done before, she has so little faith in regulations, as with Dodd-Frank that she praised her involvement in, still with Goldman Sachs she acts that it is problem. This with the regulations that are keeping the banks regulated and to act to a standard instead of following their greed instead of serving their costumers and citizens; the banks are nobody without accounts and costumers who are earning money, not only the stakeholders and Wall Street cynic attitude that yield positive results. Something that regulators have to consider so that the people’s tax-money is not doled on banks who has earned on the blood of the common man as it happen after recession. Something Dodd-Frank we’re out to stop!

*Clinton Said “I Represented All Of You For Eight Years. I Had Great Relations And Worked So Close Together After 9/11 To Rebuild Downtown.” *“I represented all of you for eight years. I had great relations and worked so close together after 9/11 to rebuild downtown, and a lot of respect for the work you do and the people who do it, but I do — I think that when we talk about the regulators and the politicians, the economic consequences of bad decisions back in ’08, you know, were devastating, and they had repercussions throughout the world.” [GS2, 10/24/13].

That the repercussions we’re because of the free-markets we’re allowed to make sophisticated business-models that earned the bankers and not the citizens who risked it all on the real-estate market and borrowed through the roof. The Dodd-Frank we’re to stop these mechanisms; if regulations are so bad than the people are used to blead so the bankers can live life like real-life Gatsby! Is that what Clinton really wants in her moderate world?

*Clinton Said “Banks Are Not Doing What They Need To Do Because They’re Scared Of Regulations, They’re Scared Of The Other Shoe Dropping.” *“I mean, right now, there are so many places in our country where the banks are not doing what they need to do because they’re scared of regulations, they’re scared of the other shoe dropping, they’re just plain scared, so credit is not flowing the way it needs to to restart economic growth. So people are, you know, a little — they’re still uncertain, and they’re uncertain both because they don’t know what might come next in terms of regulations, but they’re also uncertain because of changes in a global economy that we’re only beginning to take hold of.” [GS2, 10/24/13].

So the continued praise of anti-regulations, the moderate free-market and belief that the banks can monitor themselves. She is saying to them that Dodd-Frank and such is bad! That the people of Goldman Sachs hearing that they could be allowed to do anything. This is what we can expect from her now and I am not surprised, it’s not like these banks wants to be regulated and have the Federal Government telling them how to act. They are regulated for the safety of the costumers, which is the people and also the Stakeholders doesn’t blead blood out of stones. Something Clinton believes in or selling Goldman Sachs. Peace.

Remarkable remarks made by Hillary Clinton in her Wall Street speeches!

Some people have asked for this a long time as we all who has followed politics knows that the Democratic Party Presidential Candidate Hillary Rodham Clinton has a track-record for paid speeches and earnings while being a career politician. This is a legacy she has left behind, neither if she likes it or not.

Hillary Clinton has been asked if she can reveal her transcripts or manuscripts for the speeches to the dozen of companies who has earned her millions. Therefore the these scripts proves her real belief, she is not an progressive as she made to believe to kick-out Bernie Sanders in the Democratic Party Primary.

To the Xerox on her Political Stance:

“*Clinton Said That Both The Democratic And Republican Parties Should Be “Moderate.” *“URSULA BURNS: Interesting. Democrats? SECRETARY CLINTON: Oh, long, definitely. URSULA BURNS: Republicans? SECRETARY CLINTON: Unfortunately, at the time, short. URSULA BURNS: Okay. We’ll go back to questions. SECRETARY CLINTON: We need two parties. URSULA BURNS: Yeah, we do need two parties. SECRETARY CLINTON: Two sensible, moderate, pragmatic parties.” [Hillary Clinton Remarks, Remarks at Xerox, 3/18/14]

She is more pragmatic and moderate, than Progressive, something the TYT have for instance been truthful about all along, and me too as that has been playing for the gallery and not her true self. In the next ones she proves that the Perception of the leaders of the Market and Economic framework, as will be shown about her true belief in banking when talking to the Goldman Sachs, Banco Itau and the Duetsche Bank. Here she proves her real allegiance with the banks and not with citizens who pays for the wealth of the banks while their house-market defaulted.

To the Duetsche Bank in 2014 on the Economy:

“*Clinton: “Even If It May Not Be 100 Percent True, If The Perception Is That Somehow The Game Is Rigged, That Should Be A Problem For All Of Us.” *“Now, it’s important to recognize the vital role that the financial markets play in our economy and that so many of you are contributing to. To function effectively those markets and the men and women who shape them have to command trust and confidence, because we all rely on the market’s transparency and integrity. So even if it may not be 100 percent true, if the perception is that somehow the game is rigged, that should be a problem for all of us, and we have to be willing to make that absolutely clear. And if there are issues, if there’s wrongdoing, people have to be held accountable and we have to try to deter future bad behavior, because the public trust is at the core of both a free market economy and a democracy.” [Clinton Remarks to Deutsche Bank, 10/7/14].

To Goldman Sachs on Banking Regulations:

Speaking About The Importance Of Proper Regulation, Clinton Said “The People That Know The Industry Better Than Anybody Are The People Who Work In The Industry.”* “I mean, it’s still happening, as you know. People are looking back and trying to, you know, get compensation for bad mortgages and all the rest of it in some of the agreements that are being reached. There’s nothing magic about regulations, too much is bad, too little is bad. How do you get to the golden key, how do we figure out what works? And the people that know the industry better than anybody are the people who work in the industry. And I think there has to be a recognition that, you know, there’s so much at stake now, I mean, the business has changed so much and decisions are made so quickly, in nano seconds basically. We spend trillions of dollars to travel around the world, but it’s in everybody’s interest that we have a better framework, and not just for the United States but for the entire world, in which to operate and trade.” [Goldman Sachs AIMS Alternative Investments Symposium, 10/24/13].

As she has shown here is her real belief in the market handling them and she says that the ones knowing it is the ones working in it. Hillary isn’t really for regulations and even remarking that their either complaints about too much or too little.

To Banco Itau in the 2013 on an Open Market:

“*Hillary Clinton Said Her Dream Is A Hemispheric Common Market, With Open Trade And Open Markets. *“My dream is a hemispheric common market, with open trade and open borders, some time in the future with energy that is as green and sustainable as we can get it, powering growth and opportunity for every person in the hemisphere.” [05162013 Remarks to Banco Itau.doc, p. 28]

If you ever thought she was against the Trans-Pacific Partnership (TPP) agreement that will be beholden for the corporations and not for the citizens, the ones leading to the clear permits of more control of businesses over regulations. As the trading will counter the values of national states and governments as the work regulations is less important than the value of an Open-Market. Well, then some on technology.

On Blackberry and Technology in 2014:

“Clinton Said When She Got To State, Employees “Were Not Mostly Permitted To Have Handheld Devices.”* “You know, when Colin Powell showed up as Secretary of State in 2001, most State Department employees still didn’t even have computers on their desks. When I got there they were not mostly permitted to have handheld devices. I mean, so you’re thinking how do we operate in this new environment dominated by technology, globalizing forces? We have to change, and I can’t expect people to change if I don’t try to model it and lead it.” [Clinton Speech For General Electric’s Global Leadership Meeting – Boca Raton, FL, 1/6/14].

Here is even more news on Colin Powell, he seemed like ghost being mentioned lots, especially after his own e-mails we’re hacked where he profoundly spoke ill of Trump and endorsed Clinton, if I remember correctly. Here Clinton in Baca Raton in Florida and want to lead it, not being follower; that is what she asks of the men and woman in General Electric; she wants the giant company to lead and not follow. That shows her way of selling stories to her crowd. Surely something she has done during the campaign and will continue until she ends in the White House like her husband in the past.

What is clear is the manner of which she is proving to moderate, open-free-market, belief in self-governing banks and the will of TPP. So the talk that Obama made it into the Congress and Senate to shield Clinton is a blatant lie and the world should know it. Peace.