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).
“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.
Independent Directors of the Board of Wells Fargo & Company – ‘Sales Practices Investigation Report’ (10.04.2017)
“The point of modern propaganda isn’t only to misinform or push an agenda. It is to exhaust your critical thinking, to annihilate truth.” – Garry Kasparov
Welcome to the Banana Republic, the United States of America (USA), the Trump Administration has a new golden child and has to stop the Environmental Protection Agency (EPA), that has to be silenced. The EPA under Scott Pruitt. The Environment and Climate Change is lie under the Trump regime, that is myth that the environment gets destroyed or worsen by industry or mineral extraction. Still, they have to make sure that the EPA doesn’t explain the environmental regulations without any scientific evidence. It has to be tested and retested the narratives, as the EPA should not question the need for free release of CO2 or any other damaging gas that can worsen the sky, or the after effects of crude-oil pipelines and the damage of soil in the areas after fracking.
Well, take a look at the Lamar Smith proposal that get through and passed in the U.S. House of Representatives yesterday:
“To prohibit the Environmental Protection Agency from proposing, finalizing, or disseminating regulations or assessments based upon science that is not transparent or reproducible” (…) “The Administrator shall not propose, finalize, or disseminate a covered action unless all scientific and technical information relied on to support such covered action is” (…) “publicly available online in a manner that is sufficient for independent analysis and substantial reproduction of research results, except that any personally identifiable information, trade secrets, or commercial or financial information obtained from a person and privileged or confidential, shall be redacted prior to public availability” (H.R. 1430, 2017).
Representative Lamar Smith the man behind the bill, who has a magical fascination with silencing and stopping the EPA, as he is from San Antonio, Texas and Republican, surely if somebody would have remembered what sort of greatness, he showed in February:
“On Tuesday, Smith held a hearing titled “Making the E.P.A. Great Again.” From the list of witnesses, it was clear that Smith was not, however, interested in improving the E.P.A.—in fact, just the reverse. One of the witnesses was a lobbyist for the coal industry, another a lobbyist for the chemical industry. In a display of hypocrisy so blatant it could have been hilarious, but wasn’t, Smith used his opening statement to rail against “conflicts of interest” at the E.P.A. The agency, he complained, depended on the expertise of scientists to whom it sometimes also awards research grants. His proposed solution to this problem? To stack the E.P.A.’s science advisory board with scientists who work for regulated industries” (Kolbert, 2017).
So Rep. Smith has no issues listening to the Coal, Chemical and Oil industry, if it benefits them at a U.S. House hearing on making EPA great again, like the ones who wants to pollute and drop hazard into the environment for a buck is the ones to listen to. Shows the lack of thinking and integrity that is in the Washington D.C. right now and is accepted by the Trump Administration. Where the businesses are more important nature and the future, where the kids of Trump has to live in wasteland and in narrow future of damaged rivers, creeks and polluted air.
The donors for the 2015-2016 Campaign for the U.S. House Representative for Texas and parts of Committee for Science, Space and Technology, those we’re $95,050 from Oil and Gas, either as PACs or individuals, other important donors for the campaign of Smith we’re Nustar Energy, AT&T, Boeing Co., Koch Industries and Marathon Petroleum (Check Opensecrets.org).
So, the man who has massive support for his elections and campaigns was supported through business who needs to extract their resources and has to pollute to do so. It could seem that they scratched an itch for the Representative and when he was elected he scratched an itch for them. Instead of direct brown envelopes directly into the pocket of the representative, they paid for his campaign and his viable campaign in Texas.
Now that he has a place on the Committee for Science, Space and Technology, there he can change legislation that fits Nustar, AT&T, Boeing Co., Koch Industries and Marathon Petroleum, as they will not have any sort of information that cannot be verified by generous study. They have been silenced and cannot question climate change or even the implication of pollution or environmental damages by industry, as the Honest ACT, who is made to stop certain information from getting into public.
So it it good to know that the EPA sentiment is old:
“But I don’t know whether Americans want the EPA and Congress to be honest. You say, “What do you mean, Williams?” There are numerous laws, restrictions and regulations based upon the EPA’s fraudulent report on secondhand tobacco smoke. How many Americans do you think would say, “Hey, now that we know that EPA 1992 report was a fraud, let’s repeal all those laws and regulations based upon it”? I’m guessing most would say, “I don’t like the smell of cigarettes and if it takes government fraud and duping the public to get rid of it, so be it.” (Williams, 1999).
So there are surely many who has hard feelings against the EPA and their practices, but they should still wonder if it is wise to stop the EPA. They might get wealth to buy cars, but nature is not something that returns after you have used it and extracted the minerals. There are so many places destroyed by industry and not habitable, so much touched nature that will not come back after oil industry and other industry has used their tools. Together with the knowledge of pollution, there are invisible particles that might hurt mother nature on the long run, but that doesn’t Scott Pruitt, Donald Trump or Lamar Smith. Peace.
Kolbert, Elizabeth – ‘THE CONGRESSMAN WHO’S TRYING TO MAKE THE ENVIRONMENT WORSE, AGAIN’ (08.03.2017) link: http://www.newyorker.com/news/daily-comment/the-congressman-whos-trying-to-make-the-environment-worse-again
U.S. House of Representatives: H. R. 1430 – ‘Honest and Open New EPA Science Treatment Act of 2017’ or Honest ACT (29.03.2017)
Williams, Walter – ‘Do Americans want honest EPA?’ (09.06.1999) link: http://www.deseretnews.com/article/701389/Do-Americans-want-honest-EPA.html
The Republicans under the Trump Administration are going all in. Their ideas are the wet-dream for Conservative Party, which wants to transform the laisses-faire, industrial wonderland, where waste, industrial waste and low-taxes can go side by side. The green-gases only belong in fairy-tales and in sagas of the liberals.
Therefore Republican representative Matt Gaetz from Florida is the sponsor of the bill; his co-Sponsors the Republican representatives are Thomas Massie of Kentucky, Steven M. Palazo of Mississippi and Barry Loudermilk of Georgia.
The Republicans doesn’t care about toxins in water or water-taps, therefore if Detroit or Flint Michigan is dangerous, it doesn’t’ matter, because this people should afford their own tap-water, not buy licenced water from the state. If they had wealth they should have dig for wells in their gardens and in the public housing, instead of trusting the state with deliverance in the modern age after the millennium. That is too much to upon the Republic Party.
The other reasons are for the diligent work of Environmental Protection Agency, when it comes to fracking and regulating of the gasses into the water, has been tormenting the agency, as they have backpedalled and their own internal document have proved differently from the study they delivered the public. The Pro-Fracking lobbyist has sometimes even persuaded the EPA to change their stance, as the real reports if their internal documents of 2015 where right. That all parts of fracking could cause all sorts of toxins, in waste-water, in the dirt and the nearby-taps; something the Republicans of our day doesn’t want to hear.
However, EPA could also have intervened in the building petroleum pipelines like Keystone XL and Dakota Access Pipeline (DAPL). Where the reports could shadow the fact that pipes usually leaks and this could damage import forests and rivers through a dozens of states. The state could be seen with possibility of putting sanctions on the reopening of coal-mines and their waste in various states.
The EPA tried to keep regulatory actions on stuff like the Clean Care Act of 1990. Where the value of different toxins in the air if the Republicans would get their will would be doubled from 2010 to 2020; this values would for instances be Mortality Ozone values from 4300 to 7100. For instance Asthma Exacerbation in 2010 be 1,700,000 and in 2020 become 2,400,000. This proves how little they care for the environment, as long as it gives fortunes for the people who run the companies.
The financial industry and industry itself wants to earn cash and massive profits without care of environment, diseases or any sort of spill. Therefore the Republicans who are in the pockets of big-oil, big-tobacco or Wall Street don’t need the EPA. So with this in mind the Republicans are now not only silencing the EPA and wanting to edit their studies and reports on climate change, which in the mind of President Trump is a hoax.
The 4 representatives are doing the business, the industry a favour, but not Mother Nature or the ones living in it. They want to make sure the ones creating waste-lands and all the pollution as the polluters are free men without any charges. The Industry and the ones extracting resources don’t have to fear the state or government bodies, as they might not even exist. They don’t need to force their jobs into regulations that are costly as they can just drill, extract or even use the worst methods to get the gases, petroleum or coal.
Certainly, the Republicans when they have raised the water-levels above the 51st street of Manhattan, when they have destroyed the lakes and rivers of Middle-America. Than the riches can move to Liechtenstein with the rest of the Alt-Right Banonesque government official existing! Peace.