39 Burst results for "Wells Fargo"

Fresh update on "wells fargo" discussed on Bloomberg Surveillance

Bloomberg Surveillance

00:30 min | 9 hrs ago

Fresh update on "wells fargo" discussed on Bloomberg Surveillance

"The October CPI was a wake up call that this inflation environment is going to be somewhat longer lasting than they anticipated And I think more importantly than just the duration it's the magnitude So we're looking at 7% CPI Q one And so I think we have seen the fed realized that in order for inflation expectations to remain close to 2% that they do have to make adjustments And I think we'll see that very soon Sarah House of Wells Fargo sending us out for 7% CPI in America Q one next year She's looking for 6.9 this Friday Your estimate notes up to 6.8 We are days away from that inflation report in America from New York City this morning Good morning alongside Tom Keenan I'm Jonathan Ferro together with Katie lines Your recording market equity futures up 18 advancing four tenths of 1% in your time by four or 5 basis points on ten to one 39 Better news out of New York City What do you got Well marital de Blasio speaking on MSNBC talking about the vaccination requirements saying that it is now required for kids ages 5 to 11 to be vaccinated to enter a restaurant He also is saying that they will impose a mandate for private sector workers starting on December 27th Of course we knew already the mandates that were in place for public sector but now that will be extended to the private sector in just a matter of weeks John It may take to go out in New York City that's it now You eat go and get a vaccination or you can not engage in society in the way you used to I started the day John looking at what they're doing in Europe I mean how close is Europe going to get to what we saw from Germany in the last ten days This is a movable feast right I have to say New York City Thomas probably already there It's pretty close to what we're seeing take place in Europe You have to show up at the restaurant Did it over the weekend You've done it Kelly's done it We've all done it You show up show you vaccine pass then you have to show photo idea as well You can show both Yeah we had the photo ID things weekend That was a bit of a surprise Right now and we want to dive into the politics of Washington as we can but we must take a moment with Gregory valier his chief U.S. policy strategist at AG F investments but far more in his he had the ability to butters up against names like John McCain Alan Simpson of Wyoming who I found just always entertaining and incredibly shrewd and a senator from Kansas as well Greg villier Bob Dole and it was as simple as you mentioned in your note you were confronted with his realities with a shake of the left hand He was different He certainly was and he was in pain Tom every day of his life after his injury and he never once complained about it A true giant in the Senate knew how to get things done I'd say a giant in the Senate compared to the pygmies We have now in Congress This was a very impressive guy And he was sarcastic He was sardonic Sometimes his humor caught a little too much but you know we didn't walk in his shoes He suffered a horrific injury and never really fully recovered Senator Schumer has to provide leadership here in the house there seems a given that the Democrats will give way to the GOP does that work for Schumer right now as well as he assuming a Republican Senate in November of next year Well he has to assume a Republican House I think that's a given time And the Senate is certainly possible So they need to get everything they can in the next month or two I think things will get pushed into January I don't think they can get a debt ceiling done fast enough We'll get a defense bill in the next week or so And then as far as Bill back better I think that gets pushed off by quite a bit and we still have not heard anything definitive from Joe Manchin Well there's the build back better question Of course there's already been the bipartisan infrastructure package pass in the president's traveling the country touting that Given that so much of that won't actually be realized until years down the road is that going to have any real boosting impacts for Democrats in the midterms Not really No I think it's going to be difficult for the Democrats to have a lot to brag about They're still going to be urban crying They're still going to be a big issues And as we've been hearing all morning they're still probably going to be inflation A lot of it next year So this is a pretty grim outlook for Joe Biden with his job approval rating sliding They lose the house for sure the Senate is still maybe in play And for the Democrats especially in regard to the debt ceiling given that is somewhat of a deadline before the end of the year Is Schumer going to have to cave because any default or the prospect of it that maybe strikes fear in the markets would be blamed on the Democrats I think he has the cave I mean he would like to get Republican fingerprints on it but Mitch McConnell will not allow that So I think you'll see sure in the next week or two K if he doesn't there might be another extension if there still isn't anything the Federal Reserve would have to step in as a last resort Greg I want to turn to your New Hampshire You and I over the years have always identified with what's going on in New Hampshire I am absolutely thunderstruck by the COVID statistics out of New Hampshire They must distress you Deeply Can you give us a why Can you give our global audience a why of this little island of beautiful green mountains in New England struggles with COVID Well it's nationwide I mean we're losing over a thousand people a day The numbers have been horrible lately And that's got nothing to do with the new variant It's all Delta But in New Hampshire I mean there are a lot of people who don't want government to tell them what to do People are very independent They don't want to be pushed around but you see these waves come in different states in different weeks It was a week ago it was Minnesota a week before that it was Michigan So I think you have to conclude we have not turned the corner yet fully on COVID And in the meantime Greg policymakers are changing the way Americans engage with society That's taking place in New York City to go to a restaurant now just to wait You need to show your vaccine past you need to show photo ID And Greg I wonder how long before we start having this much bigger conversation about a very sensitive issue in America for a number of years now photo ID at the voting booth Greg how do you think that changes Does it extend towards that something that Democrats have pushed back aggressively against Republican demands over the last few years You may have to see something stronger Again I.

New York City Sarah House Tom Keenan Jonathan Ferro Senate De Blasio America Europe Gregory Valier Ag F Investments Greg Villier Senator Schumer Republican House Federal Reserve Wells Fargo Schumer Alan Simpson
US jobless rate sinks to 4.2% as many more people find jobs

AP News Radio

00:50 sec | 3 d ago

US jobless rate sinks to 4.2% as many more people find jobs

"The the latest latest jobs jobs report report as as provided provided a a mixed mixed picture picture that that still still points points to to a a resilient resilient economy economy employers employers added added just just two two hundred hundred ten ten thousand thousand jobs jobs in in November November the the few few wispy wispy nearly nearly a a year year and and less less than than half half of of what what Wells Wells Fargo Fargo Serra Serra house house as as a a condom condom is is predicted predicted overall overall headline headline rate rate of of job job gains gains were were pretty pretty disappointing disappointing but but the the unemployment unemployment rate rate also also dropped dropped sharply sharply to to four four point point two two percent percent to to the the lowest lowest since since the the pandemic pandemic hit hit with with one one point point one one million million Americans Americans saying saying they they found found jobs jobs last last month month we're we're looking looking at at the the sharpest sharpest one one year year decline decline in in unemployment unemployment ever ever simply simply put put America America Americans Americans back back to to work work president president Biden Biden notes notes Americans Americans are are still still anxious anxious to to meet meet high high inflation inflation and and Omicron Omicron variant variant fears fears but but says says the the economic economic recovery recovery continues continues Sager Sager mag mag ani ani Washington Washington

Wells Wells Fargo Fargo Serra Serra Biden Biden America Sager Sager Ani Ani Washington Washington
Fresh update on "wells fargo" discussed on Bloomberg Surveillance

Bloomberg Surveillance

00:22 min | 11 hrs ago

Fresh update on "wells fargo" discussed on Bloomberg Surveillance

"A little bit of a bounce back TK a lift in the past hour It's a little bit of a bounce back and it was really ugly 90 minutes ago I think there's a number of stories here John you mentioned China I'm not going to downplay that because the market pricing of what's going on in China's tangible It's off the radar this morning John particularly with a Macron but it's real Evergreen paper self I want to get straight to Friday Thomas CPI report in America Sarah House of Wells Fargo in a previous air suggesting 6.9% CPI in America on to 7 through machia Q one next year Goldman Sachs markdown so let's call it nominal GDP 7 plus two Okay I think that's 9% as my Monday math Maybe after double digit economic growth all inflation adduced that's something John we've never seen before And that's the uncertainty that we have right now Then it cost them the team over at Goldman look for 5100 on the S&P and next year Kaylee a conversation we've had over the last couple of weeks If things get dicey can the fed do anything about it with inflation close to 7 Is it already too little too late even as the fed talks about accelerating its asset or sassa purchase wind down potentially as your own pal talked about repeatedly last week even in the face of the market clearly being upset by his comments even in the face of uncertainty around the amaron variant the fed may be trying to play a game of catch up here as we're faced with these kind of numbers on inflation in the U.S. 69 on the ice and the labor market report on Friday Check out the headline number look pretty solid Tom Throw in the things that Kelly's talking about You do wonder how much of a heavy lift the fed's got ahead of it Just to slow this economy downtown with an economy with a 69 handle on the ISM Let's reflect on that TK For most people booming The partial differentials John is you want to bring the inflation component over to real economic growth And as you mentioned earlier the most important statistic last week where boom ISM numbers And that's the bet right now We've got a lot of people saying the growth is there It is real inflation will subside and we've got another group saying the growth really isn't there And we'll have a way We'll talk about that boom in just a moment Here's the price action this Monday morning Good morning to you all up 18 on the S&P Advancing on the S&P 500 four tenths of 1% The NASDAQ 100 was much slower Down 6 tenths of 1% and some right now down a quarter We bounced back there too Ten year treasury yields bouncing back as well The obs lower ten basis points on Friday This Monday morning Kaylee up 5 to one 39 52 Yeah retracing about half that move but we're still south of one 40 This is not where a lot of people thought we would be in December of 2021 A lot of that those calls have gone the wrong way Now as for what is ahead today at 8 15 a.m. Eastern Time we do get the eurogroup meeting finance ministers meeting in Brussels high on the agenda is going to be those energy costs that are persistently higher and what the implications are for inflation in the Eurozone And of course the IMF managing director Cristina gorga will be addressing that you're a group with a press conference later on at ten 45 a.m. Eastern Time Also happening today the world petroleum conference It was on the board John oil up about 3% today It really is going to be interesting as we hear from the likes of BP of Aramco of Occidental Conoco oil ministers OPEC officials what they say about the demand outlook and how the Akron variant may cloud it especially in light of OPEC plus moving ahead with production heights for January So we'll look for that commentary And then finally at 2 p.m. Eastern Time President Biden will be speaking from the east room of The White House no surprise he will be talking about his build back better plan and this time about how it specifically will lower prescription drug costs for Americans So we'll look for those remarks on Looking forward to it Katie thank you spare a thought for anyone There's got to put together a forecast for next year Tom Keane it is crystal ball season Can you imagine many of those reports Tom were written a couple of months ago Now they're looking to publish them going into the next year and I have to say next year Tom looking very uncertain And again as you say a couple of years ago people made fun of this but I'm sorry I was a brilliant call a couple years ago reset and marked what's really amazing here John is when you look at the pressure it takes when you join a Philadelphia shop and all of a sudden you're an expert on the Philadelphia Eagles You have to be an eagles fan You have to be an eagles fan to work at FS What can I ask you to join us now Chief market strategist at FS investments I'm not sure if he wants to be called an eagles fan We'll deal with that in just a moment It's crystal ball season How important is it to stay humble in this crystal ball season Troy Oh a 100% I mean as you guys have talked about time and time again in your show the variance in forecasts for next year are huge You have brilliant people calling for runaway inflation with lower real growth You have brilliant people calling for a normalization of inflationary pressures and a boost to real So times like these you have to keep your forecast very wide and be humble and understand there's a.

FED John Thomas Cpi Sarah House Goldman Sassa Tom Throw America China Wells Fargo Cristina Gorga Occidental Conoco Opec ISM Kaylee Kelly
"wells fargo" Discussed on Clark Howard Show

Clark Howard Show

05:33 min | 3 months ago

"wells fargo" Discussed on Clark Howard Show

"Wells fargo in a spotlight again and not a good one. I got a special warning for you about this giant monster megabank and later a ponzi scheme warning for you about ways you need to be careful even when you hire somebody who you think is a respected professional so wells fargo which i have long referred to as a criminal enterprise impersonating a bank and you know i've always offered wells fargo a chance to rebut that and say i'm being cruel or dishonest or whatever but there's silence from them it also turns out there's a lot of silence from wells fargo and doing what they were supposed to to take care of people that they cheated over the years with a variety of things that wells fargo engaged in where they cheated people on auto loans. They cheated people by create doing identity. Theft opening accounts is if they were the individuals so that people could reach bonus levels and things like that. I mean it's unbelievable. The things that have gone on at wells fargo will now. There's a brand new report that from bloomberg that both the office of the controller the currency. That's a federal agency that usually only kisses up to the banks and the consumer financial protection bureau have warned that new sanctions are coming to wells fargo because they have not complied with the settlements that they reached in cheating people. It also came out this week in barron's magazine that one of the key architects of fraudulent activity at wells fargo is claiming the fifth amendment the right against self-incrimination hundreds of times on questions asked and so far no-one wells fargo has gone to prison not a soul for engaging in wholesale fraud against customers..

wells fargo megabank Wells fargo consumer financial protection bloomberg barron
Fresh update on "wells fargo" discussed on Bloomberg Daybreak

Bloomberg Daybreak

00:31 sec | 11 hrs ago

Fresh update on "wells fargo" discussed on Bloomberg Daybreak

"Reuters report that toshiba walked away from potential PE buyouts and an offer from Brookfield in other news modernist president sees a risk the vaccines will struggle with Omni Kron Goldman Sachs cut its forecast for U.S. growth blaming the variants and lucid group got a subpoena from the SEC Wrapping things up Citigroup was cut to equate at Morgan Stanley Facebook race to hold at HSBC Home Depot is raised outperform at Oppenheimer and Edward's life sciences raised to overweight over at Wells Fargo Live from the first to break a news desk but melody came Bill thank you and here lie breaking news over your Bloomberg type squawk on your terminal SKU AW K and that's a Bloomberg business flash Now here's Michael Barr with more on.

Omni Kron Goldman Sachs Hsbc Home Depot Brookfield Toshiba Reuters Edward's Life Sciences Wells Fargo Live Citigroup Morgan Stanley SEC Oppenheimer U.S. Facebook Bill Michael Barr
Wells Fargo Launches Passive Bitcoin Fund for Rich Clients

The Breakdown with NLW

02:13 min | 3 months ago

Wells Fargo Launches Passive Bitcoin Fund for Rich Clients

"Wells fargo has registered a new private bitcoin fund with us regulators. The fund is operated in partnership with the breakdown sponsor night gig as well as investments who've worked together on other funds such as i believe the morgan stanley bitcoin funds. According to a coin desk source the new wells fargo fund is passively managed earlier reports had suggested it would be an actively managed fund for wealthy clients on top of the wells fargo news j. p. morgan's passive bitcoin fund. Also a partnership with nine was also filed with the sec. Today so if you wanna know what people think of bitcoin just keep watching what they do not what they say next on the roof today. These scars of past crypto winters run deep according to a report from the wall street journal coin. B.'s has a pretty significant cash reserve at the end of june those reserves stood at four point three six billion dollars. That's up from one point. One billion at the end of last year quinn basis. Cfo lsu haas said we want to ensure that we maintain those cash reserves so can continue to invest and continue to grow our products and services in the event that we go into crypto winter. She also said that part of it could go towards acquisitions. I just want to point out that in a market that so many think is absolutely batty because it's disconnected from fundamentals. Queen base as a company is not only profitable but is keeping a large number of cash reserves on hand in the event of a rainy day. Something which basically no other companies do. So i don't know. Man maybe crypto has something figured out that other industries have forgotten last on the brief today. Brian quinn tens is stepping down from the cftc. Brian quinn tens is one of the most vocal advocates for crypto among the us regulatory ranks. The commissioner's term technically expired. Last april and he had previously planned to step down by october twenty twenty but ended up sticking around which he's legally allowed to do until the end of this year. He has been fierce about giving crypto a fair shake in policy discussions as well as advocating for the cftc's role in regulating crypto. According to the wall street journal he'll be gone by the end of the month and headed to the private sector where he intends to quote keep innovation particularly related to crypto currency and defy relevant to my career

Wells Fargo Fund Brian Quinn Cfo Lsu Haas Wells Fargo Morgan Stanley The Wall Street Journal Morgan SEC Quinn United States Cftc
Fresh update on "wells fargo" discussed on AP 24 Hour News

AP 24 Hour News

01:23 min | 20 hrs ago

Fresh update on "wells fargo" discussed on AP 24 Hour News

"Rates are now high enough to switch to this new system the threat posed by the new omicron variant has not changed plans for the reopening although New Zealand has restricted travel from 9 southern African countries I'm Charles De Ledesma Germany's health minister says more than 1% of the population is currently infected with the coronavirus Health minister Jens span is calling on citizens to get vaccinated if they haven't done so already adding if all German adults were vaccinated we wouldn't be in this difficult situation spanned day after federal and state leaders announced tough new restrictions that largely target unvaccinated people preventing them from entering non-essential stores restaurants sports and cultural venues according to the Robert Koch Institutes calculations some 925,800 people in Germany are considered actively infected with the virus more than 1% of the country I'm Charles De Ledesma American employers added just 210,000 jobs last month It's the smallest job growth in nearly a year Economists were looking for somewhere closer to half a million Steel Wells Fargo's Sarah House says underneath the disappointing headline there is good news We saw a lot more people come back into the labor force looking for work And the total number of people reporting that they had a job over the past month rose by 1.1 million Which House says suggests employers will have an easier time with hiring going forward since they've been struggling to find people The jobless rate fell sharply to 4.2% down from 4.6% It's dropped by about a third this year Sagar Meghani Washington AP news for this Friday December 3rd I'm Jackie Quinn U.S. intelligence officials have determined Russia is planning for a possible military offensive against Ukraine with nearly 100,000 personnel already deployed along the border That's according to a Biden administration official The president says he's putting together an initiative to deter any military action White House press secretary Jen Psaki We know what president Putin has done in the past We see that he is putting in place the capacity to take action in short order contact tracers are hard at work across the country trying to understand the rapid spread of the new acron variant of the coronavirus 6 cases in Nebraska and three in Maryland are linked to someone who traveled to Africa other cases are not Ted long heads the New York City contact tracing agency There is community transmission going on with this new variant in addition to the delta variants in New York City And our message for you is the same that it's been which is getting vaccinated booster shots wearing a mask and keeping your distance A prosecutor in Michigan's taking the rare step of charging the parents who allegedly bought a gun for their 15 year old boy who then allegedly killed four classmates Tuesday our Ben Thomas reports Oakland county prosecutor Karen MacDonald says Jennifer and James crumbly been summoned to the school that morning after a teacher found a drawing of a gun with the words the thoughts won't stop help me a bullet in the words blood everywhere and a bleeding person They did not indicate to school officials or to their son and inquire about the whereabouts of the gun Courtesy WXYZ I'm Ben Thomas The jury's been seated in the Minnesota trial of former police officer Kim Potter Stocks ended the week lower Pope Francis is attending meetings in Greece working to bolster ties between the Vatican and orthodox churches This is a P news The house panel investigating the capital insurrection is postponing a deposition with a former Department of Justice official The select House committee investigating the January 6th capitol insurrection has postponed a deposition that was scheduled for Saturday with former Justice Department official Jeffrey Clark a committee spokesman said Clark has a medical condition that precludes his participation and the deposition has been rescheduled for December 16th The committee is giving Clark a second chance to appear after voting Wednesday to recommend contempt charges after Clarke declined to answer questions at a deposition in November I'm Mike Gracia California retailers are calling on the state to do more to stop the recent rash of large scale smash and grab robberies involving large mobs of thieves There are calls to bring back stricter charges against theft and drug possession which voters lightened in 2014 I'm Jackie Quinn a P news Living.

Charles De Ledesma Jens Span Robert Koch Institutes Sarah House Sagar Meghani Jackie Quinn Washington Ap Germany Biden Administration Jen Psaki President Putin Ben Thomas Wells Fargo Karen Macdonald James Crumbly New Zealand New York City
US Hiring Surges In July, But The Variant Is The Wild Card

AP News Radio

00:47 sec | 4 months ago

US Hiring Surges In July, But The Variant Is The Wild Card

"Even as the economy shows signs of a surprisingly strong pandemic recovery there are fears of resurgent virus could send it back the delta variant is the wild card but the White House says the nation shouldn't worry much about its effects on the economy this is not March twenty twenty or even January twenty twenty one spokeswoman Jen Psaki says the country is in a much better place with vaccines there will not be lockdowns we are not turning back the clock Wells Fargo senior economist Sarah house says she doesn't expect any widespread restrictions that would badly hurt the economy but the delta spread may have some impact that might lead some people to to curbs on their outings and and spending and therefore potentially some from hiring Sager mag ani Washington

Jen Psaki Sarah House White House Wells Fargo Sager Mag Ani Washington
If You Don't Like The "Woke" Nonsense, Stop Using The "Woke" Banks

The Charlie Kirk Show

01:50 min | 4 months ago

If You Don't Like The "Woke" Nonsense, Stop Using The "Woke" Banks

"Look we all complain. About the woke industrial complex the woke marxist that are running our schools that are running media and yes also running our banks. You see like the real estate market. It's red hot tyler. He just sold his home and he said charlie. I've never seen the market so unbelievable. So maybe you want to go buy a home. Maybe they're taking advantage of low interest rates with all the economic uncertainty underway. People need to invest in real stuff. So here's a rule of thumb. We hear our solution based show. So if you don't like the woke nonsense stop using the woke banks. It's that simple. No more wells fargo. No more j. p. morgan no more goldman sachs no more big bank culture instead. I have these two great friends and they do a great job. It's andrew and todd andrew del ray and todd avakian. They love the lord. They are christians. They are honest. They are straight shooters and they are a mission to make sure that you guys can refinance but be told the truth. Look when i took out mortgages for the properties that i have. It was one of the worst experiences i've ever been through. Yes some of the people. Were very nice. But i could tell you. The bank itself was just so bureaucratic and hard to work with my producer. Andrew is working right now with andrew and todd to fight against the woke banking culture. And he tells me that they're part counselors part financial counselors planners. And they're really helping and so here's the thing andrew and todd our mortgage bankers they're not brokers that means andrew and todd and their team can take care of your loan personally from start to finish. You'll likely actually talked to andrew and todd yourself to right now. Maybe you're walking. You're like i want to refinance the home. Or maybe i'm under the process stop it no more wells fargo their funding a billion dollars. The belove inc drives me

Todd Andrew Del Ray Todd Avakian Andrew Tyler Wells Fargo Charlie Todd Goldman Sachs Morgan Belove Inc
Biden's Senior Advisor Admits Latest Eviction Ban Is Unconstitutional

Mike Gallagher Podcast

01:24 min | 4 months ago

Biden's Senior Advisor Admits Latest Eviction Ban Is Unconstitutional

"Gene sperling is joe biden's senior adviser. Here's a senior adviser at admitting that extending the ban on evictions for people who won't pay rent is unconstitutional to date. The director and her team have been unable to find legal authority even for a more targeted eviction moratorium that would focus just on counties with higher rates of of kovic. This is a president who really understands the heartbreak of the fiction. He is the reason why he is pressing and pressing. Even when legal authority look slim is because he wants to make sure we have word. Every potential authority. Can you believe this. Jr here's the legal authority. Looks slim but he knows the heartbreak of addiction. Does he know the heartbreak of people losing their livelihood when they can't get rent when they're not receiving the rent payment. That's do what about the heartbreak of people who know that wells fargo needs the mortgage payment. They're not gonna they're not waving it away. I got to pay the bank. I gotta pay. What about that

Gene Sperling Joe Biden Wells Fargo
"wells fargo" Discussed on Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

04:05 min | 4 months ago

"wells fargo" Discussed on Money Rehab with Nicole Lapin

"It's a good idea to see what kind of shape you're in you know whether or not you can weather a hit number to revisit. You're spending goals and see if you can adjust your priorities if you've been budgeting toward getting a new or hopefully used car. Would it be better for you to put a chunk of change toward paying off your wells fargo debt. Instead probably number three practice some credit hygiene and do your best to get your utilization rate to about thirty thirty five percent in the example. We just talked about when your credit line went. Down to ten thousand dollars to get that. Thirty percent utilization score. You're gonna have to cut the ten thousand dollars that you down to three thousand dollars or get more credit number four..

"wells fargo" Discussed on Money Rehab with Nicole Lapin

Money Rehab with Nicole Lapin

03:22 min | 4 months ago

"wells fargo" Discussed on Money Rehab with Nicole Lapin

"Knowing that you're eight hundred dollar wrench check is gonna clear no problem but because wells fargo had moved that money into a different account bom the customer would accidentally overdraft and have to pay a fee. And who would that fee to wells fargo. Of course this happened to tons of people. I'm not one to say. I told you so but if i was i would say again guys. Never opt into overdraft protection eight will by y'all in the ass if you can believe it. It gets worse. According to cnn wells fargo employees also submitted applications for more than five hundred sixty five thousand credit card accounts without their customer's knowledge or consent and roughly fourteen thousand of those accounts incurred more than four hundred thousand dollars in fees including annual fees interest charges and overdraft protection.

wells fargo cnn wells fargo
"wells fargo" Discussed on CRUSADE Channel Previews

CRUSADE Channel Previews

03:47 min | 5 months ago

"wells fargo" Discussed on CRUSADE Channel Previews

"See it also has a at with. Its latest move. Wells fargo warn customers at the account. Closures may have an impact on your credit score. So you guys are saying that can continue to pay. I don't think so. I actually don't think you can continue to pay because remember if you look at this and i did this when i was a collection agent those pages of documents they you signed for those loans. You give the bank access to all kinds of abilities. Here's an example. I forgot the actual name of the maneuver. But when i worked as a collection agent we had the ability if you had a bank loan and end a checking account in the same bank. Let's say at wellsfargo. You had a loan out for a car and you had a checking account and you were thirty one. Thirty two days late. We could check your checking. We can look at your checking account and if you had enough to pay the bill. Guess what we did. We took your money and paid the bill. We get calls from angry. Why do i have to do dollars in my bank account. I gotta eat this week and people would go. Listen bro. you're thirty days late. We took the money to pay your bill. You don't understand a collection. Agent is somebody that collects on past due bills home loans. Car loans are the most personal lines of of Personal lines of credit things like that. It didn't happen a lot because at least in my group because my the the manager who ran my group d felt gross when he did it sometimes though he gave all through we had to get authorization from from our manager to pull that trigger. And that's just an example. When you sign those pages they can't just close the line of credit. Sounds like they're gonna sounds like there's going to be some passage in that legal ease. They you and i don't read. That gives them the ability to shut down these accounts whenever they want. Because they're not going to be like. Oh by the way this might impact your credit if they're going to allow you to continue to make payments they're shutting the suckers down without question another part of the frequently asked questions asserted that the account closures couldn't be reviewed or reversed. So you're gonna shut down your account. Let's see you need access to that. And you're done we apologize for the inconvenience. This line of credit closure will cause the account closure is final. It is final now. I wells fargo. Is playing this off like all wells because we did this stupid stuff earlier and now we got. I don't think so because they've been allowed the it was twenty eighteen at the fed. Did this so they were allowed to prosper for four years three years. Sorry math is hard for me now. They're shutting everything down if it was such a huge deal. Let me say this if it was such a huge deal at the time. Why didn't they not offer personal lines of credit. Why did they not do any of these things before..

Wells fargo wells fargo fed
"wells fargo" Discussed on CRUSADE Channel Previews

CRUSADE Channel Previews

07:33 min | 5 months ago

"wells fargo" Discussed on CRUSADE Channel Previews

"The foundations are stored is the epic seventeen. Dvd were streaming download series. That completely refuse that most pernicious of modernist errors evolution his forces visually stunning and has presented. So that lay people can grasp material and are themselves with true and the now necessary battle against the unscientific and diabolic evolution. Pushers the order's simply use our andy ordering save channel dot com forward slash adult. You can sample the first two episodes for free and believe me you'll be cooked and want to watch the rest of the course. This is of course in all facets of the mid that is evolution including biology cosmology and geology. Your first two episodes free foundations restored a catholic perspective on creation go to precede channel dot com forward slash. Adam that's per se channel dot com forward slash. Let's talk about the story that i am some of you. In the jabber microbes channel dot com said. Yeah i heard about this about this. The other day heard about this the other day or i got a letter sent me or whatever the case may be your your up to it as well. And that's the story that cnbc posted this morning about wells. Fargo n lines of credit. And how they're just going our just. We're just not doing it anymore. Do you mean you're not ever just not anymore. We're good do because we just don't we don't feel like it. So this is the acting offers of via cnbc. Dot com wells. Fargo is telling their customers. It is shuttering all personal lines of credit and nobody seems to even zero hedge. Those zero edgewood would have would have a heads up on even zero hedges and talking about this. And what's going on in this regard. I mean they're talking about other stuff but you would figure so pretty big deal in regards to the last time this happened. The last time this happened was in two thousand eight. Let's read the article. Wells fargo is ending a popular consumer lending product. Angering some of its customers. The bank is shutting down all in all not people with bad credit all existing personal lines of credit in the coming weeks and no longer offers the product. So if you have a personal line of credit active right now there's gonna shut you off gonna shut you off with it. Thank you allegations for you. Twenty dollars donation sir. Greatly appreciated help and support the crusade. David's trying to warn you about this. I've been trying to do my best. Mike judge and try to do his best warning. You of a new this part of the great reset two guys. This is definitely part of the great reset. And you're right people are right you gotta get your kingdoms in order you got to put yourself in a position where you own little debt as possible as little debt as possible. Yeah i don't know how they're doing it. But this is what they're saying the revolving the revolving credit lines which typically let users borrow three thousand one hundred thousand were pitched as a way to consolidate high interest credit card debt remember. They're doing this for the last year. Oh reconsolidate consolidate. Oh refinance get more money. Pay off your loans at blah blah blah. Now we're not doing that anymore. Let's see wells. Fargo recently reviewed its product offerings and decided to discontinuing offering new personal and portfolio line of credit accounts and close all existing account. So i'm guessing i'm guessing they're calling in these loans. They're calling if you have a low now. I don't know how they're gonna do it. But they're we're closing everything. They're shoring up their their financial their financial situation. What is the bank doing. Look at this. what is this bank doing. Its closing out as much existing debt that it owes as possible. Why would a bank do that. Why i'm asking you listener people in the chat room. Why would a bank closed all personal lines of credit and all its existing lines and not even offer it going forward who knows law right now saying that. It's shutdown these lines so i don't know how they're doing it all the bank's not going bust. They're just trying to weather the oncoming storm because people are going to be desperate and they know they need to have as much what they need to have as much liquidity as possible in the more personalized credit. That are out there that ties up their liquidity. Let's see here at the wells. fargo ceo. Charles schwab scharf has been forced to make difficult decisions during the covid. Nineteen wuhan superbug offloading assets and deposits in stepping back. All right this is part of the letter From some products because of limitations imposed by the feds neither blaming the feds two thousand eighteen. The fed barred wells fargo from growing its balance sheet until it fixes. Shortcomings reveal by the banks. Fake account scandal the asset cat has ultimately caused the bank billions of dollars in lost earnings based on the balance sheet growth of rivals is also affected wells. Fargo customers last year. The lender told it staff it was halting all new home equity lines of credit months later. The bank also withdrew from a segment of auto lending so the people are saying. They're trying to make their balance books. Look the better are correct now. There was a bagel. there's a big old lawsuit or there's a big hubbub do hullabaloo with wells fargo creating fake bank accounts to push up their numbers to make themselves look better in. This looks like it is a result of that. Let's.

fargo cnbc Mike judge Wells fargo wells Adam Charles schwab scharf David fed wells fargo creating fake bank
Wells Fargo Tells Customers It’s Shuttering All Personal Lines of Credit

Pat Thurston

00:42 sec | 5 months ago

Wells Fargo Tells Customers It’s Shuttering All Personal Lines of Credit

The Energist | Micah Renfro on Oil and Gas Startups

Oil and Gas Startups Podcast

01:36 min | 5 months ago

The Energist | Micah Renfro on Oil and Gas Startups

"Welcome back to yesterday's podcasts. We've got about a mica. Mike renfro the right. Okay just make sure with is an energetic. The energised the z. Energised mike what do you guys do with you. Just so we do executive recruiting and consulting visory Been around since nineteen seventy nine I haven't been there since. Nineteen seventy nine but the firm was. The firm was founded by a couple engineers and a couple of geologists that drew their rotation to think it was like west africa and they were in their twenties. And i don't want to go to west africa on rotation. Now i can't imagine back in the seventies wanting to go g and So they decided to start The energised is technical. People recruiting technical people. then. We've stayed in energy throughout to my knowledge where the one of the longest standing if not the longest standing energy focused recruiting firms out there head hunting firms out there and so i started working there about eleven years ago. Maybe ten years ago something like that started in investment banking kind of got my teeth kicked in that for a few years rather wells fargo fargo tweet san francisco and new york so go energy investment banking. Yes so i was in the capital markets group. So i say we did. Like i did pretty much spreadsheets. And kind of converting senior bankers notes So i didn't didn't really have a whole lot inputting any other stuff

Mike Renfro West Africa Mike Fargo Fargo San Francisco New York
Do Your People Believe You Lead With Fairness

Hacking Your Leadership

02:16 min | 6 months ago

Do Your People Believe You Lead With Fairness

"For this week's episode. I wanna talk about the interview. I just had with ron carucci author of the new book to be honest. The book details four factors company should look at. When determining whether they're at risk for the types of headlines we've seen in recent years from companies like wells fargo and volkswagen. This is a true thoughtful thursday. Because i've been thinking about something. Ron said to me this interview all day. You'll be able to listen to him articulate all this much better than me and a couple of weeks when his injury publishes but i did ask him what individual leaders can do to ensure their words and their actions line up with each other and with high standards of ethical honest leadership. He said something individual leaders can do right away is think about and write down ten different scenarios that might fallen an or moral gray area. Then give the list of their people on their team and ask them what they believe. The leader would do in these scenarios. How would they react. What would the outcome be. But the other thing they need to ask people to do is time how long it took to settle on an answer for each question. Do the inherently know how their leader would respond or did it take a minute or two to feel confident in an answer. I i love that. He had to write these things down. Anyone listening right now. Who has heard even one or two episodes of the show knows. Lorenzo and i are huge fans of writing things down as part of these exercises. It's much harder to let yourself off the hook when your commitments are staring back at you from paper but the reason is stuck with me all day since our interview is because thinking about doing this exercise with people reporting to me made me a little uneasy. Now i'd like to think i'm an honest ethical person. I like to think my people would know in a millisecond. What i do ethically gray situation but even if i'm an absolute pillar of honesty and integrity if i've not been purposeful with my people on making sure they see examples of this all. The time is getting the benefit of team. Who believes in me like they. Should you see if you're a leader of people. The appearance of propriety is just as important as actual propriety. The appearance of fairness and ethics is just as important as actual fairness and ethics. Knowing that you do the right thing even if no one was looking is great but if your people aren't confident you do it. It doesn't matter so the next time you find yourself having to make a decision where leaned on personal values of fairness integrity or justice. Be vocal about your decision making process with people. Show them examples of why these things are important to you. You never know you'll need them to give you the benefit of the doubt in the future.

Ron Carucci Wells Fargo Volkswagen RON Lorenzo
How to Get Business Credit, with Ty Crandall

The Money Advantage Podcast

03:03 min | 6 months ago

How to Get Business Credit, with Ty Crandall

"How did you get into credit in the first place. Well the first company ever owned was a mortgage company. And i own did back in two thousand six seven and i just thought i was a rockstar like wow. I'm just not true entrepreneur to be seven figures pretty quickly. Apparently is like you know pretty easy to do. When mortgages were spiking like the same as seeing with real estate now and then i was there and road that out until everything collapsed and at that point i was doing jumbo loans. My entire segment of that industry went away overnight and we went from producing a lot of money to producing no money and not having an ability to produce. We couldn't even place loans. The lenders weren't even accepting loans for months in what we were doing. And then we'll be on. So i kinda went through this process building successful business and then being there and watching it fail and i like a lot of business owner personally guaranteed credit lines. Credit cards. didn't think much about it but then the problem was was started to go late on some things for the business. Those in showed up on my personal credit report in a couple of things happen and i hadn't accounted for a thought well if the economy shifts i've had hundreds of thousands of dollars of revolving credit i've gone. All this money in the bank will what happened at that. Point was both things went when that stuff started. Hit my consumer poor all my credit card issuers. Lower my list. What i owed that crushed by credit scores and then at the same time of the banks that i didn't owed money to for the credit lines to the business came in literally removed all the money from all my bank accounts naaman all set so people. Listen i'm going to interject for a second. That is really scary. That's really scary. When you're in a position of saying. I have this credit limit. What could possibly go wrong. They shrunk your credit when they lowered your ceiling and then suck money out of your counts. That is terrifying. Sure going over much happens in the credit system that credit bureaus get alerts when thanks change and what people don't understand is that there's something called the small business financial exchange and in order to be part of the small business financial exchanges to give get metality so all the major banks all the major credit card. Issuers are part of it. And what happens. Is they openly exchange information with each other whether it is or is not on your credit report so if you fill out an application for a credit card or for loan at bank of america well most people don't realize is wells fargo chase. They all have that information eating medial acceptable when you do so this even can help them trigger alerts when things change so if you have five credit card companies and you go late on one whether reports are a dozen than the other ones no and immediately typically than lower your limits and since available credit is thirteen percent of your score thirty score. I mean just your score overnight can go from seven hundred fifty seven sixty down to five twenty like it did and then your ability to use that credit to be able to rebound goes away. That's very real. What happens when you go lay on any accounts which is one of the reasons you wanna keep accounts putting on your business credit reports not your consumer but the second part was scary too because when they remove all your bank not even money. That's their right. You have checks written against so all kinds of of adverse consequences happened. All these checks bounced utilities. Are getting shut off. Things happen as a result of that

Naaman Wells Fargo Chase Bank Of America
Elizabeth Warren Spars With JPMorgan Chase Head Jamie Dimon on Overdraft Fees

CNBC's Fast Money

01:17 min | 6 months ago

Elizabeth Warren Spars With JPMorgan Chase Head Jamie Dimon on Overdraft Fees

"The nation's top bankers taking some serious heat today on capitol hill see. Jp morgan citi goldman wells. Fargo morgan stanley and bank of america. Kicking off two days of testimony before congress. And if you wanna taste of how things went down. Check out this exchange between senator elizabeth warren and j. p. morgan ceo. Jamie dimon mr diamond. How much did j. p. morgan collect an overdraft fees from their consumers in twenty twenty. Your i think your numbers are totally inaccurate but blessed temporary public. I also want to point out. We did not overdraft. Can you just answer my question. John anymore than over and how much in fact to jfk mortgage collect an overdraft fees from their customers in two thousand twenty the number. I don't remember in front of me. I actually have. Non exceed three billion dollars. We waived the fees for customers upon request if they were under stress because cove it. But you can fix that right now. Mr diamond will you commit right now to refund a half billion dollars you took from consumers during the pandemic. Not pretty

Jp Morgan Citi Goldman Wells Fargo Morgan Stanley Senator Elizabeth Warren Morgan Jamie Dimon Bank Of America Congress John Mr Diamond
Why Tesla Stock Jumped on Monday

Tesla Daily: Tesla News & Analysis

01:49 min | 6 months ago

Why Tesla Stock Jumped on Monday

"Robin our here today. We're gonna be talking a little bit about tesla stock tests approach with their sensor suite. Plaid delivery timelines. We've got wells fargo. Picking up coverage of tesla stock. Some news on charging and batteries. Nice start to the week. Four tesla's stock today after a relatively quiet news weekend finishing up four point four percent to six hundred and six dollars four cents that compared to the nasdaq up. One point four percent tussle dead tail off a little bit towards the end of the though falling about one percent in the last half an hour well as luck would have it alanis tweeting about bitcoin and does in the last half an hour about eighteen minutes before market close. He tweeted quote spoke with north american. Bitcoin miners they committed to publish current and planned renewable usage and ask miners worldwide to do so potentially promising and quote couple minutes after that he switched over to doj saying quote. If you'd like to help develop those please submit ideas on get hub and read it and quote so inevitably you see that you see out. Great yuan taking the stock again talking about cryptocurrency. Someone already tag me on twitter suggesting this and if you're just casually looking at the stock yes absolutely looks that way but again it is not that simple if we pull up the minute by minute. Chart here tweeted again. Eighteen minutes before close dessel was at about six hundred ten dollars per share at that point in time it had already dropped from six hundred and fourteen before john even tweeted that if we flip over to the nasdaq you can hardly tell the difference there in the last half an hour with how those look the nasdaq trails off there as well and continued to fall in the last eighteen minutes. Just like tesla did in fact tests actually dropped more in the ten minutes before ilan's tweet actually more than two times as much of a drop their as it did ten minutes after tweeden about cryptocurrency even though the nasdaq performed worse in that second block of ten minutes after alonzo tweet so just like before. Yes tempting to throw that in as the narrative you see the stock falling right when you on tweets. But it's just not that simple and this instance is definitely not evidence of that being the case

Tesla Wells Fargo Alanis Robin Dessel DOJ Twitter Ilan John Alonzo
McIlroy Ends 18 Months Without Winning at Quail Hollow

AP News Radio

00:35 sec | 7 months ago

McIlroy Ends 18 Months Without Winning at Quail Hollow

"Rory McElroy has continued his love affair with the quail hollow course surviving a final hole bogey to win at the fame shot up lay out for the third time McElroy who celebrated his thirty second birthday at the start of the week finished at ten under after a closing sixty eight to claim the Wells Fargo championship he finished just one ahead of a charging Abraham ancer the Mexican leaping into second place after a bogey free final round sixty six it was Michael Royce nineteenth win on the PGA tour snapped in eighteen month winless streak and secured his first ever three peat at a tour event on Graham like us

Rory Mcelroy Mcelroy Abraham Ancer Wells Fargo Michael Royce PGA Graham
The Mindset of the Unstoppable Leader With TJ Everheart

Accelerate Your Business Growth

02:28 min | 8 months ago

The Mindset of the Unstoppable Leader With TJ Everheart

"My guests day is tj ever hurt. Tj's as the owner of tj ever consulting inc an operations and performance management consulting firm. She has over twenty years of operations. Management experience gained from wells. Fargo t mobile an f. I. s. her consulting firm helps organizations identify the human factors preventing them from meeting their operational performance goals and then offer the necessary training to correct the issues. She's also the co owner of capture training solutions a workplace training and development company. Thanks so much for joining me today. Tj diane thank you so much for having me excited. Thank you so much but they can about me. I'll i am super excited to have you here. We are going to be talking about. Being an unstoppable leader. Which i think is such a great topic. Oh we're going to dive right in. I wanna know what are some of the key. Attributes of an unstoppable leader. You know there. There are several But i always start with being introspective and the leader has to. I understand recognized their strengths and their weaknesses. You now a lotta times. The leader has a great ability to identify those things and others. You know those things that are the most about other people would. They aren't doing what the team isn't doing. So whenever i am Coaching and developing leaders. I always start with the leader. So the leader themselves has to first be able to identify what they're good at and what they're not good at and then they have to be able to take accountability within themselves. To fix those things and let others they. The leader has to be able to be cultural also and they must know that you know as great as they are right. They some stuff that they're missing. Believe it has to be able to say you know. I am cultural. I recognize that In order for me to be the best in my team. I can't operate in my weaknesses and expect them to operate in their strengths.

Tj Ever Consulting Inc Tj Diane TJ Fargo
Fed tightens bank capital requirements

Marketplace Minute

00:44 sec | 9 months ago

Fed tightens bank capital requirements

"Change for banks. I'm nova safa with the marketplace minute. Since last april the federal reserve has allowed banks to keep a little less in reserves than they would otherwise have to the idea was to encourage lending and the purchases of government bonds at a time when the economy needed the boost now the federal reserve says the rule exemption it had implemented to allow for. This will end. Starting in april banks will be back to the old rules. Fed officials savings have plenty of capital. And they're not worried but analysts say there's a risk of disruptions in the bond market. The news sent bank stocks tumbling today. Shares of j. P. morgan chase bank of america wells fargo and citigroup where each down several percent. Meanwhile

FED Morgan Chase Bank Of America W Citigroup
Bank Stock Rally Shows Few Signs of Faltering

Bloomberg Daybreak

00:46 sec | 9 months ago

Bank Stock Rally Shows Few Signs of Faltering

"Other moving higher, Nathan and considering bond yields arising as well. That's not exactly a surprise. You know, it's all about the Federal Reserve's decision to uphold their near zero interest rate policy and to keep buying bonds at their latest meeting, which concluded yesterday. You know you got Bank of America Shares up about 2% in early trading city Group up 1.5% JP Morgan Chase up 2% and Wells Fargo higher by more than 1% alphabet. Though Dan one half percent, its main unit, Google will have to face a lawsuit that accuses the company of illegally collecting data from users of its chrome browser after they opted out. US judge denied Google's initial request to throw out the case. We just got that news just this

Jp Morgan Chase Nathan Federal Reserve Bank Of America Wells Fargo DAN Google United States
Tech Stocks Sink in Early Trading as Bond Yields Climb Again

Bloomberg Markets

02:16 min | 9 months ago

Tech Stocks Sink in Early Trading as Bond Yields Climb Again

"Let's get over to Dave Wilson. Right now. He is in the studio with a look at stocks. Dave We're not seeing a lot of movement on the index is, but what do you see under the hood? Well, I mean, you've kind of got big tack on one side and big banks on the other. That's how things are kind of lining up in early trading. So you look at what's lower in the S and P 500. You see technology Chris Apple Microsoft fitting in their communications services, Google's owner, alphabet as well as Facebook, and then that consumer discretionary category where you find Amazon dot com and Tesla's so you know, that's one side of the coin. The other side's what's going on with the banks. You know, we're seeing Bond yields move up and bank stocks kind of going along for the ride, and we should point out yesterday. KBW Bank Index, which tracks 24, the largest U. S. Lenders, broke a record that had stood since February. 2007. So it's like the banks are finally getting out from under the shadow of the financial crisis. If you look at their share prices, and by the way that KBW index is up 2% today, and we're seeing gains of on that magnitude from JP Morgan Bank of America, Citigroup, Wells Fargo and Maura's, So you know, it looks like You know, we kind of got, you know, the kind of classic on the one hand on the other going on in early trading. And what you get out of that, in terms of the broader market is not a whole lot of direction mean some weakness, But you know, the S and P 500 actually coming off its early lows at the moment. Have to have a guess. What we've seen today is another example of that trade We've seen recently. You know what bond prices trade off interest rates push higher, and that brings the NASDAQ down with it. We're seeing that again today. Oh, yeah. I mean, that's you know, sort of how things are lining up at the moment on them beyond that, though, I mean, you look at utilities in real estate, you talk about the areas most sensitive to higher rates. They're actually up a bit. In early trading. You look at their S and P index is higher by three tents for percent. So you know that's kind of uninterested contrast and you know, they kind of puts them in the metal, arguably between big tank and big banks and big tech

Chris Apple Dave Wilson Kbw Bank Index KBW Jp Morgan Bank Of America Tesla Dave Amazon Microsoft Maura Citigroup Facebook Wells Fargo Google
Advancing AI In Finance With Agus Sudjianto

AI Today Podcast: Artificial Intelligence Insights, Experts, and Opinion

03:16 min | 9 months ago

Advancing AI In Finance With Agus Sudjianto

"Yes and so. We're so excited to have with us here today. Goose sudrianto who's executive vice president head of corporate model risk at wellsfargo high goose. And thank you so much for joining us today. Hello hello rondo. hello kathy. We'd like to start by having you introduce yourself to our listeners. And tell them a little bit about your background and your current role at wells fargo. Thank you for the question to the background to be windy. we bindi and Different road that. I voted for I came from engineering background. So my My first slot proficiently alison engineer. I design Car engine for ford motor company. So i lied. Engine design team in at four vessels long time ago and i switched the banking after that so various different role in banking Both in the us and the uk. And now i'm with wells. Fargo the last seven plus years with wells fargo as the head of corporate model race What happened in banking is Because it's a highly regulated entity every bang need to have program to manage to manage the model so so we We use a lot of model though and making decision financial and non financial. So it that discipline of managing motorist is very important so every every bang has designated as chief model race. That's What i am doing today. So basically overseeing all the model that this in option prior do that. I was a doctor afa analytics for loyd's In uk and before our sweeping hamanaka s had wanted that so a little bit Wrote from engineering background work engineer. End up with repent. That's a really interesting back when you know starting with the engine design automotive but the funny thing is i could see the connection here. Because you're going from trying to build reliable systems that can function every day. You know whether you're in a car you don't want that to fail unreliable to reliable models that you have to depend on as a banking institution. Also you can't have things failing and unreliable way so you can connect those dots together and also you got it. S i very keen about model failure model not wrong understanding the failure modes how to have model. That really safe you know so. It's the same you know like and that's a real Basically product with with engine It's the best thing. It's a a more of this when you're dealing with model and software is Somehow you need imagination.

Fargo Goose Sudrianto Wellsfargo High Goose Hello Kathy Hamanaka Ford Motor Company Alison UK Wells Loyd United States
Your Daily Stock Market Briefing

Bloomberg Daybreak

00:42 sec | 9 months ago

Your Daily Stock Market Briefing

"Futures down, 49 point, says two B's drop 11 NASDAQ futures declined by 47 US. A 10 Year old at 1.44% Gold is up five and Shanghai felt 1.2% overnight. Well, European markets are in the green this morning. Backing US on the economic front of two o'clock. Feds Daily speaks to the Economic Club of New York after the bell last night soon, Video reported. Shares are up 9% pre market and regarding earnings this morning target beat estimates. In other news, Roco files herself to a billion dollars in stock and wrapping things up. 80 T was cut to underweight at Barclays Down, Hank raised overrated Wells Fargo. And zoom video raised overweight over at Piper Live from the first to pick a new status combo

Feds Daily Economic Club Of New York Shanghai United States Roco Barclays Down Hank Wells Fargo
"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

Stuff They Don't Want You To Know Audio

12:35 min | 1 year ago

"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

"You're getting this. You're getting that everybody on this call needs to look up to the to this particular group to this bank and do what they did and you know. Imagine feeling that. Yeah then those those people who were Meeting these increasingly difficult sales goals they were the minority for awhile and fairly often and the often had achieved these things through unethical or illegal means since where we are as you said No. That's February of two thousand twenty just a few months ago. What lessons learned from this retail bank conspiracy again not a theory? It's a conspiracy. Here's the thing. Part of that. Twenty twenty deal with that. Three billion dollar price tag includes a deferred prosecution agreement. An agreement a pact. That could the positive way to say it is that the bank could get further criminal or civil charges if it engages in new criminal activity so basically pay. Us three billion dollars no criminal charges. But you're in trouble because you got caught and you'll be in trouble if you get caught again okay. So trouble is somewhere in this equation. My Guy smarten up. We've got our eye on you Yeah it's true. It's wow. I can't believe that they're still around. Because I guess you know they're one of those too big to fail organizations right so it's like just. I don't know how you get away with this and how people didn't do as you said Ben and just pull all their money out you know and even though this is ongoing it feels even to me kind of like a distant memory Just feel like the attention span for stuff like this for consumers is often pretty short and if it doesn't actually affect me personally and why should I do anything about it? Why should I go to that inconvenience of pulling on my money out and starting over you know? Even though it's not that big a deal to start any bank account but it's slightly inconvenient in them right and you're there are. I don't know about you guys but I will go to extraordinarily lengths to avoid any slight inconvenience. I like a lot of people out. There would like to play life on easy mode. It barely ever happens but It's it's a nice thought You're right there was a run on the bank But it wasn't necessarily mean there was a lot of terrible. Pr Fall out from this. And they went into overdrive on the Bernez front but a lot of investors reacted because remember. They're they're kind of like customers at Bank but more important there the better customers so the bank also wells Fargo set up A five hundred million dollar fund to compensate the investors who took a hit What do investors say bath when wells? Fargo didn't tell them that the banking business they had was not as strong as all his fake accounts made it seem but Asterik that five hundred million dollars is included in that. Three billion dollars settlement total. So it's not like they pay three billion dollars and five hundred million again and this leads us to the conclusion as to to your point to your point mill obviously wells. Fargo is still around. It survived the great recession. It assures the public for its part and investors that This will not happen again. This was you know somewhere between a grave miscommunication in the in the command or a few bad actors but the Bank itself and this is true. The Bank itself never condone this activity. It is true they just. They forced it to happen without realizing it. Let's say but here's the deal not as though wells Fargo is acting alone. We've all talked about before the Wachovia dealings and the problems that they had before they were absorbed by Oregon bought out and absorbed by wells. Fargo the problems with other major banking institutions including very similarly a little regional bank from Ohio called fifth. Third may have heard of this. You may have seen one of their branches. They've got them all. Over the nation there are thousands of them and they have roughly one hundred and fifty billion dollars in assets. And guess what they're accused of the same thing pretty much the same thing. Yeah I didn't know anything about that when I actually had my mortgage through fifth third's back when I owned a house In Athens years ago that's fascinating. That's that's news to me. Yep they've been accused of as you said at the same thing right now. The litigation is ongoing so we can come back to this story with an update on how it all shakes out and at this point fellow conspiracy realists we pass the torch to you because there is a dilemma here. It's a big problem and something we're thinking about and it's something that maybe doesn't have a satisfactory answer yet. Retail banks are. It's an understatement. To see their a huge part of the economy it's an understatement to say the are retrievable embedded our financial lives. I mean we've had people right in before Talking about you know from a cashless society episode. Just how difficult it is to live without some kind of bank account. You know what I mean and still be in the real world system. So is a multibillion dollar fine punishment enough are the banks like you said Dole? Are they truly too big to fail? Even when they're caught red handed cheating. And you know to that point. I think you had been making earlier to Matt. What what would the appropriate punishment be? This is not appropriate. I'll tell you yes then. You remember you guys remember an episode. We made a quite a while back where we interviewed. Robert Mazer trader. The infiltrator the guy who helped bring down in international bank because they were caught money laundering for cartels. So I think I think there is a world in which banks can be brought down. I don't think this is GonNa be it right for reasons. But I guess we have ourselves experienced in You know just see our interview and connect connection with Roberts that it is possible for. A BANK. Caught red handed to be brought down. I require such burden of proof the way he traced the money and follow the money and was like literally. You know. Running secret ops within the bank you know I mean it was like it recant. It takes a lot a lot a lot a lot. It would seem and it requires absolute proof of knowing wrongdoing. Because the thing here is again. You really easily argue. Well yeah the no law against having aggressive sales goals you know Yeah I mean these are these are great points I love you're bringing up I love you're bringing up that earlier case spent because I you know I was thinking. We're talking about doing this episode. I was thinking what's well what's going to happen. People listen to this and they they hear a wells. Fargo at our our show. I'll you know this is not nine of what we have Examined today is speculation right. I think we're very clear when we're say well. This is our opinion. You know one or all three of us. All four of us One of our opinions But these are simply the facts. This is crazy this did happen and really. It is a matter of your own personal judgment. What do you think the punishment should have been Do you think this was too much? Do you think wasn't enough? What do you think will happen in the future? We want to hear from you. You're the most important part of this show. That remains true today as did from our first youtube video so let us know you can find us on facebook. You can find us on instagram. You can find on twitter not just as a show or an institution Darisi but as individuals. That's right if you wish to follow my core time activities you can do so on instagram. Where I'm at how now Brown I've been posting a lot of Dutch oven. Cooking Videos Which Mary interest you? I made my very first lamb rogan Josh last night with a big old lamb shoulder that I slow cooked on the bone in this delicious Indian gravy for about five hours I show like the progression of it becoming delicious and falling off the bone. It was a very successful experiment really excited that Dutch oven. That's making me very very hungry. Oh my goodness dinner. I think this is this the part. Where is this episode where he talked about your instagram? Or is this episode. Where where you keep. Keep the audience in the dark as dark as you're awesome recording spot again. Oh Yeah you can. You can follow me. There are some great updated pictures of my new haircut just search for Richard Blaze on instagram. You'll find me you'll see it down here you cut your on here matters Do you let your your lovely wife do it. Too Young Son. I haven't touched by here with shears or any other cutting implement since this whole thing began mainly just tearing it out and and madness was that it's all mind you'll mind starting to fall out in clumps you know. I decided. I think I'm going to emerge from this with a with a receding hairline. I actually actually getting Old Testament now with not shaving. The beard cutting my hair. But what? I've been trying to do to have some regularity during the day is to Is to put on clothes when I talked to you guys and turn on lights so not just voice glowing eyes in the dark But if you want to check out my beard on instagram. You're more than welcome to follow me at Ben Bullying on Instagram at Bimbo and H W on twitter wherein I investigate any number of strange unusual things and keep you updated on the useless skills. Am Honing during quarantine. I don't know if I mentioned it to you guys on air but now I can name all one hundred eighteen elements on the periodic table and it does not matter. Let me just assure you no one else bother doing that. It does not affect your life in any way whatsoever. I think it enriches Your Life Ben and I'm I say Kudos to you for that ink. You thank you if there was an element called thank you on which I know. There's no you know what I did you guys. This is my biggest claim to fame during this time. I'M NOT GONNA say which ones but it definitely did. A whole day of recordings. Zoom calls wearing no pants just out there. We the second nine pants today pants like. I say if it was this show or not I do other shows but I definitely had some pretty high level Executive Producer type zoom calls wearing no pants and no one was the wiser fulfil gave me the upper hand. Honestly you gotta stay CD. I mean unless you WANNA put one of those show. Why I'm wearing pants verify but so So so what if someone has something to tell us? What if what if you are listening? You have something to share with your fellow audience members.

Bank Fargo wells Fargo Twenty twenty Wachovia Ben twitter Athens Bernez Executive Producer Richard Blaze Ohio youtube Robert Mazer Asterik Matt facebook
"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

Stuff They Don't Want You To Know Audio

06:48 min | 1 year ago

"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

"Like that. 'cause she can. You can get special perks. Guys Right? And now we're family once they have all my info. Just give me a card and punch a hole in it when I buy a thing and then give me a free thing when I punched enough holes in it. You know I'm old school like that. I'm finally. Yeah, so imagine that you are again. We keep trying to put ourselves in the position of the lower level. Employees at an institution like this when you. Like maybe you have experienced a maybe a quarterly meeting, a meeting with your company where everybody gets together, and they talk about the state of the company, and what's going on and everything you know is going up or down, or for this reason for that other reason, things are going great or terribly and imagine you're in one of those meetings, and you know that you your your bank. Your local chain of the bank and your manager, you guys didn't meet up to the standards, but you guys did everything right and you tried as hard as you could, and you made some pretty good numbers, but they're not quite what they were looking for. They're not really even close actually, but again. You did a great job then over this meeting in this caller. However it goes some other branch you know. Let's say dozens of miles away. For some reason they exceeded this gold. It was way out of reach and on this. Call Your boss's boss's boss. On, this call says man. You guys just just killed it. He did a great job. You guys are just Rockin. These numbers mad. We're so proud of y'all. You're getting bonuses. You're getting this. You're getting that. Everybody on this call needs to look up to the to this particular group to this bank and do what they did. And you know, imagine feeling that. Yeah! Then those those people who were meeting these increasingly sales goals. They were the minority. For Awhile and fairly often, and the often had achieved these things through unethical or illegal means since where we are you as you said no, that's February of two thousand twenty just a few months ago. What lessons! Learned from this retail bank conspiracy again, not a theory. It's a conspiracy. Here's the thing part of that twenty twenty deal with that three billion dollar price tag includes a deferred prosecution agreement. An agreement, a pact that could. The, positive way to say it is that the bank could get further criminal or civil charges if it engages in new criminal activity so basically. Pay US three billion dollars, no criminal charges, but you're in trouble because you got caught and you'll be in trouble if you get caught again. Okay, so trouble is somewhere in this equation. My Guy smarten up. We've got our eye on You yeah, it's true. It's wow. I Can't, believe that. They're still around because I guess you know they're one of those too big to fail organizations right, so it's like I, I don't know how you get away with this. And how people didn't do as you said Ben and just pull all their money out. You know and. Even though this is ongoing, it feels even to me kind of like a distant memory. just feel like the attention span for stuff like this for consumers is often pretty short, and if it doesn't actually affect me personally, and why should I do anything about it? Why should I? Go to that inconvenience of pulling on my money out and starting over you know even though it's not that big a deal to start any bank account, but it's slightly inconvenient in them. Right and you're there are. I don't know about you guys, but I will go to extraordinarily lengths to avoid any slight inconvenience. I like a there. was like to play life on easy mode. It barely ever happens, but it's. It's a nice thought You're right. There was a run on the bank but it wasn't necessarily mean there was a lot of. Terrible, PR fall out from this and they went into overdrive on the Bernez Front, but a lot of investors. Reacted because remember they're. They're kind of like customers at bank, but more important. There the better customers, so the bank also wells. Fargo set up a five hundred million dollar fund to compensate the investors who took a hit What do investors say? who took a bath when Wells Fargo didn't tell them. That the banking business they had was not as strong as all his fake accounts made it seem but Asterik that five hundred million dollars is included in that three billion dollars settlement total, so it's not like they pay three billion dollars and five hundred million again. And this leads us to the conclusion as To to your point. To your point mill obviously wells Fargo is still around. It survived the great recession. It assures the public for its part and investors that this will not happen again. This was you know somewhere between a grave miscommunication in the in the command. Or a few bad actors, but the Bank itself, and this is true. The Bank itself never condone this activity. It is true. They just. They forced it to happen. Without realizing it, let's say. But? Here's the deal. Not as though Wells Fargo is acting alone. We've all talked about before the Wachovia dealings and the problems that they had before they were absorbed by Oregon bought out and absorbed by wells, Fargo, the problems with other major banking institutions, including very similarly a little regional bank from Ohio called fifth third. May Have heard of this. You may have seen one of their branches. They've got them all over the nation. There are thousands of them and. They have roughly one hundred and fifty billion dollars in assets and guess what. They're accused of the same thing pretty much the same thing. Yeah I didn't know anything about that when I actually had my mortgage through fifth third's back when I owned a house in Athens years ago. That's fascinating. That's that's news to me Yep. They've been accused of as you said at the same thing right now..

Bank Wells Fargo Fargo US Athens Wachovia Asterik Ben twenty twenty Ohio Oregon
"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

Stuff They Don't Want You To Know Audio

13:54 min | 1 year ago

"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

"We're back talking more about banking because it's It's not as boring. Might seem you guys. There's some pretty shady stuff going on At wellsfargo Their own analysis by the dead between twenty seven two thousand fifteen found the its employees that opened more than one point. Five million deposit accounts and more than five hundred sixty five thousand credit card accounts may or may not have actually been real. But we can't forget and this is always the point that I when I thought back on this story. These weren't like made up identities. These were like duplicate accounts of real people with. How do they think they're going to get away with this for very long? It just seems like such a desperate move which clearly it was if feels like one of those things that you get away with until you can't and you use sustain what you've got and what how everything is going until it all falls apart. It's building that house of cards situation where you know at some point. The bill comes due. But it's not GonNa be today or tomorrow probably it's like the boiler room you remember that film. Yeah I think I just like the boiler room so I mentioned that but But you're right so some customers. Obviously we're GONNA find out about this because some of those accounts opened in their names had fees so they would get there would be asked to pay these fees on accounts that as far as they knew did not exist. Some customers even had collections agencies. Calling them due to these unpaid fees because again they didn't know that the accounts existed they weren't getting notified of the fees even the first time they would find out about one of these fraudulent accounts is when they were getting shaken down by a collections agency. So just imagine what that does to your credit as well. This has lasting financial consequence for people totally and I mean. I think that you know I'm just guessing here that Wells Fargo Employees were banking on the fact that you know a lot of these fees are a little nickel and dime fees here and there that you might not even notice yeah. I certainly don't Scan Through my bank ledger and try to pick you know. Pick out every single little fee or whatever I mean you know. I definitely glance at it from time to time. But I don't go through with a fine tooth comb and it's such a negligible amount. It's not like you take a big hit to your bank account and all of a sudden think something's up right you know what I'm GonNa do immediately following this episode. Go through that bank account to a lot of people While you're there go ahead and check just in general fellow listeners. Go ahead and check your cell phone bill. See what kind of service charges have just popped up over time and definitely. I'll say it might get in trouble for this but definitely keep an eye on comcast they you know they're voted again number one most company in the US. That's not my opinion. That's a fact. Yeah just whoever? Your is P is really doesn't matter. Just check in check as bills. Keep an eye on them because those plans change right and they're meant to change in ways that you might not be aware of unless you are paying mindful attention so this gaming as they called it. This unethical behavior was so ubiquitous. That even created related kind of term slaying terms internally. There's one called penning and that meant a signing customers pin numbers without their knowledge. That's incredibly disturbing. Because as you know a pin number is supposed to be your is. It's like it's sacrosanct. It's the it's similar to a banks version of your social security number. No one else's supposed to know it but if someone makes a pin number that you do not know that means they can impersonate you on a wells. Fargo computer and then boom boom boom. They can enroll you in all all sorts of quote UNQUOTE PRODUCTS. Without your knowledge. So boom now gotta insurance boom Nanna Carlo. Brunei had a credit card and this was nuts. Because the most mystifying thing about this still is not even how widespread it is to me. It's how blatant was The L. E. Cities Attorney Office found that there are one hundred ninety. Three thousand non employees accounts opened between twenty eleven in two thousand fifteen and get this. The only email name listed for them was Wellsfargo Dot Com just at WELLSFARGO DOT com. Wow Wow it's like not even not even try you know even even doing like level one Improv. I bet he could make. I thought we could make like right now. We could make as many fake names as we wanted Tad Dorgan. That's not a real name. Still better than WELLSFARGO DOT COM. Or you get even if you just put like. C. U. S. T. as in customer and then put a of like you know numbers and letters or something. It's that easy. Jeez I'm and I guess you had to make so many so quickly. Yeah what they did go. Into that point of desperation you know and on September Eighth 2016 Sixteen Wells Fargo did settle with some authorities. They paid one hundred and eighty five million dollars to three institutions the Consumer Financial Protection Bureau the Office of the comptroller of the currency which is a thing and the city and county of Los Angeles. They wanted to settle the charges of massive fraud. As part of this agreement they were able to avoid admitting that they had done anything wrong. Now that sounds familiar and that sounds. Pretty Dang familiar. Tipton be fair. They absolutely had plausible deniability. The only thing they were guilty. I was having high standards. We go there we go. Yeah as you can tell in a universe to the left of this. The four of us are lawyers. Str- I think we'd be good in a courtroom so it's weird because they all they did. They did do one other thing. Aside from one hundred and eighty five million dollars they fired. They fired it around a thousand employees. Maybe a little more and these were mostly juniors. They were fire for gaming if you think about it. These were sacrificial goats. Just sort of meant to be a pitchy. Asian they were they were meant to appease the gods of regulation. We know what you're all thinking what everybody's thinking. Hey one hundred. Eighty five million dollars is Is a big deal to me. But isn't that chump change for such a huge bank? The answer is yes. It is about three percent right. Three percent of second quarter profits of that year so there are four quarters. One of those quarters had to shave off three percent in order for them to be okay. That's crazy it's also way less than Some executives have made over the past. Five years. GENTLEMAN. I propose that we join our forces and start a bank. What do you say? Get Out of the odd casting rat race and START OURSELVES UP BANK. Shirley busy now. You won't do it won't do it. Might soul shall not allow boys. That's fair I I respect that So yeah but started a bank. Yeah well yeah the Ben Bank. Ben Bay deals exhaustively inbox and encumbered by Seoul's yeah also true But you know so you then you understand Ben as as the The head of the the Ben Bank. This is all just the cost of doing business. My Guy Right Yeah Yeah I WANNA say case. This plays in court later. Technically I am not on the Executive Board. I am a consultant so nice. Try for the record. That was me. Lapsing into my douchebag executive voice when I said my guy there I had to walk that back. I like people say my guy. Yeah it has to be tongue in cheek but yeah man seriously. I mean this is was a slap on the wrist is even putting it Strongly you know right. Yeah that's a great point. I mean like a thump on the era you know yeah yeah a finger wag and a strong sentence using your full name. That's that that's the issue with it. Because I mean this literally is a a cost of doing business. They didn't admit wrongdoing. They had plausible deniability in short vis bank. Thought they got away with it until that is employees like Ham Beck started coming forward and there's a there was a list of employees who complained internally because like any large institution there are channels through which you're supposed to send your complaints the list of employees who were squeezed out by this and complaint It stretches back over ten years. People knew what was up. You know like again. We're it might sound like we are vilifying wells Fargo but we're talking about the crimes of an institution really. We're not talking about any of the employees in the banking industry. We're not talking about any the employees in wells. Fargo specifically write these. These people are not the ones who said make these impossible sales quotas. Yeah so as of this year Twenty twenty Wells Fargo has agreed to three billion in settlements For criminal charges a civil action. That's stemming from its widespread mistreatment of its customers in its community bank over a fourteen year period Court papers show. That prosecutors described the insane environment. That ben I mean honest I was responding to you. I said at the top of the show. You know. We're checking in explain to me why you didn't make it. You know justify your every single. I mean sure. Accountability is one thing. But this was very much like You described it Ben in your notes as a pressure cooker environment that was kind of created just absolutely toxic work environment right so to very low level employees. Yeah absolutely this is this is I I. I don't know we've got a lot of people in the audience who worked in sales jobs or something with commission. I don't know if you guys have ever done that. I have not but if feels like a very demanding situation to be put in even when there's absolutely no unethical behavior Most commission sales do not require unethical behavior. But like think about the pressure the next time. You'RE IN BR mortar store. Think about the pressure an employee's under when they ask you this series of questions at a purchase. Like have you ever bought something and you're just by one thing you need like maybe a cable somewhere or you're buying pants or whatever you want to buy and then the cashier starts asking you a series of questions like what your phone number. WanNa sign up for our credit card when a sign up for rewards card and so on your show I always say I'm good like when asked for my phone number or email. No I don't ever want anyone to have because there's no reason for they act like it's Oh so we can better serve you next time or have you my database and know what you like. I don't know why anyone would ever give out their information At a US brick and mortar store like that. 'cause she can you can get special perks guys right. And now we're family. Once they have all my info look just give me a card and punch a hole in it when I buy a thing and then give me a free thing when I punched enough holes in it. You know I'm old school like that. I'm finally yeah so imagine that you are again. We keep trying to put ourselves in the position of the lower level employees at an institution. Like this when you like maybe you have experienced a maybe a quarterly meeting a meeting with your company where everybody gets together and they talk about the state of the company. And what's going on and everything you know is going up or down or for this reason for that other reason things are going great or terribly and Imagine. You're in one of those meetings and you know that you your your bank your local chain of the bank and your manager. You guys didn't meet up to the standards but you guys did everything right and you tried as hard as you could and you made some pretty good numbers. But they're not quite what they were looking for. They're not really even close. Actually but again you did a great job then over this meeting in this caller however it goes some other branch You know let's say dozens of miles away. For some reason. They exceeded this goal. It was way out of reach and on this call your boss's boss's boss on this call says man you guys just just killed it. He did a great job. You guys are just Rockin. These numbers mad. We're so proud of Y'all you're getting bonuses..

Wellsfargo Dot Com Wells Fargo Employees Ben Bank US Wells Fargo Twenty twenty Wells Fargo wells Fargo Tad Dorgan comcast Brunei Fargo Nanna Carlo fraud L. E. Cities Attorney Office Los Angeles Ben Bay Tipton C. U. S. T.
"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

Stuff They Don't Want You To Know Audio

07:00 min | 1 year ago

"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

"U. S., T. as in customer and then put a. Of, like you know numbers and letters or something. It's that easy Jeez? I'm and I guess you had to make so many so quickly. Yeah what they did. Go into that point of desperation, you know and on September eighth 2016. Wells Fargo did. Settle with some authorities. They paid one hundred and eighty five million dollars to three institutions the consumer financial protection bureau. Of the comptroller of the currency, which is a thing and the city and county of Los Angeles. They wanted to settle the charges of massive fraud. As part of this agreement. They were able to Avoid admitting that they had done anything wrong now. That sounds familiar. And that sounds Pretty Dang familiar. Tipton be fair. They absolutely had plausible deniability. The only thing they were guilty, I was having high standards. We go there. We go, yeah, as you can tell in a universe to the left of this. The four of us are lawyers. Str- I think we'd be good in a courtroom, so it's weird because. They, all they did, they did do one other thing aside from one hundred and eighty five million dollars. They fired. They fired it around a thousand employees. Maybe a little more, and these were mostly juniors. They were fire for gaming. If you think about it, these were sacrificial goats, just sort of. Meant to be a perpetuation they were they were meant to appease the gods of regulation. We know what you're all thinking. What everybody's thinking? Hey! One hundred eighty five million dollars is is a big deal to me, but isn't that chump change for such a huge bank? The answer is yes. It is about three percent right three percent. Of, second quarter profits of that year, so there are four quarters one of those quarters. Shave off percents in order for them to be okay. That's crazy. It's also. Way less than some executives have made over the past five years. gentleman I propose that we. Join our forces and start a bank. What do you say? Get. Out of the odd casting rat race and start ourselves up. Bank. Shirley! Now you won't do it won't do it. Might soul shall not allow boys. That's fair I i. respect that so yeah, but. That started a bank. Yeah well yeah. The Ben Bank Ben Bay deals exhaustively inbox encumbered by Seoul's yeah. Also true but you know so you then you understand Ben as as the the head of the the Ben Bank. This is all just the cost of doing business. My Guy Right Yeah, yeah, I WANNA say. Case, this plays in court later. Technically I am not on the Executive Board. I am a consultant so nice try. For the record that was me lapsing into my douchebag executive voice when I said my guy there i. Had to walk that back. I, like people say my Guy Yeah! It has to be tongue slightly in cheek, but yeah man. Seriously I mean this is was a slap on. The wrist is even putting it strongly. You know right. Yeah, that's a great point. I mean like a thump on the era. You know yeah, yeah, a finger wag! And a strong sentence using your full name. That's that that's the issue with it because. I mean this literally is a a cost of doing business. They didn't admit wrongdoing. They had plausible deniability in short vis bank. Thought, they got away with it. Until that is employees like Ham, Beck started coming forward, and there's a there was a list of employees who complained internally because like any large institution, there are channels through which you're supposed to send your complaints. The list of employees who were squeezed out by this and complaint it stretches back over ten years. People knew what was up. You know like again, we're it. It might sound like we are vilifying wells. Fargo but we're talking about the crimes of an institution. Really we're not talking about any of the employees in the banking industry. We're not talking about any the employees in Wells Fargo specifically write these these people are not the ones who said make these impossible sales quotas. Yeah, so as of this year, twenty twenty Wells Fargo has agreed to three billion. In settlements for criminal charges a civil action that's stemming from its widespread mistreatment of its customers. In its community bank over a fourteen year period, court papers show that prosecutors described the insane environment that Ben I. Mean Honest I was responding to you I said at the top of the show. You know we're checking in. Explain to me why you didn't make it. You know justify your. Every single I mean sure accountability is one thing, but this was very much like You described it Ben in your notes as a pressure cooker environment that was kind of created just absolutely toxic work environment right to very low level employees. Yeah, absolutely, this is. This is I I. I don't know we've got a lot of people in the audience who've worked in sales, jobs or something with commission. I! Don't know if you guys have ever done that. I have not but. If feels like a very demanding situation to be put in. Even when there's absolutely no unethical behavior most commission sales do not require unethical behavior, but like think about the pressure the next time you're in Br mortar store, think about the pressure. An employee's under when they ask you this series of questions at a purchase like. Have you ever bought something and? Buy One thing. You need like maybe a cable somewhere or You're buying pants or Whatever you want to buy, and then the cashier starts asking you a series of questions like what your phone number WanNa. Sign up for our credit card when a sign up for rewards card and so on. Your show. I always say I'm good like when asked for my phone, number or email. No I don't ever want anyone to have because there's no reason for they act like it's Oh, so we can better serve you next time or have you my database and know what you like I. Don't know why anyone would ever give out their information. at a US.

Ben Bank Ben Bay Wells Fargo Ben Bank twenty twenty Wells Fargo Ben Ben I. comptroller of the currency fraud Los Angeles Fargo WanNa U. S. US Br mortar Tipton Executive Board Seoul Shirley
"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

Stuff They Don't Want You To Know Audio

04:32 min | 1 year ago

"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

"We're back talking more about banking. Because, it's It's not as boring might seem you guys. There's some pretty shady stuff going on at Wellsfargo. their own analysis by the dead between twenty, seven, two, thousand, fifteen found the its employees that opened more than one point, five million deposit accounts and more than five hundred sixty five thousand credit card accounts. May Or may not have actually been real. But. We can't forget and this is always the point that when I thought back on this story. These weren't like made up identities. These were like duplicate accounts of real people with. How do they think they're going to get away with this for very long? It just seems like such a desperate move, which clearly it was. If feels like one of those things that you get away with until you can't, and you use sustain what you've got, and what how everything is going until it all falls apart. It's building that house of cards situation where you know at some point, the bill comes due, but it's not GonNa be today or tomorrow. Probably it's like the boiler room. You remember that film. Yeah I think. I just like the boiler room, so I mentioned that but but you're right so some customers. Obviously, we're GONNA. Find out about this. Because some of those accounts opened in their names had fees, so they would get. There would be asked to pay these fees on accounts that as far as they knew did not exist. Some customers even had collections agencies calling them due to these unpaid fees because again. They didn't know that the accounts existed. They weren't getting notified of the fees. Even the first time they would find out about one of these fraudulent accounts is when they were getting shaken down by a collections agency. So just imagine what that does to your credit as well. This has lasting financial consequence for people totally and I mean I think that you know. I'm just guessing here that wells. Wells Fargo, employees were banking on the fact that you know a lot of these fees are a little nickel and dime fees here and there that you might not even notice yeah, I, certainly don't Scan Through my bank ledger, and try to pick you know. Pick out every single little fee or whatever I mean you know I definitely glance at it from time to time, but I don't go through with a fine tooth comb, and it's such a negligible amount. It's not like you take a big hit to your bank account, and all of a sudden think, something's up. You know what I'm. GonNa. Do immediately following this episode. Go through that bank account. To. A lot of people while you're there. Go ahead and check. Just in general fellow listeners go ahead and check your cell phone bill. See what kind of service charges have just popped up over time and definitely I'll say it might get in trouble for this, but definitely keep an eye on comcast. They you know they're. Voted again number one most company in the US. That's not my opinion. That's a fact. Yeah. Just whoever your is is really doesn't matter. Just check in check as bills. Keep an eye on them. Because those plans change right and they're meant to change in ways that you might not be aware of unless you are paying mindful attention so. This gaming as they called it, this unethical behavior was so ubiquitous that even created related kind of term slaying terms internally. There's one called penning, and that meant a signing. Customers pin numbers without their knowledge. That's incredibly disturbing. Because as you know, a pin number is supposed to be your is. It's like it's sacrosanct. It's the it's similar to a banks version of your. Your social security number, no one else's supposed to know it, but if someone makes a pin number that you do not know, that means, they can impersonate you on a wells, Fargo computer and then boom boom boom. They can enroll you in all all sorts of quote, unquote products without your knowledge so boom now auto insurance boom Nanna Carlo. Brunei had a credit card. And this was nuts. Because the most mystifying thing about this still is not even how widespread it is. To me, it's how blatant was The L. E..

Nanna Carlo Wells Fargo Brunei Wellsfargo. comcast US
"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

Stuff They Don't Want You To Know Audio

04:13 min | 1 year ago

"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

"A product in just from personal experience, there are so many different kinds of products that these retail banks offer customers that seem extremely similar, but there's like seven different kinds of checking account. There's like six different kinds of savings accounts, and all this other stuff, and it's also that you can offer exactly what the customer needs. The yeah the customer. Not The client. Convenience. It's definitely not you guys. It reminds me of when I got my car loan a handful of years ago and like they made me. You know this this offer of this interest rate and it was like higher than I thought I should be offered because I. Really Good Credit and I was GONNA walk away. They said Oh. Wait a minute now. We didn't know if told us you wanted to low that we would have been like. Like, what like just offer me the rate that I am do based on my score. Like? Why are you trying to nickel and dime me? It's the same thing and this was through a small community bank, but it was all like you know. At the hands of these kind of sleazy cardio has not malign all car dealers there I'm sure many of you are great most of even, but this one in particular. I felt very. kind of bent over a barrel a little bit. I got him down to where I wanted to be, but I felt Kinda Achey. The whole thing made me feel like I didn't want to do business with them anymore. Yeah Yeah. It's good to the anecdote I. Always think of is like imagine you walk into a fast food restaurant and you you order I don't know a cheeseburger and they're like all right. Do you want poop on your cheeseburger? Don't why? Why is that part of the conversation that now I don't even want the Burger Gee we'll look. We gotta get rid of all this poop somehow, and if you'll accept it on your Burger, then you know we're getting rid of it in that way and you're getting what you want. We'll give you a loyalty card. How about an Amazon Gift Card? So so that's I mean it's True No. Matter I had to. I had to interject a little like I think it could be advertised convenience this plethora of options using correctly. Yes, it is yeah, but I think what it's I think what is really meant to do is to make things inconvenient to make it more difficult to find the right deal the options are. Arcane by design you know. Just like a life insurance or just like a A, Lotta, medical insurance or health insurance plans function that way. That's just a that's just a byproduct of private industry trying to maximize profit, because a lot of people won't do the Research Wells Fargo. was really really good at this. They were considered for some time and not insignificant amount of time the best seller in the retail banking game, but there was one problem. I know just one Maybe you know why there's a problem. Yes, why because imagine if you're the best seller at something? Now imagine your numbers are on a really nice trajectory upwards. Now in order for you to maintain profitability and to increase year over year. Increase. You have to continue your track rate as the bestseller right, and then over achieve not to mention. You want to get that set of steak knives. and coffee's for closers, so you WANNA get coffee. You don't WanNa get cut off. You need that stuff to sell. Right, it's the unsustainable unsustainable growth model, exponential growth model of capitalism year-over-year, and it applies to a lot of industries, so I I mean. That's what I was GONNA say. I said there was one problem, but really there were millions of problems you see Wells Fargo and other banks were getting out of new accounts. Getting a lot of new customers cross selling, but these accounts it turns out. Were made up out of thin air. What are we talking about? We'll tell you afterward from our sponsor. Here's where it gets.

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"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

Stuff They Don't Want You To Know Audio

10:30 min | 1 year ago

"wells fargo" Discussed on Stuff They Don't Want You To Know Audio

"Because you see the banks won't have it. They just won't have it. I mean it's essentially a I mean look not to be reductionist about it but it reminds me of a Ponzi scheme. The whole thing is like a paying Peter to Robbing Peter to pay Paul scenario although it's all under the guise of being legitimate. I mean if you go back and say I want my money. Shouldn't you be able to get your money? But if everyone does it at the same time then it's not gonNa work out and yet we trust in this system because it's somehow backed by some kind of promised by the government or the FDIC or what have you. Yeah and that's what's happening in Russia right now as we record this which are just just for peek behind the curtain right at the very end of April. Twenty Twenty. So this can happen again. Countries around the world has happened in the US as well so you might be asking yourself rightly okay guys if this is all true and we assure you it is then why am I as an individual checking account holder. Important at all right if I don't have alone if I don't have a mortgage why why do I matter well? There are two reasons first as we establish earlier. Banks are using your money specifically your money. Sometimes even if you're not working with the bank which is weird but true and second and this is just basic sales psychology. Wants people choose a bank? The tend to stick with that bank. So if you're the average person with a checking account at one bank you are far far more likely to have a credit card account with them. A savings account were alone with them as well and these accounts all have differing terms and depending on a ton of mitigating factors. One person may have a much better deal than another right. Some people have credit cards with. Maybe what like nine percent interest and other people have credit cards with like twenty five point? Nine nine percents. There's a lot and play and we should add a customer with a line of Credit and align of savings from the bank's perspective. You are far more profitable than an ordinary Jenny or Jack who just has a checking account. Yeah it's true and it's also people often are a little bit lazy and they might not shop around for a better rate or you know they might get that zero interest you know introductory deal and then forget to pay it off when the rate gets jacked up to like twenty percents or some ungodly amount. And Honestly I. I'm not to that degree but I'm one of those in terms of laziness. I have had a bank account That has changed hands like three times throughout the course of my my financial life and I'm just kind of stuck with whatever being You know just because it's a pain in the butt to like. Close your account and start over and Redo all your cards and all that stuff and I think the banks are kind of. They're sort of capitalizing on that. Right people being stuck in a routine and being a one stop shop and it just being easier to stick with what they know than to go maybe shop for a better deal. I yes and you know I'm an actually a pretty similar situational and the last time I had to go into the bank. I noticed something and it was that the person I was speaking with it wasn't just a teller it. Was You know a banker if you if anyone has ever experienced? Go in the office on I. Guess Yeah exactly and what I was attempting to do was open a new account with them. Because I've been an account holder for a while and a wanted to open a new specialized checking account and what happened was rather than just having that conversation opening that account having that one transaction they were attempting to get me to open a credit card with them. They're attempting to get me to change over a mortgage to them and do all these other things and insurance. Yes and it's something that I'm assuming is pretty common throughout the banking world selling the The concept is so common that there is a name for it in the industry. It's called cross selling. It started out as an internal term but now for reasons that will become abundantly clear in a few minutes. I it is a term that is in the public sphere success for okay so wells Fargo for Wachovia or you know five thirds bank or whatever any bank that you used any bank that you walk into and have a checking account with and so on those are what's called retail banks and for longtime success at retail banks was measured by how successful the bankers or the even the people on the phone were at cross selling and that's encouraging a customer member. Ginny or Jack with one checking account to open up multiple other accounts to be fair. This also happens if you have like a credit card with Bank of America or something like hey make a savings account with us right ever thought of buying a boat etc. This idea is an invention credited to a single man. His name is Richard Kovacic. He's a he was a wells Fargo. Ceo is a guy. Reputedly came up with the idea of cross selling during his time as a CEO at North West Corporation. And we've got a thing from an interview. He had in nineteen ninety eight I think what Vanity Fair maybe where he summarizes his idea and it sounds normal now but when he said it. It was pretty innovative. Yeah he really kind of changed the Ling. The Lingo of banking He started referring to branch employees or the idea of tellers. Call them salespeople and consumers refer to them as customers rather than clients and another one that I've heard that I I have no doubt Sprang from. The same kind of shift was all of the various products that the bank can sell. You know like These credit cards are products. All of these up cells are these cross sells. You're talking about are referred to as products which I find very strange. It's such a non tangible thing. Like insurance being a product in just from personal experience there are so many different kinds of products that these retail banks offer customers. That seem extremely similar. But there's like seven different kinds of checking account. There's like six different kinds of savings accounts and all this other stuff and it's also that you can offer exactly what the customer needs the. Yeah the customer not the client. I don't think it was for convenience. It's definitely not you guys. It reminds me of when I got my car. Loan a handful of years ago and like they made me. You know this this offer of this interest rate and it was like higher than I thought I should be offered because I really good credit and I was GONNA walk away. They said Ho Ho adamant and now. We didn't know if told us you wanted low that we would have been like what like just offer me the rate that I am do based on my score like why are you trying to nickel and dime me. It's the same thing and this was through a small Community Bank. But it was all like you know at the hands of these kind of sleazy cardio has not malign all car dealers there. I'm sure many of you are great. Most of even but this one in particular I felt very kind of bent over a barrel a little bit. I got him down to where I wanted to be but I felt Kinda Achey. The whole thing made me feel like I didn't want to do business with them anymore. Yeah Yeah it's good to the anecdote I think of is like imagine you walk into a fast food restaurant and you you order? I don't know a cheeseburger. And they're like all right. Do you want poop on your cheeseburger. Don't why why is that part of the conversation that now. I don't even want the Burger. Gee We'll look we gotta get rid of all this poop somehow and if you'll accept it on your burger then you know we're getting rid of it in that way and you're getting what you want. We'll give you a loyalty card. How about an Amazon Gift Card? So so that's I mean it's true no matter I had to. I had to interject a little like I think it could be advertised. Convenience this plethora of options using correctly. Yes it is. Yeah but I think what? It's I think. What is really meant to do is to make things inconvenient to make it more difficult to find the right deal. The options are Arcane by design. You know just like a life insurance or just like a A Lotta medical insurance or health insurance plans function that way. That's just a that's just a byproduct of private industry trying to maximize profit because a lot of people won't do the research wells. Fargo was really really good at this. They were considered for some time and not insignificant amount of time the best seller in the retail banking game. But there was one problem. I know just one Maybe you know why there's a problem. Yes why because imagine? If you're the best seller at something now imagine. Your numbers are on a really nice trajectory upwards now in order for you to maintain profitability and to increase year over year increase. You have to continue your track rate as the bestseller right and then over achieve not to mention you want to get that set of steak knives and coffee is for closers so you WanNa get coffee. You don't WanNa get cut off. You need that stuff to sell right. It's the unsustainable Unsustainable growth model exponential growth model of capitalism year-over-year and it applies to a lot of industries. So I mean that's what I was GONNA say. I said there was one problem. But really there were millions of problems you see Wells Fargo and other banks. Were getting out of new accounts getting a lot of new customers cross selling but these accounts it turns out were made up out of thin air. What are we talking about? We'll tell you afterward from our sponsor you here's where it gets.

Ceo Jack Peter Twenty Twenty Bank of America FDIC Ponzi scheme US Wells Fargo Community Bank Fargo Russia Wachovia Ho Ho Richard Kovacic Jenny Paul
"wells fargo" Discussed on #hottakeoftheday

#hottakeoftheday

13:54 min | 1 year ago

"wells fargo" Discussed on #hottakeoftheday

"And I'll use Illinois's an example where I think they had come out and said that they they wanted a bail out and part of that bailout was a bail out of their their pension and the state pension was underfunded in Illinois is one of the states that people believe may go bankrupt sooner than later and then the governor New Jersey and the governor of New York Abo- said substantial billion multibillion dollar shortfalls in their in their state budget. This year because of the falling taxes. How how does this come to roost? Where Illinois spent a whole bunch has huge debt gets bailed out Montana. A North Dakota as as sort of a smaller state not as big. A deficit doesn't get bailed out to the same effect. What does that do for the state? Residents in federal tax payers in terms of the distribution of risk. In your view. Yeah so I mean I guess what you know what would would say To all of that would be you know so have is the one thing that you could potentially do. Fear is again a split decision. One thing he potentially could do is to give the state of Illinois will use them as an example give the state of Illinois. A you know to give them money at the federal government is the federal government can run deficits for Illinois to get through the next year or two one. One thing that you could potentially do there is have strings attached to okay. We're GONNA in order for us to give you X. billions of dollars for you not have to cut your payroll and things like that. We do expect to see these sorts of programs put place to push down the rate of spending or or whatever it is in the IMF. Does that all the time with with countries that get into problems right the IMF will come to a country Uganda for example. And they'll give you Gonda twenty billion dollars so it can. It can pay its obligations but they also say okay in order get twenty billion dollars and they do it in tranches. It's not all just one twenty billion. Maybe it's five and then another three or whatever they have to they have to make certain checks along the way to get the next sort of trucks and so what the tensely. The federal government could do is design hate. Imf SORTA program for the State of Illinois a okay. You Need X. billion dollars over the next three years. We're going to give you these trenches but you've got to be doing this along the way for us to continue to give you the money so then the big elephants in the room is is the feds because it all comes back to whether you're a company and the federal government effectively mandated a shutdown businesses so small businesses and large businesses alike are sort of down. There's the nuance of guys like Amazon. Costco target are winning winning. All the business. And therefore probably don't even WanNa see the shutdown end because you know from a purely competitive standpoint. They are the winners the definitive winners which seems to be one of the reasons the SNP which is so heavily weighted to these big Amazon. Google Apple Target Costco etc is going up but then at the same time all these small businesses that pay and all these governments that pay can't pay so for the federal government level with the national debt the deficit that the incurred costs on the balance sheet for this. How do we undo this or have any semblance of getting back to the way life was in any period of time? And and what do you and I guess speaking for Wells Fargo think about GDP contraction unemployment. Systemic where what does the government do to undo the damage that we've done in the last six weeks well in some sense the government doesn't have or when I say the Gun Lee. The people who is we don't have we don't have much of a choice In this all right so you could take a real hard line approach here and say okay. We're going to. We're not going to anybody out. We're not going to Give people unemployment. Because we're afraid what's going to happen to the deficit. I'm in that kind of all right. So people who lose their jobs ear or not Aren't GONNA be paying income taxes. The deficit is going to go one way or the other and you know if you take a real hard line approach that we said No. We're not going to bail anybody out there. You're looking at the economy collapsing At that point and that has so many social and political implications involved breaks. Things are bad now. The unemployment rate in this country goes the forty or fifty percents change. Katie bar the door right way you think. What do you think unemployment not not only just will what will it hit but where do you how do you see unemployment trending in the next few years because clearly? That's a big driver for economic predictions would make for the US right right so next Friday. They're gonNA print the unemployment the labor force Labor report for the month of April That will the unemployment rate will probably be at least fifteen percent if maybe on its way to twenty percents okay but unlike other recessions whereas go up that high it would take a while for it to come back now. We're not really expecting that because I mean what's you know we're looking for. We're not looking forward to go back to three point five percents anytime soon. But we don't think it goes up to fifteen twenty percent and then it stays up there because you know the economy is GonNa start to slowly reopen and many businesses. That are shot right now. They are getting loans from the federal government and a lot of these loans will be forgiven as long as they continue to keep people on payrolls things of that nature. Essentially it's grants and so as the economy starts to slowly open back up. You'RE GONNA START YOU'RE GONNA see. Employment comes springing back pretty quickly Young people haven't been to their doctor or dentist for non essential treatments for the last month or two. I haven't been to the barber in two months. I can't wait to me. I am starting to look like that. Guy From game of thrones their red beard like I feel like I should be going behind the wall. So so there's there's GONNA be pent up demand for a lot of that services and these businesses that are shuddered right now or Many of them are not closed for good and so once the once. The economy starts to reopen again. A lot those folks are gonna come are going to be called back to their jobs. And so you're going to see the unemployment rates spike up but then it's GonNa come back down pretty quickly now. It's not GONNA go back down to three points because some businesses that they're they're they're gone already right and so at the end of next year we still think your rate is north of six percents so by the end. Twenty Twenty One. Twenty twenty one. The bad news is not back down to three point. Five percent but the good news is not fifteen percent either so you know talking about the unprecedented nature of this this this will be an unprecedented sort of economic recovery. I'm not going to say a complete fee that we go right back to where we were in February. That's probably not but I think it's the third quarter and fourth quarter. Gdp numbers knowing what I know right now. I think we'll be pretty strong as more and more start to reopen and people come back for now. What do you think about you know if you if you go out five years and you know I think the number of seen is the feds have sort of added six and a half trillion dollars of liquidity? Some of that is forgivable loans. Some of that is purchasing bonds. Which presumably they would sell back to the market at some point. If if things loosened up a bit is that is that a fair characterization like that they could unwind some of the the balance sheet increase and that there would be a demand for that we'll banks like yourself and the other one's pay what they sold it for a frank so frankly. I don't think the Federal Reserve will start to unwind its balance sheet. I think the bonds that they have wall probably stay on the Federal Reserve's balance and so they'll get the money back win. Those bonds come due and pay. That's so so what happens is the federal. The Federal Reserve buys a Bon from the mark. Right and so now. The Fed has this as a ten year bond sitting on its balance sheet of a coupon it was called one and a half okay so every six months with the Treasury Department. As that coupon it'll pay it to the Federal Reserve the Federal Reserve then turned right around and gives it right back to the treasury and so again I don't expect the Fed's going to unwind its balance because if it if it did which you could potentially see is long term if the Fed started to sell trillions of dollars of government bonds into the marketplace. That could cause BECCA. 'cause interest rates is to move up pretty significantly and that's got last thing that the federal government wants at this point and their deficit problems are big enough. Last thing they need to be doing is spending even more in terms of injuries. Yeah on the federal. That's going to be sitting on the Federal Reserve Balance Sheet for the foreseeable future. Nj One. I wanted you to explain again just for the for the listeners. Who might not be as familiar with how that would work in? Terms of supply demand if the government were to sell a whole bunch of bonds into the market that would presumably depressed the prices. But that's the price that those bonds pay every month or every year is the same therefore the yield goes up which which has the net effect of raising interest rates and making debt more expensive for new issuers that. Yes Oh right. So what happens is if there's a big supply that comes into the marketplace everything else equal that causes prices of bonds to go down which means they're yields go and then for the Treasury Secretary to be issuing new bonds going forward he or she has to have a higher interest payments on the to make them comparable to the existing stock of debt. Out there and so rather than issuing a ten year note ads call up one and a half with one and a half percent now in order to make that more attractive if gotta be issuing that at a two percent were a two and a half percent and so the interest expenses of the government then are going up so when you think about long term. I mean the. Us dollar has sort of been the world's currency. I would. I would describe it as I guess. Informal but a lot of current oil straighted in. Us dollars a lot of debt is denominated in US dollars so there's a huge global demand for US dollars with the response to this. I mean do you have any comments on the euro the US dollar and broadly global capitalism as we move forward what what happens to the way we loan inter money between governments and currencies like the euro any comments on that so the US is the world's preeminent reserve currency today? I'm GONNA say the. Us dollar is going to be the world's preeminent reserve currency twenty years. There's no alternative to that. Okay now you talk about you know a big government debt here in the United States. Put THIS IN IN IN. Country Music Charts. Okay John. Johnny Cash Sang a song. Sixty seven year Fifty six years ago Sunday morning coming down there. That's on a woke up Sunday morning and I fumbled through my closet. Fine Mike cleanest dirty shirt. That's what Treasury securities. Are there the clean dirty shirt? There's no alternative to are you going to. Are you going to as an investor invest in euros right? Well we think about. There's not one European. There's one thousand nine hundred individual and what we learned during the sovereign debt crisis in Europe. Ten years ago is that a Portuguese sovereign bond is not the same thing as a German Japanese yet. China Get Invest. They're needed if you could. I don't think I would touch Chinese. So the reason why the US dollar is the world's preeminent reserve currency is not only because the US has the biggest military might around but also because we have the deepest most liquid most transparent capital markets in the world Europe doesn't can't compete with us when it comes to that sort of stuff. Japan has a deep bond market government market. But that's about it. China a transparent. Ask Ask anyone abode the numbers coming out of the out of the Wu flu and see how that works. Yeah so because of the deep liquid nature of transparent nature of our capital markets investors from all over the World WanNa buy equities. They WANNA buy corporate bonds. I WANNA buy sovereign bonds etc etc in. Need dollars to be able to do so so long. So long term..

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"wells fargo" Discussed on #hottakeoftheday

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13:25 min | 1 year ago

"wells fargo" Discussed on #hottakeoftheday

"Is going on vacation? It is dear w here for another episode of the heartache of the day podcast today. I'm very fortunate to be joined by Jay. Bryson who is the acting chief economist for Wells Fargo Bank and his base in North Carolina? J. Welcome to the show. How are you today great? Thanks for thanks for having meter so so North Carolina big basketball town. How are you feeling about the fact that there may not be there is no final four? Obviously no no march madness what. What was the vibe of of the state so so I'm a North Carolina Tar heel. I WENT TO UNC. Many my children and also did as well and actually it was kind of good news because we were going to make it to the big dance this year. So our streak up to like fifteen sixteen. A big dances remains intact but Yeah but but now it's obviously you know not having the NC Double A. Tournament. Iryna basketball crazy sort of places you know. It was tough but Just all sorts of sports. You know it's Things got shut down now. But that's all open and and hopefully things will start to get back to the good and and so we were chatting just before we went on air here about Where North Carolina is in terms of the stay at home order and South Carolina's obviously opened up with Tennessee. Atlanta Georgia has opened up as well. Where where's where's North Carolina in that spectrum of opening backup right so the governor Re a few weeks ago extended stay at home orders until may eighth And that's the latest so whereas South Carolina you know is starting to gradually reopen some of those other states. You mentioned we're not dairy that said It does seem like cases here as many other states are they're still going up at a decreasing rate. The curb is flattening here and we'll sleet and we'll see what happens going forward so one thing I did read today is that there's a Nascar race here in Charlotte Over Memorial Day Coca Cola. Six hundred they always APP and in the paper today. The governor said a assumes that that race will go forward doubts. Whether or not there's actually fans in the stands. I probably not GONNA be in front of nobody five. They may in fact the letter. That's I mean that's great and and I'd read earlier that the first professional sport that was at least coming back after cancelling was the PGA tour right and and It it certainly seems like people are are getting ready to get back to life. It'll be interesting so so talk to me a little bit about your background. And what it takes to become chief economist. And I think I think from context a lot of energy professionals who listen to this show are thinking about a career change after the crazy crazy. Double Black Swan and chief economist. Right so So I've been doing this for a number of years. Now I have a background did so. I have a economics in earlier by career I taught at university is a University of Alabama moved to Zuhdi Federal Reserve in Washington. Dc spent a number of years there and then about twenty years ago ourselves. I came to at the time. The bank was first union which became more covert. Now Wells. Fargo in you know I've been here for about twenty years now and So started out as our global economists of watching what's happening in the rest of the World Dawson there's a lot going on obviously here in the United States and I had to keep a track and then as chief economist retired about two years ago so I moved into that role. So so how over your twenty years. So I'm just thinking going back. It was about two thousand so so you would have been in a similar role kind of around the tech bubble burst and the Y2K. The most similar pandemic was that all the computers. Were GonNA end January. I was going to happen in Y. Two K. was GONNA melt down the world than it was sort of a non event but it coincided with the tech bubble. You know sort of took a long time to recover their the great recession in two thousand eight two thousand nine and then now this how does this compare to those events both similarities and differences? So this is a cliche now to use this word by us it anyway and this is unprecedented. We have never seen an economy. Just completely stop an altogether young tech bubble when you go back and you look at it. That turned out to be very mild. Recession was depression for the tech industry but for the overall economy wasn't much of her session at off of thought that the global financial crisis was once a generation. Not Lifetime sort of thing. This is completely different. This is where every part of the economy just shuts down and even as bad as October. Two thousand. Eight was Dench adapt so. That's the biggest difference This time around. I think some similarities. Are you know if you think back to two thousand eight you had? The government got very active decorated. Tom Ridge it for Federal Reserve Rolling out all sorts of programs and twelve years. Later we're kind of doing the same SORTA policy response. And so you know I think the good news of this world a lesson of the Great Depression you know the Great Depression. There was a recession. That was starting in the summer of nineteen twenty nine that turned into the Great Depression because of utter failure of policy. I'm Federal Reserve. Did Not do its job. As the lender of last resort fiscal policy in this country didn't really turn stimulant of until nineteen thirty three nineteen thirty four not the depths of great so we we've learned that lesson that when the economy in the private sector Covet grinds to a halt the other public sector has a role to prevent something even worse from happening. It is from from a context standpoint. Nineteen you know. We do have these major events in history and I think of one thousand nine hundred eighty nine nineteen eighty seven two thousand eight and two thousand twenty as sort of the big ones. I don't I don't know that I've missed any for walk with my wife. 'cause that's what you now. Do you go for a walk with family members during the day and we were looking at from nineteen thousand nine hundred. Nineteen thirty two. The Dow fell from about three sixty. Two thirty is at the bottom which cheer point on Fiscal Stimulus. So maybe talk high level Before we dive into the details about some of the functions of the of the Fed how you think about their use of the balance sheet and you know tarp as I recall which felt like a huge number at the time was like eight hundred billion if I remember correctly and we've already in terms of liquidity and fed action have already taken multitudes more and and as a buyer of last resort of municipal bonds and high yield bonds and treasuries and multiple levels of stimulus. What is the role of the Fed in the economy? And how does the economy? Broadly work for those. Who aren't as familiar with it before we dive into the specifics of what comes next. So the Fed is the lender of last resort with. Nobody is there to to lend. That's where that's what the Federal Reserve is is charged with doing. And so what they're doing now is is so he may remember the quantitative easing programs her after their young well what has been known up to this point as the great recession where they're buying government bonds mortgage back securities. They started doing that. But they're also as you got as you mentioned are also starting to buy corporal corporate bonds so high yield bonds in terms of exchange traded funds and municipal securities as well. And so what they're doing is a lot of these markets in recent weeks or back in back in late March Really started to grind to a halt. And if there's no trading in these markets witty and justice system just starts to completely dry out we are a capital markets based economy a lot of lending occurs through the capital markets through the corporate bond markets. So at the Fed is doing is by purchasing. Those things are starting to re liquify those markets and we've seen Issuance in the investment grade market. Just explode recently. That's the good news. The bad news is that the Fed if some of these bonds at their buying holding on the balance if they if they go bad you have the false then the Fed is looking at credit losses. And maybe sooner or later Congress would have to step in and make the quote solid. The Fed became technically insolvent because his losses. So they're really treading in some some really use. This word again unprecedented. And they're all. Potentially there could be some political blowback from all of this if some of these things that they're doing right now we're starting to go badly so so I wanna I wanNA take it a little bit in pieces and I'm Gonna I'M GONNA set of context and then I just want to get your feedback. So as said March I remember it was about March. Twenty third like the the market ceased to act and think for a lot of people who are just their day to day. They don't really pay attention to their stock portfolio. They don't really understand that. The bond market is much much much larger than the equity market. And how everything works. But I was looking at the city of Detroit and in about two thousand thirteen. The city of Detroit declared bankruptcy meaning of course that they didn't have enough funds to to pay their debt back so they they restructured their debt. And at the time the municipal bond holders got seventy four cents on the dollar and so if we think about the municipal bond market now which is where all the city's fund all of the infrastructure projects. How worried are you about a drop in income tax in a drop in property tax in cities all across America that they don't have ability to print money that they have these bonds and projects and government workers and state workers who are now starting to hear beget laid off? How does a city recover two three years? What does this look like from the municipality perspective so I am a marginally worried about that I mean if you look at the spending at the state and local governments together aggregate that accounts for close to ten percents of GDP and unlike the federal government which can run these guys generally cannot write their constitutionally barred from their own constitutions from being on to do that so when tax revenue start to dry up as they are right now what they have to do they have to cut spending in the last thing you WanNa do when GDP is contracting significantly like it is right now is to have to cut spending and so this is? This is another political flight that occurring in Washington do make the the next package fiscal stimulus package up to this point focused on consumers and on businesses. Do we do this as well at the state and local people in Washington who sites? We need to do that. There's other people there who are saying no. We shouldn't be bailing those guys out. They need to cut spending Yada Yada Yada. That's that's a political argument right but you know if you look back at the at the recovery from the last recession. One of the things that cut that held that recovery back was that you have all these big cutbacks at the state over. So it'll be it'll be interesting with the politics out all plays out of Washington. So is there. Is there a potential come because again I I like how you keep sort of touching on? There is a political element that that overlays the the economics and so depending on your slant whether you're republican sort of small government small spend small tax or Democrat big government big. Spend big tax that. You're you're cutting down these lines but do you have a fundamental economic question around. Should the Fed be buying municipal bonds? So that if they go bankrupt it's basically the Fed gets hurt not the rest of capital which is an interesting economic argument. Now if we go one level up to the states and you alluded to this. And I'll use Illinois's an example where I think they had come out and said that they they wanted a bail out and part of that bailout was a bail out of their their pension and the state.

Federal Reserve North Carolina chief economist Washington Wells Fargo Bank South Carolina basketball Jay acting chief Nascar Atlanta Bryson United States Tom Ridge Zuhdi Federal Reserve Charlotte
"wells fargo" Discussed on 760 KFMB Radio

760 KFMB Radio

01:31 min | 1 year ago

"wells fargo" Discussed on 760 KFMB Radio

"You new information about Wells Fargo Wells Fargo who committed criminal acts against its own customers for what turns out now to be a full generation the Wells Fargo cheating scandal goes back to nineteen ninety eight according to a release from federal prosecutors Wells Fargo ruin the reputations of so many people Wells Fargo and it's filing only had to admit that I'm lawfully misuse customers sensitive personal information they paid a three billion dollar fine and avoided a criminal conviction there are criminal conviction is suspended what's known as a deferred prosecution if Wells Fargo doesn't engage in any more shenanigans cheating its customers over the next thirty six months they will not face criminal prosecution yeah the crazy thing at Wells Fargo is they engaged in massive identity theft I cheated their auto loan customers their mortgage loan customers and cheated their general checking account customers and they're investing customers over a generation and nobody's going to prison that is absolutely unbelievable.

Wells Fargo Wells Fargo Wells Fargo
"wells fargo" Discussed on 760 KFMB Radio

760 KFMB Radio

02:27 min | 2 years ago

"wells fargo" Discussed on 760 KFMB Radio

"Today's cork -rageous moment is concentrated on a company that has been part of our courageous moment. More than any other single company and its Wells Fargo, the nation's now fourth largest Bank that never seems to get rid of the stain of scandal of all the hideous things that Wells Fargo did to customers including foreclosing on people's homes that shouldn't have been foreclosed on repossessing cars, people that shouldn't have been repossessed selling people insurance or billing people for insurance. They didn't by opening three million plus accounts that people did not authorize and didn't want. And Wells Fargo says and their image advertising, and all that there are new Wells Fargo, and they're different and all the rest well today. The CEO of Wells Fargo is testifying before congressional committee is going to have to answer. Multiple media reports in the last several days that Wells Fargo is still engaged in the same kinda terrible shenanigans. Then employees are complaining to anyone that will listen about a toxic sales oriented culture, and you want proof. Just go to a Wells Fargo ATM is a Wells Fargo customer and withdraw money and before they'll even give you your money. They will try to sell you other products. Everything about the Wells Fargo culture is pressure pressure pressure to sell sell sell. Whether it's in your best interests are not the employee's are miserable. They've stated so many times. And one thing I'd say to Wells Fargo employees is good as the job market is right now given the heave ho and go somewhere else for you as a customer. I know it's a hassle or perceived hassle to change banks. But know that this is a company that to its core seems to not be able to get past a rotten culture. And you never know when they may pull something on you. If you get an opportunity watch or read about today's hearings and watch the two stepping going on in the evasion. Five the CEO..

Wells Fargo CEO largest Bank
"wells fargo" Discussed on FT Banking Weekly

FT Banking Weekly

04:16 min | 3 years ago

"wells fargo" Discussed on FT Banking Weekly

"Week is nNcholas Mogole retail banking correspondent and Dan the line from New York with joined by robots strong, US finance editor and lure Newnan US cranking at this week. We'll be looking at Wells Fargo as it seeks to Butler's way back from scandal. A catch up with the results on Wall Street and finally look at open banking in the UK one year after it was brought in I Wells Fargo. It's been cold the best Bank in the world, including by its chief executive, but it still struggling to recover from the scandal engulfed it a couple of years ago when previous management oversaw a scandal that when millions of accounts were alleged to being fabricated. Well, we caught up recently with Tim Sloan who is the chief executive these days of Wells Fargo, and he. Started off by telling us how it is. In fact, the best Bank in the world. And why his job is the greatest job in the world on his how he explained it. This is the best Bank in the world. We are going through a challenging period we've been business for hundred sixty six years. It always has been an easy time. This is I I know that sounds crazy. But it's not not despite posh recovery wells as business. There's a regulatory growth cap that remains in place, and which some commentators believe will remain in place as long as Tim Sloan who's been with the Bank for many years and walls innoc- management position. When the scandal took place remains chief executive so should he go decision as to whether or not I'm going to be his company is made by board. And you know, we'll talk about it. I have no plans to leave. My job is to execute on. What it promised? We're going to do. Do and you know, some stakeholders are not happy with me. They can voice their opinion. That's a free country. They can actually do that. But doesn't really impact. I think our board thinks about my performance. They're going to think about my performance based upon the performance and likewise, right? It's not impacting how I think about how the company should be wrong. We finish off by asking mrS slain about the growth rate of the Bank now and the extent to which it seems to be running at about half the rate it was before the scandal. Why is that? And will they be permanent damage? Well, I think it's a function of sales practices. It's a function of the competition because it's not as if all of our competitors have stood still and we haven't. So I think it's a function of the challenges that we've had whether their shells practices are not as whether the in the competition. I think the hangover Rizova with that. I think that the trajectory that we're on is a good one. You know, my guess. The next year or two we'll be back to where we were from two thousand sixteen at my expectation is that, you know, all of our businesses should be able to grow with, you know, plus or minus underlying GDP. So no, again, our growth is about double what it was at year ago on primary checking I don't know if it'll be double next year, but it's you know, going right trajectory now, let's go over to roll. And Laura who did that interview, bro? You join us. Just having listened to wills fog does fourth quarter results. Is there anything in that to prove or disprove Tim sloan's confidence about the outlook for Wells Fargo clearly remains significant struggle for this Bank to grow both on the funding side in deposits and on the asset side of the balance sheet? The loan portfolio is barely growing. The deposit base is flat to shrinking there are green shoot. Tts of growth at the spank. But you have to look pretty hard to find them. So for example loans to businesses grew at almost five percent this quarter that was a real celebration. But the overall picture is one where this Bank is hardly growing at all, and is depending on essentially cost control to protect cross..

Tim Sloan Wells Fargo chief executive US UK Newnan nNcholas Mogole New York Butler Dan editor mrS Laura hundred sixty six years five percent one year