Tuesday, February 3, 2009

The Wells Fargo Wagon is a' Comin Down

Only this time they aren't delivering mail or money. This time they are picking our pockets and laughing all the way to the roulette table. Check out this article

http://www.google.com/hostednews/ap/article/ALeqM5hZg0wsnVaTqOQUQlur8hH6NR8k_gD964B2VG0

To steal from SNL, Really? You took $25 Billion of tax payer dollars and you are spending part of it on a rewards trip to Vegas? Really? And not just any hotel, you chose the Wynn and the Encore. Why not choose Bellagio while you're at it? Why not order up lobster, Kobe beef steaks, Cristal, and caviar? How about serving Bald Eagle? Do you want rose petals strewn about the rooms every night?

I'm sure their argument is that they have to reward their top producers or else those people will leave. I call bullshit for a number of reasons.

  1. These are the same producers that generated thousands of sub-prime loans.
  2. Where are they going to go? Is there a big market for mortgage brokers right now?
  3. If the above two are false, why the lavish spread? There isn't some other way to reward them?
  4. Forget that, you took $25,000,000,000.00 from us. Many tax payers are out of work because of a problem YOU helped create. And now you spit in our face?
I for one am not giving any business to Wells Fargo until the present executives are gone. And then I will track where those executives go, and not give their future employers any of my business. Here are their names:

Howard I. Atkins, Senior EVP, Chief Financial Officer

Patricia R. Callahan, EVP, Office of Transition

David M. Carroll, Senior EVP, Wealth, Brokerage & Retirement Services

David A. Hoyt, Senior EVP, Wholesale Banking

Richard M. Kovacevich, Chairman

Richard D. Levy, EVP, Controller

Michael J. Loughlin, EVP and Chief Credit Officer

Mark C. Oman, Senior EVP, Home and Consumer Finance

Kevin A. Rhein, EVP, (Card Services and Consumer Lending)

James M. Strother, EVP, General Counsel, Law and Government Relations

John G. Stumpf, President and Chief Executive Officer

Carrie L. Tolstedt, Senior EVP, Community Banking

Julie M. White, EVP, Director of Human Resources

I know I probably sound like a raving madman but this really cheese's me off. I just can't fathom the lack of ethics and corrupted thought processes this requires. Do they have no common sense?

I hope this pisses other people off as much as me.

2 comments:

stadtler said...

Mission accomplished, I'm pissed too. A couple of comments on the news link-

"Recognition events are still part of our culture," spokeswoman Melissa Murray said.

Is that like how non-essentials like booze and cigarettes are still part of a bum's lifestyle? If so, bravo Wells Fargo! Way to follow a rock solid example.

Every night when employees returned to their rooms, there was a new gift on their pillows, she [Debra Rickard, a former Wells Fargo mortgage employee] said.

I'd be happy to leave a gift on their pillows. Sadly I can only brew up about one per day, well maybe two if a lot of coffee and Mexican foods are involved.

Perez said...

Exactly, it would be like your friend giving you the sob story about their landlord wanting to evict them. So, you loan them money to pay the rent and then see them out at the bars buying rounds of shots.