Remember the recent Wells Fargo scandal?

[chirParticipant]

Basically a scam to generate fees to charge you and make cash. Like this.

Well say hello to the person in charge of the division which was responsible for the scam.
http://www.zerohedge.com/news/2016-09-12/supervisor-massive-fraud-wells-fargo-leaves-bank-125-million-bonus

She walks away with 125 million free and clear with a pat on the back. You go grrl!
This woman is a perfect model feminist. Getting ahead in the business world through stealing and relying on your vagina to get you out of trouble.

It is by caffeine alone I set my mind in motion, it is by the beans of Java that thoughts acquire speed, the hands acquire shaking, the shaking becomes a warning; it is by caffeine alone I set my mind in motion.

[RusskyParticipant 13503]

WF let go 5500 employees for this. Maybe I should try applying. WF was always very anal about their job prospects, maybe they’ll be more liberal this time around.

Anybody in the know could care to explain what was this all about technically?

proud carrier of the 'why?' chromosome

[HitmanParticipant]

That c~~~ has a face like. .like. ..a C~~~! ! !
What a dog.. (apologies to the dog owners out there )..
Woof woof !
(Howling in the distance. .)

[Anonymous 24]

“In other words, this has become yet another instance where bank subordinates were engaged in activity that seemingly none of their supervisors was – mysteriously – aware of, a pattern observed in virtually every major crackdown against a prominent sellside bank, from Goldman’s Fab Tourre to the Libor conspiracy.”

[TattooDaveParticipant 6952]

Remember in Fight Club the guy works for a company that investigates accidents that are caused by The Cars that his company sells. Like the pinto gas tank that blows up Etc when Banks do things like this make an internal promotion for ripping off customers and generating fees. I guarantee that bonus was based on probably a billion and a half to two billion dollars and fees that they generated by opening the bogus accounts credit cards etcetera. So you figure the company will have to pay the hundred and eighty eight million dollar fine plus eventually make restitution and they pay this loser hundred and twenty-five big ones. When you think about it they’ve had control and use of that two billion dollars for quite a while now and using it for trading vehicle they probably doubled or tripled its value. Behind the scenes at any Bank is a multitude of criminals perpetrating a s~~~load of crimes all the time. I used to work pretty high up in the insurance industry and we worked with a lot of the big Banks. Look up the term Arbitrage life insurance. I worked for the company that pioneered that idea. But it too is a scheme. Watch your backs always with your money

I can see their heads have been twisted and fed with worthless foam from the mouth. Bob d

[Anonymous 3]

Russky wrote:

Anybody in the know could care to explain what was this all about technically?

It was about creating dummy accounts and credit in order to fleece those (read: women) too brain dead to read their statements and the like. Account fees and interest that were paid straight to WF in order to meet quotas for commissions, etc.

[ResidentEvil7Participant 9540]

Wels Fargo is my dad’s mortgage lender. We better not get screwed for it, all because of someone else’s scandal.

https://themanszone.webs.com/

[BeerParticipant 11832]

Great time to buy some Wells Fargo stock. They are worth hundreds of billions…a couple hundred million in fines is nothing. It will probably come out in a few weeks other banks were doing it as well.

[ResidentEvil7Participant 9540]

Beer wrote:

Great time to buy some Wells Fargo stock. They are worth hundreds of billions…a couple hundred million in fines is nothing. It will probably come out in a few weeks other banks were doing it as well.

Their reputation may now be damaged by the scandal. I mean who would want to invest, if they haven’t yet, into a company that f~~~ed up big time?

https://themanszone.webs.com/

[TattooDaveParticipant 6952]

There is no way your dad is going to get screwed. Banking institutions have to honor their contracts if they don’t they get sued in state courts and they lose every day. Don’t give it a thought but be aware always be aware

I can see their heads have been twisted and fed with worthless foam from the mouth. Bob d

[TattooDaveParticipant 6952]

I bought Delta Airlines shortly after they went into receivership at $0.92 a share just like any other penny stock. Baron von Rothschild said only buy when blood is running in the street. You don’t get rich by following traditional advice that is meant to fleece people out of their fortunes. Don’t be that man ever

I can see their heads have been twisted and fed with worthless foam from the mouth. Bob d

[Anonymous 24]

TattooDave wrote:

Look up the term Arbitrage life insurance.

DAAAAAYUUUUUM!

[BeerParticipant 11832]

ResidentEvil7 wrote:

Their reputation may now be damaged by the scandal. I mean who would want to invest, if they haven’t yet, into a company that f~~~ed up big time?

The average person that doesn’t read the news doesn’t have a clue and most people won’t remember in sixth months anyhow.

TattooDave wrote:

I bought Delta Airlines shortly after they went into receivership at $0.92 a share just like any other penny stock. Baron von Rothschild said only buy when blood is running in the street. You don’t get rich by following traditional advice that is meant to fleece people out of their fortunes. Don’t be that man ever

Exactly…WFC is still a huge bank turning big profits, and pretty much every huge companies has scandals at some point. The question is do you think they will be around and more profitable in 10 years? If yes…buy the dip, if no, don’t.

Once their next quarter earnings come out all will be forgotten. I had some money building up on the sidelines again…its pretty awesome they have created a buying opportunity for me! Even if I buy now and it drops a bit more and doesn’t go past the point I buy at for a year or two, I don’t care, they pay over a 3% dividend, which is awesome compared to the .01% interest in my savings account lol. They got pretty beat up this week, but the whole market got pummeled, so even without a scandal they’d probably have shed a few bucks anyhow.

[CatsPawParticipant 423]

WF might have the same problem any banks might soon face with currency crisis. But yes, apart from that, this is still a dip to buy.
Reputation is one thing. Profits are another.
In case of doubt: Profits>Reputation>Stock price>Whatever the FED says.

[Author]

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