Wells Fargo

Morning Ethics Warm-Up, 12/21/2017: Shut Up And Act, Tom…

/ Jack Marshall / 71 Comments

GOOD MORNING!

Finally! I get to hang the collected history of three families that are our tree ornaments. You know, the fun part…

1 And this is why actors speak from scripts. Tom Hanks, pimping for the mainstream news media-extolling Washington Post movie, the one with Harvey Weinstein enabler Meryl Streep playing Katherine Graham, actually uttered this Authentic Frontier Gibberish:

“It is relatively obvious, I think, what is trying to go forward, when you tear down these institutions to a level of, so you can’t believe anything that is in any of them. That raises the stock of those agenda-filled other institutions and whatnot, so that if you can’t believe them, well, that means you get to believe some of the other stuff that is in these.”

I have generally thought Hanks unusually thoughtful for an actor, but this is disgraceful. First, whatever diminishment journalism has suffered in credibility is 100% the fault of journalists, their arrogance, their incompetence, their bias, and their deliberate abandonment of their own stated ethics principles. 100%. Second, Hanks needs a primer on trust, and to read B.F. Skinner’s work on the effects of intermittent negative reinforcement on rats. (Quick summary: it drives them nuts.) If news sources are sometimes telling the truth and sometimes spinning, sometimes lying and sometimes hiding the ball, and major, revered “institutions” like the New York Times announce mid-Presidential campaign that their mission is no longer to report facts but to stop a particular candidate, then those news sources cannot be trusted, as in “believed.”

Third,  anyone, in light of, oh, the past 20 years, who does not believe that the mainstream media organizations have “agendas” is certifiably stupid. I don’t believe Hanks is stupid, despite the fact that his statement easily makes the Garbled Syntax and Logic Hall of Blather. What he is arguing, however, is that other sources of information have agendas, while those he follows are just Undeniably Correct. Continue reading →

Morning Ethics Warm-Up, 9/5/17: “Close Encounters,” A Bad Bank, A Jaw-Dropping Tweet, Sentimentalizing DACA, And More

/ Jack Marshall / 20 Comments

GOOD MORNING!!

1. A remastered “Close Encounters of the Third Kind” is in theaters now, and I have mixed feelings about the fact that it is not attracting many ticket-buyers. Spielberg is incapable of making a bad movie, and even his most annoying films (like this one) are thought-provoking and entertaining compared to most of the junk we are getting from Hollywood now. But “Close Encounters” is an unethical movie that bothers me more every time I see it.

The film celebrates hippy spiritual fanaticism for no good reason. Why does everyone get all misty-eyed over these angelic, long-armed  aliens who think they have leave to kidnap human beings, including babies, take them away from their families and disrupt their lives, and then dump them off in another place and time? Why is Richard Dreyfus smiling about that, the idiot? Meanwhile, his character has forgotten about his own wife and kids, never giving them a second thought once he goes E.T. hunting. (And why is Terri Garr treated so badly in her movies by alleged protagonists? Dustin Hoffman used her as a door mat in “Tootsie,” too.)

2. As an addendum to the previous post about DACA ethics, consider this example of how the news media sentimentalizes and propagandizes illegal immigration: the Washington Post’s heart-tugging and misleading story with the headline, “He was brought to Virginia as a toddler, deported at 19. He died in an overheated tractor-trailer trying to return.”

“He” was an illegal immigrant, though the Post uses the deceitful “undocumented immigrant” euphemism, as if he lost his library card or something. His name was Frank  Fuentes, and he was quite rightly deported a year after he pleaded guilty to assault and battery as well as grand larceny­/pickpocketing in 2016. He died trying to break the law, and while dealing with the criminals who smuggle people into the U.S. in trucks. The fact that Fuentes didn’t deserve to die is waved by the Post like a crimson flag to distract from the fact that he had no right to be in the U.S., and no right to sneak back in.

Ah, but he was a good man at heart, who “loved skateboarding and music.”  “We all make mistakes,” the post quotes a friend as saying, not noting that this is the go-to rationalization for every law-breaker from Billy the Kid to Joe Arpaio. “He wanted to be better for his family and his mom . . . that’s all he cared about.”

What the Post is doing  isn’t reporting. It is selective, manipulated sentiment designed to obscure the real issues in illegal immigration. This kind of coverage is why polls about “dreamers” reflect shallow emotion-based reflex, not serious, informed consideration.

3. Sam Stein, formerly the Huffington Post’s senior politics editor now writing for  The Daily Beast, tweeted,

Discuss.

4.  The president of the Cleveland Police Patrolmen’s Association, announced that the police union’s members will refuse to hold the American flag as planned at the NFL’s Cleveland Brown’s home opener, after nine Browns players took a “Kaepernick” and knelt during the national anthem in a pre-season game with the New York Giants.

“It’s just ignorant for someone to do that,” Steve Loomis told reporters. “It just defies logic to me. The fact that management was aware of what they planned on doing, that’s as offensive as it can get.”

Good for the union. The NFL has been cowardly and irresponsible by not confronting and ending these demonstrations against the United States in general and police in particular, starting with its non-action when the St. Louis Rams performed a “Hands up! Don’t shoot! display in 2014. Kaepernick specifically had said, in his various vague posturings, that police were among the  targets of  his kneeling stunt, making the ignorant statement that officers in police-involved shootings should not collect a salary while investigations were pending (unlike, say, the many NFL players who have been suspects in criminal investigations).

Among the many functions of professional sports teams is to bring communities together, not divide them. Players are free to express their political positions, however ill-informed, off the field if they are willing to take responsibility for them, which may involve negative team action and fan anger. Cleveland, where 12-year old Tamir Rice was shot by an incompetent cop, is an especially sensitive place for an anti-police demonstration to take place.

The comments on the article at the link are depressing, as in knee-jerk and foolish. Continue reading →

Wells Fargo Ethics: The Unethical Demagoguery Of Elizabeth Warren

/ Jack Marshall / 22 Comments

warren

Senator Elizabeth Warren (D-Mass), picks her adversaries so well that she gains popularity and unearned credibility through the power of cognitive dissonance. Listen closely, however, and you will hear the ranting of a class-biased demagogue.

Joining in on the bipartisan and well-deserved roasting of Wells Fargo CEO John Stumpf before the Senate Banking Committee hearing this week, Warren accused Stumpf of profiting from the mass scam in which over 5000 bank employees signed up customers for services they hadn’t requested, without their knowledge. The bank collected fees for these accounts, cards and services, and the employees got bonuses.

He probably did profit, since the bank did more business and his stock holdings increased in value. Was he aware of the scam, or even behind it? There is no evidence of that yet. Warren also said he should resign. She’s sure right about that. He is accountable as the CEO, and he failed his duty of oversight. It is, as Warren said, typical and wrong that all the firing so far have avoided the executive suites.

But Warren seems to be oddly unaware of her double standard regarding management and leadership accountability. The standards that she was railing at Stumpf for not meeting should also apply to Barack Obama’s accountability for a corrupt IRS, a rogue NSA, a drunk Secret Service, a politically-biased Justice Department, a horrifically incompetent Office of Personnel Management, a criminally negligent VA, and, of course, a technically-challenged State Department that was operated as cash-cow for its Secretary’s personal foundation.  Elizabeth Warren’s application of standards are driven by class bias and partisanship, not conduct or principle. She has enables an administration that has avoided assigning accountability or accepting it for multiple fiascos. The most recent? From Fox News:
Continue reading →

Someone Explain To Me, Please, Why Anyone Should Trust Wells Fargo With Their Money Ever Again?

/ Jack Marshall / 26 Comments

Federal regulators announced today that  Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts without their customers requesting them or being informed, knowing since 2011.  Employees even created phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.The stealth accounts allowed the bank to charge millions in illicit fees,  while Wells Fargo employees boosted their sales figures and earned bonuses. Wells Fargo told CNNMoney that it had fired a staggering 5,300 employees over the last few years as they discovered the misconduct—but they didn’t tell customers what had been going on. .An investigation revealed that bank employees opened over 1.5 million unauthorized deposit accounts.

The scamster employees moved funds from customers’ legitimate accounts into newly-created ones without their knowledge or consent, regulators say. Then the victims were  charged for insufficient funds or overdraft fees when  there wasn’t enough money in their original accounts. Wells Fargo hustlers also submitted applications for 565,443 credit card accounts without their customers’ consent.

In response, the feds have hit Wells Fargo with the largest penalty since the Consumer Financial Protection Bureau began was founded in 201, ironically right around the timeWells Fargo started cheating its customer.. The bank agreed to pay $185 million in fines, along with $5 million to refund customers.

I don’t care how much the bank pays, or even if I get some of it (The Marshalls banked there, but as soon as I get home, that’s going to end.) I don’t care of I have to keep the nest egg in an old sock. I’m not trusting these people. The managers are inept or corrupt, and the lower employees are poorly trained and supervised, as well as crooks. This is a bank. The management has high fiduciary duties. It breached all of them. Continue reading →

Your ATM Just Lied To Me. Not Cool, Wells Fargo

/ Jack Marshall / 64 Comments
Liar, Liar...Ok, you have no pants, but your tongue...no, wait,,,

Liar, Liar…Ok, you have no pants, but your tongue…no, wait…

I really mean lied, as in “deliberately communicated a falsehood in order to deceive.” There’s no excuse for it.This morning I had the pleasure of depositing a rather large check in my account, exactly the way I have been depositing smaller checks on a regular basis at the same ATM at the same branch office of the various iterations of what is now Wells Fargo. This was an institutional check, from another financial institution, so it was printed, boldly, and the amount was not scrawled, as with many personal checks I have occasion to deposit using the “no envelope” method we now have avaliable thanks to the wonders of modern technology.

Nonetheless, the machine this morning had the cheek to post a window and message I had never seen before, telling me that the machine “could not read the check amount” and asking me to enter it on the keypad, rather than just confirm the deposit.

What’s going on here?

Wells Fargo is lying, that’s what. The amount on the check, which I usually can barely make out from the small scanned image on the screen, was so dark and clear that I could read it easily from three feet away. If I could read it, the machine that made the image definitely could read it. No, this was a new security feature, like the time over Christmas that holds were placed on four of my credit cards while I was standing at a check-out register because my Christmas shopping bill was “unusual” according to some geniuses’ software programs. What that false message from the ATM really meant was, “Hold it there, a minute, buster. You don’t get checks this big; we think you’re a crook. So we’re going to rattle you with this pointless, annoying request, even though a crook is just as capable of entering the amount as a legitimate depositor.” Continue reading →

Ethics Quiz: The No-Tolerance Catch 22

/ Jack Marshall / 16 Comments

 

Should you trust this guy to be reasonable?

The Des Moines Register reports on a jaw-dropping example of “no-tolerance” management at its saddest, and the astounding fact that it did not, in fact, occur at a an educational institution, but at a bank.

Wells Fargo Home Mortgage  fired 68-year-old Richard Eggers because in 1963, when he was 18, he put a cardboard cutout of a dime in a Laundromat washing machine and was duly convicted of operating a coin-changing machine by false means. Since that time, after spending two days in jail (they were strict in Iowa back then), Eggers has been on the straight and narrow. He is a Vietnam veteran, and tells the press that he can’t remember his last speeding ticket. He has also been a loyal and effective employee of Wells Fargo for seven years. So why fire him over a stupid and trivial crime he committed when Kennedy was President, TV was black and white, Mary Tyler Moore was exciting male viewers in her Capri pants on the brand new “Dick Van Dyke Show,”and people trusted Uncle Sam? Continue reading →

Dear Banks: This Is Why Nobody Trusts You

/ Jack Marshall / 35 Comments

I know I’ve been hard on the Occupy movement, but I don’t want to let the protesters think that I’m pals with all of their targets. Take the banks, for example.

The “waiting for the check to clear” scam engaged in by banks has always been annoying, but I now realize, thanks to bitter personal experience, that we have been fools to tolerate it. Once upon a time, before electronic transfers and computers, it really did take a check at least “five business days” to go from one bank to another, but the banks have held on to the fiction that nothing has changed, presumably to give them free use of our money while we patiently wait for the completion of transactions that have already been completed. Running a small business with perpetual cash-flow problems, the Marshalls constantly hectored our bank (then Wachovia, which bought it from American Security Trust, and there may have been another one in there somewhere) about speeding up the process, and in fact they did: our checks from clients often had money available to us within a day or two. That’s right—the bank let us use our own money while telling less long-standing, savvy, or persistent customers that the checks they deposited were taking almost a week to clear. Continue reading →