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Wells Fargo fires old dude. For a joke....that he did in 1963

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Posted

So it's an easy way to get rid of older/marginal/unwanted employees...

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Posted

I guess you could say he was-

Money laundering.

tumblr_m4m70zTebV1qg9kam.jpg

(1.5/10)

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Posted

it is totally disgusting they are doing this. the crap i see people do right now and they nail this old guy for this??

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Posted

Deregulation is the only answer

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Posted

Steal a dime, get fired. :(

Steal billions, get a bonus! :D

Average 20% Rise

Kravis and Roberts, 68, lead a list of 50 financial CEOs whose compensation collectively rose by an average of 20.4 percent in 2011 -- a year when most big banks and brokerages saw their revenues, profits and stock prices plummet. The 2011 pay rise followed a 26 percent increase in 2010 for CEOs who held the same job in both years.

Dimon Leads Bankers

The highest-paid banker in the Finance 50 is Jamie Dimon ofJPMorgan Chase & Co. (JPM) His total compensation increased 11 percent, to $23 million, even as the bank’s stock sank 20 percent. In mid-May of this year, Dimon called his own judgment into question when his bank announced that it had lost at least $2 billion investing in synthetic credit securities. JPMorgan’s stock dropped more than 10 percent in the two days after the disclosure.

Over two years, one of the starkest discrepancies concerns the pay of Bank of America Corp. CEO Brian Moynihan, No. 37 in the 2011 ranking. The official SEC compensation tables say he was paid $1.9 million in 2010 and $8.1 million in 2011, a year when the bank’s stock fell 58 percent.

http://www.bloomberg...ravis-no-1.html

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Posted

Deregulation is the only answer

You could make a case he lost his job due TO regulations and this reach by the fdic

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Posted

It would be a pretty weak case.

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Posted

Then don't mention deregulation.

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Posted

Straight from the FDIC website.

(3) Dishonesty or Breach of Trust. The conviction or program entry

must be for a criminal offense involving dishonesty, breach of trust or

money laundering. ``Dishonesty'' means directly or indirectly to cheat

or defraud; to cheat or defraud for monetary gain or its equivalent; or

wrongfully to take property belonging to another in violation of any

criminal statute. Dishonesty includes acts involving want of integrity,

lack of probity, or a disposition to distort, cheat, or act deceitfully

or fraudulently, and may include crimes which federal, state or local

laws define as dishonest. ``Breach of trust'' means a wrongful act,

use, misappropriation or omission with respect to any property or fund

which has been committed to a person in a fiduciary or official

capacity, or the misuse of one's official or fiduciary position to

engage in a wrongful act, use, misappropriation or omission.

Whether a crime involves dishonesty or breach of trust will be

determined from the statutory elements of the crime itself. All

convictions for offenses concerning the illegal manufacture, sale,

distribution of or trafficking in controlled substances shall require

an application.

(4) Youthful Offender Adjudgments. An adjudgment by a court against

a person as a ``youthful offender'' under any youth offender law, or

any adjudgment as a ``juvenile delinquent'' by any court having

jurisdiction over minors as defined by state law does not require an

application. Such adjudications are not considered convictions for

criminal offenses.

(5) De minimis Offenses. Approval is automatically granted and an

application will not be required where the covered offense is

considered de minimis, because it meets all of the following criteria:

<bullet> There is only one conviction or program entry of record

for a covered offense;

<bullet> The offense was punishable by imprisonment for a term of

less than one year and/or a fine of less than $1000, and the individual

did not serve time in jail;

<bullet> The conviction or program was entered at least five years

prior to the date an application would otherwise be required; and

<bullet> The offense did not involve an insured depository

institution or insured credit union.

Any person who meets the foregoing criteria shall be covered by a

fidelity bond to the same extent as others in similar positions, and

shall disclose the presence of the conviction or program entry to all

insured institutions in the affairs of which he or she intends to

participate.

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Posted

Don't have a problem with the rules. Just the hypocrisy of how they are applied within the industry.

After the biggest global financial meltdown in over 70 years, the TBTF Bankers are still employed and being paid record amounts.

None of the leaders of these institutions have been brought to justice for defrauding customers and none likely ever will be.

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Posted

Oh no, not Des moines!!! What will Iowa do??!?

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