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


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#1 pstall

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Posted 28 August 2012 - 07:15 PM

Glad to see Wells going after those folks who are criminals and costing taxpayers so much.

Wells Fargo Home Mortgage (WFC) has fired a Des Moines worker over a 1963 incident at a Laundromat involving a fake dime in the wake of new employment guidelines.










http://finance.yahoo...1963-crime.html

#2 Darth Biscuit

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Posted 28 August 2012 - 07:30 PM

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

#3 SZ James (banned)

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Posted 28 August 2012 - 07:36 PM

I guess you could say he was-

Money laundering.

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(1.5/10)

#4 pstall

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Posted 28 August 2012 - 07:36 PM

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

#5 cookinwithgas

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Posted 28 August 2012 - 08:38 PM

Deregulation is the only answer

#6 NanuqoftheNorth

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Posted 28 August 2012 - 09:12 PM

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

#7 pstall

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Posted 28 August 2012 - 09:18 PM

Deregulation is the only answer

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

#8 cookinwithgas

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Posted 28 August 2012 - 09:22 PM

It would be a pretty weak case.

#9 pstall

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Posted 28 August 2012 - 09:26 PM

Then don't mention deregulation.

#10 CarolinaSock

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Posted 28 August 2012 - 09:35 PM

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.

#11 NanuqoftheNorth

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Posted 28 August 2012 - 09:50 PM

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.

#12 Mayor Qumiby

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Posted 28 August 2012 - 10:02 PM

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

#13 Davidson Deac II

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Posted 29 August 2012 - 05:33 AM

Definitely the Governmnets fault.

That being said, at 68,. he should have just been allowed to retire. But he should be able to keep his 401k and pension.

#14 MadHatter

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Posted 29 August 2012 - 08:42 AM

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


Exactly. These actions are in direct response to the new guidelines that the gov't and FDIC have enacted.

#15 CarolinaSock

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Posted 29 August 2012 - 12:05 PM

I guess some of you didnt read what I got from the FDIC site. His crime meets all the requirements for it to be ignored. Wells Fargo is trying to pump up some publicity by blaming the regulations for forcing them to do this so they can get people against the regulations. Its all a crock just to get some sympathy just because they are actually being some what watched over instead of doing what ever they want with no consequences.


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