That arbitration clause in most hiring and many other legal contracts.......hire and pay for the judge and cross your fingers, eh? You're on your own.
Now, if this situation becomes more in legal stature, say from a department(s) of the U.S. government; then the bandits, thugs, crooks and (insert your own proper word) may have a ride on the tiger's tail.
One may only hope.
And folks in high places wonder why so many Americans don't feel the positive magic of their country.
Warren! Come out of your warm nest and tell us what you think. Well, perhaps after a legal path is established for the bad kids on the West coast.
The 2nd link below is broad-based with numerous search choices.
Regards,
Catch
http://www.insurancejournal.com/news/national/2016/09/22/427206.htmhttps://www.google.com/?gws_rd=ssl#q=wells+fargo+clause+no+class+action+lawsuitBUSINESS PSYCHOPATH PROFILES
Comments
I see implications in every direction. Dennis Kozlowski? A $16,000.00 umbrella stand? How callous do you have to be to do this s***? And that sort of thing pales compared to the Wells mess.
Go straight in to 7:27 of the video. (Lewis Black.)
http://money.cnn.com/2002/09/17/news/companies/tyco/
Lots of morally outrageous stuff is perfectly legal to do. "Crime?" Nothing to do with it.
Note added ... BB&T was a home town bank that grew out of Wilson, NC now headquartered in Winston-Salem, NC which has grown thru the years becoming a large regional bank ... but, probally not is classified as to big to fail.
(BofA is also a home grown bank for you - Nations Bank adopted its name a after merging with it, the bank is still based in NC.)
"BB&T (Branch Banking and Trust) is one of the largest financial services holding companies in the U.S. with $221.9 billion in assets and market capitalization of $29.0 billion (as of June 30, 2016). Based in Winston-Salem, N.C., the company operates 2,249 financial centers in 15 states and Washington, D.C"
https://en.wikipedia.org/wiki/BB&T
Ranking of US banks by assets (June 2016) - BB&T is #14.
http://www.relbanks.com/top-us-banks/assets
Though it was sure a hell of a lot worse than a few bad eggs.
Most of the big banks now are ramping up their vibe and c/s and everything to a high polish. BoA is quite unbelievable, cordial, efficient, responsive, also following all the new 'know your customer' guidelines. I just got a 10y heloc there for the unbelievable fixed rate (moving w/ prime changes) of 2.665%.
BofA Preferred Rewards discounts: http://info.bankofamerica.com/preferred-rewards/details/
Sure a little cross selling, what could go wrong?
Hint: see Citibank, Chase, and yes, BofA as well as Wells Fargo.
WSJ - use top link:
https://www.google.com/search?q=Wells+Fargo+Isn’t+the+Only+Bank+That+Draws+Cross-Selling+Complaints&ie=utf-8&oe=utf-8
(Full disclosure: I also benefit from BofA's cross-selling. It lets me use their credit cards and get more back than they're earning on my use. Wouldn't use them otherwise. And don't use them for anything else.)
http://finance.yahoo.com/news/california-suspends-business-relationships-wells-184042660.html
Plus BoA mortgage.
Although I've never been cross-sold anything other than hit on for credit cards, which I probably would use if we did not get such high 'moneybacks' on Fido, Costco (both now visa) and the new Amex.
To me cross-selling is chiefly post-login popups.
ML is self-directed, zero-commish trading.
It was the local BoA branch manager who, when I went in, which I rarely do, to deposit a large check to lend to one of my kids from my FCU heloc (manager did not know that) who asked if I had looked into their new heloc rates. I had and they were higher slightly than my 3.5% or 3.75% FCU deal, whatever it was. She said 'Well, with your preferred this and that and auto-deduct paydown and blah blah yada Merrill, your rate will be much lower', and I said 'So it's a teaser rate?', and she said 'Let me put you on the phone with underwriting in North Carolina headquarters', and off we went.
It did entail a lot of documentation, being retired and freelancing. Taxes and more, IRAs. But man, such a deal.
I should draw the entire $300k and put it all on REXX and just watch. No, wait.
What's the Amex card?
The Travel Rewards card gives 1.5% + 50% bonus = 2.25%, vs. 2% for Fido.
No foreign exchange fee vs. 1% fee for Fido.
Fido is reputed to be subsidizing its branded card. So I figure that I'm getting more from BofA than they're making on me. TBTF - every little ding helps.
The Cash Rewards card gives you 1%/2%/3% (+50% bonus) = 1.5%/3%/5.25%.
So it generally beats the Costco card:
- 5.25% for gas vs. 4% with Costco card
- 3% for warehouse purchases vs. 2% with Costco card
- 3% for groceries vs. 2% with Fido card (1% with Costco card).
The BofA cards fall short on:
- restaurants: 2.25% (travel card) vs. 3% Costco card
- domestic travel: 2.25% (travel card) vs. 3% Costco card.
U.S. to Bar Arbitration Clauses in Nursing Home Contracts
NYtimes: http://www.nytimes.com/2016/09/29/business/dealbook/arbitration-nursing-homes-elder-abuse-harassment-claims.html
"With its decision, the federal agency has restored a fundamental right of millions of patients across the country: their day in court."
Same problem with their 401k. Mine happens to be with them. When you buy $1000 of a fund, they take previous days NAV, round it, then ask you for confirmation "do you want to invest $995.52" in FundX. You say yes. Basically you are saying yes to the number of WHOLE shares. Then what happens is the day the actually buy the fund, the amount that gets invested is based on the closing days NAV. So it could be more or less than $995.52.
So their systems are geared for Stock trading where one invests in 100, 200 shares and not mutual funds where one invests $1000, $2000. I tried to explain to them, but then gave up. Because their people probably went to IVY league schools and I'm the village idiot.
@msf, obvs I have not studied the 50% bonus thing.
Amex Blue 'everyday cash' or something like that is 3% for supermarkets.
Watching the televised hearings today, it appears the tables have turned and Wells Fargo attempted to stage the robbery.
On a more serious note, D&C is heavy into Wells' stock. It's the largest holding in their domestic stock fund (DODGX) at 3.6%. So far the funds haven't taken much of a hit. Holding-up well (no pun intended).
Well over TWENTY YEARS AGO my wife and I were informed of these practices at Wells Fargo. At that time we were in frequent communication with the financial advisor who first involved us with American Funds. (Yes, he told us about the front-load; yes, he told us about his ongoing commission.)
He also related to us, just in the way of general conversation, his experiences with having worked at Wells Fargo. After he was hired there as a broker, he was required to attend a lengthy "orientation" class. This was not at the "local" or "branch" level (as some recent Wells Fargo propaganda would have us believe), but was designed by and closely controlled from well up the bank's administrative chain.
It was made very clear to all that it was not only expected but REQUIRED that they cross-sell internal Wells Fargo financial products (funds, etc.) without consideration of suitability for the customer.
Unable to work in such an environment, he quit Wells immediately after the "orientation".
I find it very hard to believe that Warren Buffett or someone high in Berkshire, after due diligence, did not have some clue as to this company's lack of ethics. I find it impossible to believe that a schmuck like me could be aware of this ongoing situation, but that no one in a responsible government oversight role was.
This is NOT some recent problem at Wells Fargo: this is a festering escalation of a cynical and unethical sales mentality which has been active at Wells for a very long time. And now everyone is "surprised" and "disappointed" if not "outraged". And Warren is suddenly very quiet.
Right.
Mr. Stumpf, when asked, in congressional testimony (today at 3:30pm); will you (Wells Fargo) remove the "forced arbitration" clause from fired employee contracts. Reply = Yes, and we will pay for the mediation process. Will you allow them (read, fired employees) their day in court (read, class action lawsuit)? No ! This last reply required a redo of the same question.
The above is not word for word, but a close match.
Regards,
Catch
Like a high school debater, Stumpf was answering the question he wanted asked, not the question that was asked.
The question he wanted to answer was: will you force people into arbitration? His response: No, we can use mediation instead. That doesn't answer the question: will you let people take this to court?
With mediation as an alternative, he is not forcing arbitration. But he's not saying "yes" to the underlying question: will allow the individual to choose the alternative to arbitration? Will you allow people their day in court if they so choose?
I think the Treasury Dept. should do the same thing as HHS did in forcing nursing homes to allow suits. If banks want to be chartered by the Federal government, they must allow suits by employees and customers.
http://www.nytimes.com/2016/09/28/business/wells-fargos-critics-aim-a-salvo-at-its-board.html
And Stumpf is such a liar. I'm nearing the PRBLX decision. Part of their gig is to at least notionally check into board meetings' decisions and outcomes, insofar as knowable.
That would include PRBLX (but not Vanguard and others).
Stumpf kept saying at the hearing that he serves at the pleasure of the board. Seems it doesn't take much to please them.
Thanks for note on PRBLX trying to force indy chair. I just put in sell orders on all of our holdings, not small (for us). I can deliberate further during the day tomorrow and cancel if I come to a different place. I am majorly pissed at Parnassus.
Will Parnassus know why you are selling?
Have you considered an email to them regarding the reason for your decision?
Side note from me: I return the Chase Bank, etc., etc. type mail requesting to set up an account and write onto the form that they should not waste the money with marketing to me. Oh, yes; I still receive some mail of this type.
Also, the insert marketing (life insurance, etc.) that arrives with some of our mailed billing to our house. I return these with the bill. Hell, if they make me handle the paper, they'll handle it too. I've done this for 20+years. I've had one reply/request to not do this. I replied, "don't send the stuff". One may find wording on paper pay envelopes and bills to "ONLY" include the bill and payment slip and/or check.
Funny folks they be.........................but, if they don't know the reason for an action; the action is of little value.
Hey, good fortune to you.
Catch
Derf
If we had done this, would we not be prosecuted for fraud and/or some related charge?
I would suggest selling part of PRBLX holding and informing P about it. Give them a chance to eliminate WFC by themselves. It takes time to unwind position without finding suitable replacement and affecting share price which affects NAV.
Large positions (for us). All gone.
Will consider whether to put all into DSENX / DSEEX or something else.
Had not gotten response from them, so unfair in that sense. I think it was just seeing the historical reportage, which they surely should have delved on their own, what did it.
It was never their SR per se for me, and I am aware that morally this transaction is highly equivocal (to put it nicely). If CAPE had WFC as part of its monthly algorithm, so be it.
I just expected Parnassus to do a more scrupulous job conforming to / implementing their mandates.
WFC may not be toast but the class actions are going to be something. Having (say) your fico be majorly impaired because of something they did and you did not participate in in any way, shape, or form? Seriously? I can't wait to read their legal defense of that sort of thing.