Re d: 5, 300 Wells Fargo employees fired over 2 million phony accounts

["David Farber" <farber () gmail com>]

Begin forwarded message:

From: Joe Crawford <joe () artlung com>
Subject: Re: [IP] Re d: 5, 300 Wells Fargo employees fired over 2 million phony accounts
Date: September 13, 2016 at 1:01:34 PM EDT
To: dave () farber net

For IP if you wish:

Also apropos:"Time to unionize customer-facing bankers"  
https://mathbabe.org/2016/09/09/time-to-unionize-customer-facing-bankers/ 
<https://mathbabe.org/2016/09/09/time-to-unionize-customer-facing-bankers/>

But as many have pointed out, including Naked Capitalism[1], this is really not about low-level workers. It’s about 
ridiculous and unattainable sales quotas imposed on bankers, and then a complete disregard for the knock-on effects of 
those stupid quotas.

The fact that so much fraud went on so widely means that either the top dogs knew about it and didn’t care (I’m voting 
for this – after all the high pressure sales tactics were probably profitable overall even with this $185 fine) or that 
they had entirely insufficient controls and didn’t know about it. Either way they’re idiots, and it’s outrageous that 
only the underlings were fired, and not the management. For that matter the person who came up with rigid sales quotas 
without thinking for five minutes about what would happen next needs to get canned.

Oh wait, I just remembered: the lowest paid bank workers, who really work for very little money[2] under tremendous 
pressure, have very little power. It’s time they form a union. This is not a new idea[3], but it’s never been more 
obvious.

[1] "Wells Fargo Fined $185 Million for Opening Phony Customer Accounts, Charging Fees Without Consent; Executives Go 
Scot Free" -- September 9, 2016 -- 
http://www.nakedcapitalism.com/2016/09/wells-fargo-fined-185-million-for-opening-phony-customer-accounts-charging-fees-without-consent-executives-go-scot-free.html
 
<http://www.nakedcapitalism.com/2016/09/wells-fargo-fined-185-million-for-opening-phony-customer-accounts-charging-fees-without-consent-executives-go-scot-free.html>

[2] "Bank Teller Salaries" https://www.glassdoor.com/Salaries/bank-teller-salary-SRCH_KO0,11.htm 
<https://www.glassdoor.com/Salaries/bank-teller-salary-SRCH_KO0,11.htm>

[3] "Unions Try to Get Between Banks and Their Customers -- An international labor group brings its campaign to curb 
sales quotas to the U.S." -- March 19, 2015  
--http://www.bloomberg.com/news/articles/2015-03-19/union-seeks-to-shield-bank-workers-from-sales-quotas 
<http://www.bloomberg.com/news/articles/2015-03-19/union-seeks-to-shield-bank-workers-from-sales-quotas>

> From: Dan Gillmor <dan () gillmor com <mailto:dan () gillmor com>>
> Date: September 13, 2016 at 11:53:54 AM EDT
> To: dave () farber net <mailto:dave () farber net>
> Subject: Re: [IP] Re d: 5, 300 Wells Fargo employees fired over 2 million phony accounts
>
> There is evidently no crime a banker can commit that is serious enough
> to warrant prosecution, much less jail time, if it's one of the "too big
> to fail" banks. Obama's legacy will include the poisonous effects of
> rewarding, not punishing, the criminals who looted the world for
> trillions and nearly crashed the global economy.




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