Thursday, September 8, 2016

Warren Buffett's Wells Fargo

May 21, 2016
The Motley Fool: 5 Warren Buffett Quotes About Wells Fargo

The real insight you get about a banker is how they bank. You've got to see what they do and what they don't do. Their speeches don't make any difference. It's what they do and what they don't do. And what Wells Fargo didn't do is what defines their greatness. - Warren Buffett

Hey, Warren. Here's something my bank didn't do.

September 8, 2016
USA Today: Wells Fargo fined $185M over unauthorized accounts

"Wells Fargo built an incentive-compensation program that made it possible for its employees to pursue underhanded sales practices, and it appears that the bank did not monitor the program carefully," said CFPB Director Richard Cordray. "Thousands of bank employees found ways to game the system by secretly signing up existing clients for new services that were never requested. They misused consumer names and personal information to create new checking and credit card accounts to inflate their sales figures to meet their sales targets and claim higher bonuses."

Congratulations to Wells Fargo. Your fraud and theft actually enticed me to post. I now exit stage left, back into the shadows. Who knows what will prompt me to post again? Jail time for all the criminals involved? Yeah, right. Hahaha! Sigh.


mab said...

Buffett had nothing but kind words for Goldman Sachs and Lloyd Blankfein during the financial crisis too.

Buffett is a big phoney. During the financial crisis he commented on tv that if the Gov't and the Fed hadn't bailed out the system he would have been looking for work. And after Berkshire received a bailout and then profited enormously (with insider knowledge of bailouts imo) his partner Charlie Munger said ordinary Americans should stop complaining and suck it up. Sages for the ages!

And that bit where Buffett sat behind Hillary while she dumped on Trump! And then he shamelessly linked Trump to Mcarthyism by questioning Trump about having no decency! As if Buffett has decency "left"!

Tinfoil hat time - Great investor or CIA/deepstate propaganda show-piece?

Stagflationary Mark said...

Power tends to corrupt, and absolute power corrupts absolutely. Great men are almost always bad men. - Lord Acton

No matter who we pick for president, I believe things will continue to darken over the long-term. Sigh.

I guess I just prefer to see the dark side of things. The glass is always half-empty. And cracked. And I just cut my lip on it. And chipped a tooth. - Janeane Garofalo

And on that note, my girlfriend's dad passed away this summer, followed shortly by Honey, our dog.

I walked 400+ miles in just 35 days to work off some of the sadness, but I overdid it and now my feet are both too sore and too numb to do almost any exercise at all. Sigh.

2016, what a year.

Mr. Slippery said...

Yeah, large banks are STILL government sanctioned criminal enterprises.

James Comey, current FBI Director was on the board of HSBC until 2013. HSBC is one of the worst global criminal offenders.

It's so sad and so blatant, it has become a joke. Wink, wink, nod, nod, know what I mean?

Stagflationary Mark said...

Know what I mean? Know what I mean? Nudge, nudge. Wink, wink. Say no more.

Can always "bank" on Monty Python for a laugh. ;)

dearieme said...

"Great men are almost always bad men."

Happily Mr Trump is not a great man.

Stagflationary Mark said...


He has "an irritating or unpleasant effect" on me. Perhaps he's a grate man.