Some hot Sen. Warren on Wells Fargo CEO action...

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Fenixgoon

Lifer
Jun 30, 2003
31,463
9,779
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So 5300 employees decided on their own to execute the same type of fraud on their customers? Policy comes from the top but only the lower level employees paid a price.

just like a few rogue VW engineers decided to develop a cheat to diesel emissions! amiright?
 

glenn1

Lifer
Sep 6, 2000
25,383
1,013
126
I see you are back to stupid again.

Literally in this very same thread:

I'm fine if she gets them released as government records should always be available to the public except under very limited circumstances and investigation of the 2008 financial crash isn't one of them. Still doesn't mean that any meaningful prosecutions of senior bank execs are forthcoming though because there's nothing to charge them with. It was a systemic failure where there wasn't a specific rule or regulation that was broken that you could indict them on. I know that lots of folks want very much to have a scapegoat for things like this but the facts don't support that it was just the fault of CEOs whether from action or inaction.
 
Nov 8, 2012
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Ehhh... I personally find her a bit over the top and inflammatory. I think she's a bit too much about sound bites and fanning the flames of outrage than coming up with actual, practical solutions. Like most people in Congress, really.

In that clip she basically excuses the actions of the lower-level employees completely, and stating that the CEO should be criminally investigated is a bit much (in this particular case).

Completely agree. Just like millenials and this generation... Great at bitching about problems, HORRIBLE about resolving problems. At the end of the day the CEO chuckles immediately afterwards and fans himself with a bunch of $100 bills. No action = No resolution.

Make sure to flip some more houses after some poor folks get evicted and are now living on the streets to make a quick buck ol' Warren. You are SOOO classy.
 

Fenixgoon

Lifer
Jun 30, 2003
31,463
9,779
136
Completely agree. Just like millenials and this generation... Great at bitching about problems, HORRIBLE about resolving problems. At the end of the day the CEO chuckles immediately afterwards and fans himself with a bunch of $100 bills. No action = No resolution.

Make sure to flip some more houses after some poor folks get evicted and are now living on the streets to make a quick buck ol' Warren. You are SOOO classy.

it's difficult to do something when that requires other people to sign on board. unilateral action is easy. getting a group, especially a large one in the case of the house, to do anything, is difficult.
 

glenn1

Lifer
Sep 6, 2000
25,383
1,013
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it's difficult to do something when that requires other people to sign on board. unilateral action is easy. getting a group, especially a large one in the case of the house, to do anything, is difficult.

So you're saying she lacks leadership skills or the ability to influence. Those are sorta key attributes for a politician to possess don't you think?
 

K1052

Elite Member
Aug 21, 2003
45,793
32,492
136
So you're saying she lacks leadership skills or the ability to influence. Those are sorta key attributes for a politician to possess don't you think?

How, pray tell, exactly should she show more "leadership" to get a GOP controlled house and senate to enact more reform? I hear this criticism a lot but nobody can manage to articulate precisely how more "leadership" should be shown to effect change when working inside a system that is very much not about change and significantly limits the power of any individual or non majority group.
 

hal2kilo

Lifer
Feb 24, 2009
23,279
10,192
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How, pray tell, exactly should she show more "leadership" to get a GOP controlled house and senate to enact more reform? I hear this criticism a lot but nobody can manage to articulate precisely how more "leadership" should be shown to effect change when working inside a system that is very much not about change and significantly limits the power of any individual or non majority group.
Really, the whole point of the Senate is that the founding fathers still thought the elites should slow down the passions of the peoples house.
 

glenn1

Lifer
Sep 6, 2000
25,383
1,013
126
How, pray tell, exactly should she show more "leadership" to get a GOP controlled house and senate to enact more reform? I hear this criticism a lot but nobody can manage to articulate precisely how more "leadership" should be shown to effect change when working inside a system that is very much not about change and significantly limits the power of any individual or non majority group.

Same way any other bill proposed by a member of the minority party gets passed. Chuck Schumer is a Democrat and he just got a bill passed into law recently. Same way Democrat Matt Cartwright proposed and got passed a bill passed recently. Feel free to look up many more examples for yourself at Obama's official website: https://www.whitehouse.gov/briefing-room/signed-legislation

So you tell me why others are able to do so yet Warren can't? Is it because her ideas are terrible, her influencing skills are non-existent, or both? IMHO both is the proper answer.
 

K1052

Elite Member
Aug 21, 2003
45,793
32,492
136
Same way any other bill proposed by a member of the minority party gets passed. Chuck Schumer is a Democrat and he just got a bill passed into law recently. Same way Democrat Matt Cartwright proposed and got passed a bill passed recently. Feel free to look up many more examples for yourself at Obama's official website: https://www.whitehouse.gov/briefing-room/signed-legislation

So you tell me why others are able to do so yet Warren can't? Is it because her ideas are terrible, her influencing skills are non-existent, or both? IMHO both is the proper answer.

I'll take moving the goal posts for $500, Alex. First it's her "leadership" but now it's her "terrible ideas".

Though you're closing in on explanation in a round about way. Congress has no appetite for additional financial regulation while under Republican control. Simply showing more "leadership" isn't going to do anything more for her than Obama who is also critiqued for not showing more "leadership". Indeed the GOPs' attempts to kill Dodd-Frank and the CFPB is a matter of extensive record. It's a totally bs argument that ignores political reality but it sounds good to the rubes.
 

glenn1

Lifer
Sep 6, 2000
25,383
1,013
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I'll take moving the goal posts for $500, Alex. First it's her "leadership" but now it's her "terrible ideas".

Though you're closing in on explanation in a round about way. Congress has no appetite for additional financial regulation while under Republican control. Simply showing more "leadership" isn't going to do anything more for her than Obama who is also critiqued for not showing more "leadership". Indeed the GOPs' attempts to kill Dodd-Frank and the CFPB is a matter of extensive record. It's a totally bs argument that ignores political reality but it sounds good to the rubes.

You seem to have a problem distinguishing financial regulation from legal accountability. Consent rules for opening accounts is already covered by regulations, adding more wouldn't help. What you and her seem to be implying you want is to change the laws for when corporate executives are legally accountable for the acts of their employees which is an entirely different thing then financial regulation. It would also mean that executives of Democrat favored industries would also be subject to higher liability standards as well as industries that Democrats love to hate.
 

pauldun170

Diamond Member
Sep 26, 2011
9,133
5,072
136
What occurred at Wells Fargo was ridiculous and it's congresses duty to insure that laws are in place to prevent it from happening again. Sure some of these hearings are about show boating but thats the only way US voters respond.
The work behind the scenes to close any gaps in the law in order to prevent shit like this is immense and requires a lot of boring negotiation and footwork.
To the average voter, the real work is meaningless. They demand the soundbite in order to have confidence legislatures do anything that they will completely forget about.

The culture at Wells Fargo is something that flows down. CEO is sets that and its the team established by the CEO that puts that into place.

Having said that, this is a sign of a bigger problem and that's the shitstorm occuring in the financial industry. Bubble is popping.
Some of the numbers are 35% decline in workforce, massive offshoring impacting everything from the big names to local credit unions. Low rates, changes in tech and a flood of competitors have pretty much caused a big load of hurt on retail banking.
Some institutions are dealing with that pressure while maintain ethical behavior and practices.
Other places like Wells Fargo are not.
 

fskimospy

Elite Member
Mar 10, 2006
83,613
47,222
136
What occurred at Wells Fargo was ridiculous and it's congresses duty to insure that laws are in place to prevent it from happening again. Sure some of these hearings are about show boating but thats the only way US voters respond.
The work behind the scenes to close any gaps in the law in order to prevent shit like this is immense and requires a lot of boring negotiation and footwork.
To the average voter, the real work is meaningless. They demand the soundbite in order to have confidence legislatures do anything that they will completely forget about.

The culture at Wells Fargo is something that flows down. CEO is sets that and its the team established by the CEO that puts that into place.

Having said that, this is a sign of a bigger problem and that's the shitstorm occuring in the financial industry. Bubble is popping.
Some of the numbers are 35% decline in workforce, massive offshoring impacting everything from the big names to local credit unions. Low rates, changes in tech and a flood of competitors have pretty much caused a big load of hurt on retail banking.
Some institutions are dealing with that pressure while maintain ethical behavior and practices.
Other places like Wells Fargo are not.

And the federal agency that caught this is the CFPB, an agency that conservatives say shouldn't exist.
 

zinfamous

No Lifer
Jul 12, 2006
110,481
29,051
146
So you're saying she lacks leadership skills or the ability to influence. Those are sorta key attributes for a politician to possess don't you think?

How is one expected to influence the current crop of petulant children that the GOP has stacked in Congress? One response has been to legislate through executive action when such children refuse to do their jobs--you know, leadership--but the very same detractors now call such actions "unconstitutional" or "tyrannical," despite the fact that such charges are false because of, well, powers granted by the constitution.
 

glenn1

Lifer
Sep 6, 2000
25,383
1,013
126
And the federal agency that caught this is the CFPB, an agency that conservatives say shouldn't exist.

I don't particularly care one way or the other if it exists. Now that the regulatory gap has been identified you could devolve management of those oversight responsibilities to other agencies if you wished to. And if you do keep the CFPB then I don't think it's heresy to consider whether it should fall under another agency for Congressional oversight (e.g. the OCC, etc.) or have a non-appropriated funds budget.
 

fskimospy

Elite Member
Mar 10, 2006
83,613
47,222
136
I don't particularly care one way or the other if it exists. Now that the regulatory gap has been identified you could devolve management of those oversight responsibilities to other agencies if you wished to. And if you do keep the CFPB then I don't think it's heresy to consider whether it should fall under another agency for Congressional oversight (e.g. the OCC, etc.) or have a non-appropriated funds budget.

Sure you could put those responsibilities to other agencies, but the CFPB seems to be working fairly well so far so my inclination would be to not mess with what is working. I think it's perfectly reasonable to debate how it is overseen, funded, etc.
 

Darwin333

Lifer
Dec 11, 2006
19,946
2,328
126
I'm fine if she gets them released as government records should always be available to the public except under very limited circumstances and investigation of the 2008 financial crash isn't one of them. Still doesn't mean that any meaningful prosecutions of senior bank execs are forthcoming though because there's nothing to charge them with. It was a systemic failure where there wasn't a specific rule or regulation that was broken that you could indict them on. I know that lots of folks want very much to have a scapegoat for things like this but the facts don't support that it was just the fault of CEOs whether from action or inaction.

Complete and total bullshit.

The CEO from a (then) major national bank admitted to fraudulent behavior in freaking testimony before Congress. They knew damn well that they were selling dog turds dipped in chocolate with a sticker slapped on it saying that it was pure Godiva, that is called fraud my friend.