I got TRUMP as the second most detestable politician in US history and have been advocating Hillary to every idiot friend of mine who wants to vote 3rd party because they hate both so no, I don't take TRUMP's terrible ideas lightly.

"Eight cause it is great" is also making me reconsider if this guy was involved.

Jesus what an terrible thing to say.

The best way to fix things involves gathering ALL the facts, providing full restitution to customers (including figuring out how to repair customers' credit for hard pulls on credit reports and unwanted cards plus obviously monetary restitution), and then putting in place a plan to make sure there are no perverse incentives going forward and is significantly improved internal control. This is best done from the inside and not from Washington.

in addition to the below I have also said its reasonable to fire him and clawback his pay so not sure where you think I am saying he is definitely qualified to run the company.

time for fed minutes...

maybe Yellen will go up 3% and prove to TRUMP that she's independent

The historically elite record of financial institutions regulating themselves is what gives you this degree of confidence?

FREE THE MARKETS yo, everyone's solid

Yeah guys, Wells Fargo upper management had NO IDEA what's going on: http://money.cnn.com/2016/09/21/inve...nts/index.html

Of course Occam's Razor says they knew exactly what was going on, the level of logical contortions some of you have to go through to deny that should be a giveaway.

In before, well don't be late if you don't want to get fired.

we aren't talking regulation. Here is the thing about regulation that comes from Washington, it puts constraints on a lot of legitimate business but doesn't stop outright fraud or underhanded business dealings. The more laws they write the more ways lawyers and others inside large banks or financial institutions are going to find to "beat" these laws and make money in a manner that is not available to most clients and does not benefit the public at all.

Fixing fraud isn't a regulatory issue. What they've done is illegal and that's very clear. There is already regulation in place to stop this and it didn't work.

I mean he's right but obviously it can never be done that way because of conflicts of interest.

But when regs are being put in place there's a ton of SEC/CFTC asking us "does this work?!" to which we say "no, this this and this doesn't work".

Then they'll do something ******ed anyway, realize how ******ed it is and issue a no action letter the next day.

At the end of the day, at least wrt finance crap, the people working for the govt are working for the govt because they aren't smart enough to work in the private sector. If there's a superstar lawyer at the CFTC a bank just throws a ton of money at them. Not saying every single person there is dumb but definitely the vast majority.

sounds like a case for an employment lawyer. To my untrained eye it seems as if Wells Fargo is in the wrong here.

Just when I think you can't possibly make a worse post... amazing.

I think some of you are missing the point that Warren's grandstanding a) re-invigorates the general public to think that just maybe the deck isn't completely stacked against them and someone is out there fighting for them, and b) as a deterrent to pulling the kind of **** Stumpf just did. Hell knows the financial penalties or lol criminal prosecution is zero deterrent. Maybe getting dressed down in front of anyone is.

You all just want to focus on the detailed technicalities of everything she says. Like disko said, that's probably not that important because no one who's not a bonafide expert is going to get that right anyway. She's still doing doing a very valuable service imo.

Whoa slow down there buddy until we have all the facts. No point throwing out harsh condemnations yet.

Yeah I'm obviously aware of this, as a lot of my college buddies are hedge funders on the NYC 200k/yr private-school-for-their-six-year-old treadmill and tell me the same things. I'm not saying I have an easy solution either, for whatever it's worth, but CDL's solution to "let the same people who broke it last time fix it this time" can't really be the solution.

here's the thing, the details of what she says ABSOLUTELY matter because she is the one beating the war drum just as you say. If she wants to be the face advocating for the public then she needs to get the facts right. If she had the facts right and came up with proposals that wouldn't be abject disasters then I wouldn't take issue with her. However, even my limited experience in the industry and light academic background is plenty for me to see a myriad of holes in every single regulatory idea she has ever pushed for in the finance industry.

You want no one to beat the war drum. I don't accept that. This bull**** needs to be called out. Public shaming is literally the only weapon left.

wide-scale fraud, bad for the board

the retail department is dreck, try firing the exec

About a month ago I said screw this, I'll be a better human being if I pretend that a POTUS race isn't going on. Also, football started which thankfully is much more enjoyable to follow.

That being said, am I going to win my Hillary -200 bet or Trumpening is a go?

if our customers are fake there's less money to take

If a building collapses without something triggering the collapse its clear to everyone that it wasn't built well. However, when a new structure goes up in its place I would still prefer the next version to be designed by an architect, tested by a structural engineer, and built by construction workers. You wouldn't want an accountant designing it, a computer science person testing it, and a lawyer building it.

Politicians have shown time and time again that they have no ****ing idea what is going on in the financial industry as a whole (and to be fair neither does anyone in the financial industry as it is insanely complex and specialized so its impossible to have both the necessary depth and breadth of experience to understand it fully). Thus, regulations would be best left to groups of experts who were formerly in the field, but now want to undertake public service.

Elizabeth Warren is certainly not one of these people.



To be clear, people who write the regulations should not be current industry insiders nor should they return to the industry in the future or write regulations in a manner that is meant to benefit their past colleagues and friends at the expense of the public. They also shouldn't be politicians who are too stupid to write good regulations and too arrogant to realize they don't have the know how to succeed in establishing a positive regulatory system.

Don't even worry about odds, there's so much opportunity for arbitrage betting with randoms who don't understand probability that if you are doing anything but free rolling on Election Day you've made a big mistake.

That being said most of my exposure is to brick and mortar casino degens and Internet strangers, so joke is prob on me at the end of the day lol

current account expansion, zero investor reaction

not

"when you first read an article about something you know well, you question everything you have ever read"

can someone give like 2 specific examples of proposed warren regulation ideas that are monumentally stupid for the rest of us non financial industry peons or is that too much to ask