Podcast appearances and mentions of carrie tolstedt

Boeing hid information regarding the MCAS software from its 737-Max flying manual to short circuit the certification. Boeing's cheating cost 346 lives across 2 plane crashes.  Volkswagen had a cheat device software in its diesel cars to circumvent the NOX level requirememts in the US and the EU. Wells Fargo opened millions of bank accounts without customer consent. Is there a pattern across these three cheating scandals?

Wednesday June 7, 2023 SEC Settles with Former Wells Fargo CEO Carrie Tolstedt

In a comprehensive enforcement action, the Office of the Comptroller of Currency (OCC) announced a $17.5 million settlement with former Wells Fargo Bank CEO John Stumpf for his  role in the sales practices misconduct scandal. In addition, the OCC announced settlements with two other Wells Fargo executives: (1) Hope Hardison, former Chief Administrative Officer and Director of Human Resources, Cease and Desist Order and $2.25 million civil money penalty; and (2) Michael Loughlin, Chief Risk Officer, Cease and Desist Order and $1.25 million civil money order. In addition to the specific settlements, the OCC initiated penalty notices against five former Wells Fargo officials, including: (1) Carrie Tolstedt, Head of the Community Bank, Prohibition Order and $25 million civil money penalty; (2) Claudia Russ Anderson, Community Bank Group Risk Officer, Prohibition Order and $5 million civil money penalty; (3) James Strother, General Counsel, Personal Cease and Desist Order and $5 million civil money penalty; (4) David Julian, Chief Auditor, PC&D Order and $2 million civil money penalty; and (5) Paul McLinko, Executive Audit Director, PC&D Order and $500,000 civil money penalty. The facts outlined by the OCC in the enforcement actions paint a damning picture of misconduct.   In this Episode, Michael Volkov takes a deep dive into the scandal and the OCC's enforcement action.  

Jason Burack of Wall St for Main St and independent financial journalist and managing editor of The News Doctors, Eric Dubin are back for (a redo) of Episode #28 of Welcome to Dystopia. Please check out the high quality men's dress shoes and boots from our sponsor, Grant Stone Shoes https://www.grantstoneshoes.com/. If you like the shoes, enter promo code "silver" for a 10% discount! Jason and Eric start off this show by discussing the correction in precious metals markets, and what may stop the correction? Next, Jason and Eric talk about the 2nd and 3rd US Presidential debates and how close the race is to the finish line between Donald Trump and Hillary Clinton. Jason and Eric discuss why many college educated Progressives/Democrats are ignoring mountains of evidence from Wikileaks and others about the corruption of Hillary Clinton. Are you glad the election and media circus is almost over? Scumbag Nominees: 1) George Soros- For paying to start race wars and plundering poor and middle class Americans while he pays $$$ to divide and conquer the US among gender, age, class and racial lines. 2) Carrie Tolstedt- former Wells Fargo Bank executive who made over $125 million in salary and bonuses while setting up a culture of pervasive fraud at the bank. Over 5,000 employees participated in the fraud and created 2 million fake accounts to generate higher commissions to meet sales quotas and to get promotions and bonuses. Older people and uneducated people were intentionally targeted as potential victims. 3) CNN or the Clinton News Network for lying and telling regular Americans that it's illegal for them to go to the Wikileaks website and read the Podesta emails. http://www.againstcronycapitalism.org/2016...

Learn why the scandal at Wells Fargo is even worse than you’re hearing. Have you checked out the Creating Wealth podcast yet with Jason Hartman? It’s full of amazing information and over 700 podcasts about real estate investing. If you like this podcast, you’ll like that one too. http://bit.ly/wealthpod It’s listener question Friday and one of our listeners asked: Do you think the penalties were big enough for Wells Fargo? The media reports the Wells Fargo fraud as “you received an extra account.” Ah no, that’s not what happened. Money was taken out of accounts without customer permission to create bogus accounts. Fees were charged in the new accounts. Loans were generated without asking, effecting credit scores negatively. Senate Banking Committee hearing last week into the bank’s sales tactics, which earlier resulted in a $185 million fine and regulatory action. During his appearance before that panel, Mr. Stumpf and the bank were roundly criticized for firing 5,300 employees over five years, yet taking no action against top executives. As many as two million accounts were opened using fictitious or unauthorized information. Clients of mine have found that they have 2 - 3 more accounts than they thought they had. They aren’t showing up on the computer. One person lost a business loan because of Wells Fargo. The first class action lawsuit has been filed. IMO, much more will come of this. No executive in the C-suite has lost their job. Only employees doing what they were told. They did announce millions of dollars in stock options would be forfeited. CEO John Stumpf to forfeit $41 million in unvested equity awards, forgo salary during investigation; former retail banking head Carrie Tolstedt to forfeit $19 million in unvested equity awards The female exec in charge is retiring with over $100 million. The CEO has not taken responsibility, but will give back $40 million in options. There are reports by whistleblowers that they were fired for reporting illegal practices. The illegal activities weren’t even caught by Wells Fargo auditors! It was caught by a reporter. This has continued, undetected by senior management, so they say, for several YEARS. This is THE most egregious act of fraud I have ever seen in my life. The harshest penalties should be charged for people who take money out of your account without authorization. This has gone on years after they caught it. I strongly suggest you close your account if you bank there and move to a credit union or small town bank with more integrity.

John Stumpf, CEO of Wells Fargo, faced another round of criticism, outrage and anger during a Congressional hearing Thursday. It was his second trip to Capitol Hill after the bank agreed to pay $185 million to settle accusations it had engaged in illegal banking activities — specifically, opening more than 2 million accounts on behalf of customers without their knowledge. The bank continues to deny any wrongdoing, but Stumpf is now forfeit $41 million in stock awards and any bonuses this year. Carrie Tolstedt, the executive who ran the branch in question and retired this summer with $124.6 million in stock and options, will have to give up $19 million in stock awards. This week on Money Talking, Rana Foroohar, author of "Makers and Takers: The Rise of Finance & the Fall of American Business" and Sheelah Kolhatkar, staff writer at The New Yorker, take a second look at the increasing anger towards the bank and its consequences.

Another bank is in the headlines, paying millions of dollars in fines to settle charges of illegal banking practices. This time, it’s Wells Fargo. According to the Consumer Financial Protection Bureau (CFPB), employees at the bank opened accounts and applied for credit cards in the name of existing customers for years without their consent. Wells Fargo didn't admit or deny wrongdoing, but it will pay $100 million in fines to the CFPB — the largest penalty the federal agency has ever imposed. It will also pay an extra $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles, according to an CFPB statement. The fines amount to a bit more than the $124.6 million in stock and options Carrie Tolstedt, the former executive who headed the unit under question, left with when she retired this summer. Now the bank is reported to be facing investigations by the U.S. Attorneys in New York and California. And CEO John Stumpf is to testify before the Senate banking committee next week. This week on Money Talking, Rana Foroohar of Time Magazine and Sheelah Kolhatkar of The New Yorker look at what Wells Fargo's behavior says about the country's banking culture and what repercussions there could be for the financial sector.