The headline says it all Wells Fargo Customers May Never See Their Day in Court, Experts Say Link: NBC Business
The reason is simple; Wells Fargo employed the law firm of Dewey, Screwum, and Howe. These slick guys inserted a mandatory arbitration clause deep in the bowels of the bank’s fine print and weasel words so in order to open an account with the stagecoach bank you agree to “…mandatory arbitration contract clauses that protect banks from class-action suits.”
The short version is as a bank customer,” you have the right to remain silent…” because by opening an account you waive all your rights to legal protection.
Oh, lest you think this unique, go read your Internet service agreement or other consumer contracts. The software I’m using to write this blog is not mine even though hundreds of dollars were paid to acquire it. I don’t own the software, just a license to use it. It still belongs to Microsoft.
Like home ownership, much that you pay good money for is not really yours; you just use it at the pleasure of the King and his agents.
Veggie Tales has a movie called “The Pirates Who Don’t Do Anything” That is what I thought of when I read the latest message from the SEIU to it’s members:
On Oct.10, our bargaining team will return to the table. Our members have demonstrated their support of the bargaining team each week by staying visible; showing solidarity and committing themselves to continuing the fight.
SEIU has done nothing of substance to improve their position in negotiating with the State but they seem ready to declare victor—if they can get anything from the Brown Administration. Are they the Union that doesn’t do anything?
I received an email yesterday that concerns Measure M in Placer County. Coincidently, it is also a sales tax increase to fund transportation just like the one in Sacramento County. The old saying about following the money appears validated again.
I have analyzed the financial support for Measure M with Placer County so far and found the following from the main committee filings. Numbers are below. This leads me to the conclusion that developers have great hope of being subsidized by this tax increase. When some groups have put out $40-49k this early in the election, how many millions in tax breaks are they expecting, if this is approved? There are zero individual, concerned citizens who have donated to this measure. 93% of the donations are from the development industry and the rest are from the Roseville Chamber PAC, which arguably has a significant number of developers in it. In addition, Uhler’s phony League of Placer County Taxpayers (more developers) has been involved with robocall surveys to neighbors to support the measure. How is a tax increase in the interest of taxpayers!!!???? We need to get the word out to the community about who really supports this and why: Heavenly Valley LLC——————$1k Blackburn Consulting—————-$3k Roseville Chamber PAC———-$10k Westpark MPC5 LLC—————-$49k Placer Vineyards———————$40k Richland Developers—————$40k Y & C Transportation—————-$2.5k Total Contributions = $145.5k
The contents of the email appear to be spot-on in their analysis.
Loyal readers, as I am sure you have heard by now, the largest bank in the United States—by market value, Wells Fargo—just paid out a record $185 million dollars in both fines and penalties deriving from opening fraudulent accounts for their “customers.”
A common misconception about the banking industry is that you go to a teller window to open a new account or product at said bank. Tellers do not have the ability or access to your Sensitive Personal Information (SPI) only personal bankers (the people that work in cubicles they refer to as offices) have access. SPI is a term very common in the financial service industry. SPI refers to a customer or potential customer’s date of birth, driver’s license number, social security number, and wife’s maiden name, etc. We refer to this as sensitive because this information is what makes you unique in our country and these numbers are supposed to be kept confidential. I will lay out in this installment how the fraud went down, and an executive getting a large “golden parachute.”
The banking industry is notoriously low paying. Tellers usually start around $11 or so dollars an hour. Their only path to promotion is to become a personal banker. Once established at this level they might eventually venture off into mortgages, retirement accounts, insurance etc. Personal bankers may make around $14 an hour but usually get generous bonuses based on “multi-lining” or “upselling” as some call it.
X has had this happen to him before. I opened a checking account at Bank of America, and ended up leaving with said checking account as well as a savings account; nice job by the banker, likely netting him a fair bonus.
This is not what happened at Wells Fargo. You see, at Wells Fargo the bankers are put on strict quotas, and failure to hit “the numbers” each quarter results in no bonus, additional training and sometimes termination. Enter the fraudsters, every time a bonus exists people will naturally find a way to game the system. You would think only a small group of rogue employee’s right – say 10-15 companywide? Maybe a few more give or take? Try 5,300 folks, over a span of about five years! This is serial fraud, and should have ended up with a US attorney starting a federal investigation.
These “employees” (and I use that term very loosely) would open an account for a customer legitimately, then unbeknownst to the customer open several other accounts and even credit cards! Yes, that meant filling out and likely forging a signature for someone on a credit application. Even more appalling is the fraudsters changed the mailing address to various PO boxes so the customers never had any idea this fraud was going down. To make the whole situation that much more bizarre the customers were even charged fees associated with these accounts. Talk about arrogance, and extreme double dipping.
This type of fraud likely came from an intra company memo. I find it hard to believe 5,500 employees could all be on the same page as far as running a fraud scheme like this. These orders came from the top, more specifically the C-suite. I think the world’s most famous and well known investor was involved personally. Yes folks I am talking about the snake from Omaha, Warren Buffett. You see Buffet makes money based on how big his conglomerate (or as I call the USA’s first legal monopoly) does on investments, insurance and dividends from the companies he owns. Buffett—through Berkshire Hathaway—owns almost 7% of Wells Fargo Common Stock shares, or a measly 320 million shares of stock. Wells Fargo also pays a dividend and has been growing its disbursements over the years since the housing crash. Wells Fargo like most financial institutions reports earnings but also puts an emphasis on new accounts opened during the quarter. This is where the scam comes full circle, Buffett wants good earnings so his portfolio grows in value, the company wants more new accounts, and executives and employees get bonuses.
Warren Buffett with his Presidential Choice
So you tell me, you think only a few rogue employees were in on this fraud scheme? Well we know a vice president was canned over it; Carrie Tolstedt was terminated last week; however, for her expertise in running fraud schemes, she netted $125 million dollars in severance pay. Warren Buffett was behind or knew all about this.
X is writing a three part series and is going to continue to expose the serial fraud that the snake from Omaha is behind. Once you read what I have uncovered about this guy, it will likely change your mind. Warren Buffett—through his conglomerate—is a very horrible human being. Like the Robber Barons of old, he enriches his family and friends while screwing the common working man. All of this will be laid out in an in depth report likely worthy of a Pulitzer Prize—if only they were given to people with Conservative views.
Back to a serious note, what happened at Wells Fargo is extremely upsetting. An executive got rewarded, employees got paid bonuses for engaging in fraudulent activity, Buffett made millions, and common people got nothing except the privilege to pay bogus fees and fines to the bank. After the fraud was detected; Wells Fargo was fined a hefty sum, the federal government got their pound of flesh, the City and County of Los Angeles got their pound of flesh, but what did the common person who was a victim get? Oh that’s right a whole lotta nothing.
The Consumer Finance Protection Bureau was created to stop this kind of behavior, but nothing happened. When they were needed they were impotent to do their job. So what about the consumer?
Now eventually a class action lawsuit against Wells Fargo will happen and customers who were affected by this fraud will likely get a $10 rebate back for each $50 fee they were forced to pay, not exactly justice. Again, the lawyers will get more than the victims. But hey everyone important got paid in this scheme so maybe we just let it pass, right? Besides, Wells Fargo is too big to fail, or so we were told. Good Lord
This week’s message from the SEIU to state workers is stand strong.
Throughout California, Local 1000 members are purpling up and standing shoulder-to-shoulder to show the state we’re committed to fight for a contract we can all be proud of. We’re telling the state their current contract offer does not value or respect the services we provide and we won’t stop until we win a contract we can all be proud of. Link: Weekly update Sep 14th
Besides the obligatory slap at management this week, the item that really caught my attention is the section on rights. I get told what my rights are as someone involuntarily represented by SEIU but it got me to wondering. Let’s change the context slightly and see if I really have the rights SEIU is claiming.
I’m a Christian so do I have these rights too?
Support our God
You have the right to support our God and to express pro-Christian opinions to other employees and to management.
Wear our Christian colors
You have the right to wear buttons and stickers and to wear Christian clothing.
Display our Christian materials
You have the right to post and display Christian materials inside your workspace.
Distribute our Christian materials
You have the right to distribute Christian materials during non-work time.
Post our Christian materials
You have the right to display Christian materials on appropriate bulletin boards.
Attend our Christian meetings
You have the right to attend Christian meetings on nonwork time.
Somehow I think this is a one-way street.
If I were to offend someone with talk of Christ, I would get a stern talking to by my supervisor and told to cut it out.
If I involuntarily took money from my coworker’s desk it would be called theft but in government it is called a “fair share” payment to SEIU (“Fair Share” is 99.5 percent of what union dues cost.)
If I display too much Christian stuff and offend someone I would have to take it down but if I want to advocate socialism and statism then it’s my right; nay, my duty to do so.
So is working for the state a “hostile work environment”?
Here is a syllogism that should be in play in public discourse now and the fact that it’s not should worry some folks.
Given #1: Franklin Delano Roosevelt (FDR) was the most transformative President of the 20th Century. He expanded government more than any President in history. He is the modern idol of Liberal Democrats and Socialists in America.
Given #2: FDR was a man who suffered a debilitating disease and persevered to lead America thru the Great Depression and The Big War. Liberals often hold him up as a role model for handicapped people—except folks with Downs Syndrome which they universally wish to abort as soon as the amniocentesis test results are in.
Given #3: Hillary Clinton has some sort of disease that is making people think she can’t be President.
Given these three facts, why don’t we hear: Roosevelt was the greatest president and was battling the ravages of disease and Hillary is battling a ravaging disease and can be a great president too.
FDR from Wikipedia
Oh, wait. Nobody is making this claim.
Given the Democrat’s universal reverence for FDR and his legacy, why isn’t Clinton embracing her health issues and claiming that she is the female Roosevelt?
Why doesn’t she come clean about her health issues and say that despite her challenges she can lead America into eight more years of socialist paradise?
Instead we have the usual Clinton spin, misdirection, and disinformation. Anything but the truth seems to be their credo.
Many years ago, Bill Bright wrote the gospel tract, The Four Spiritual Laws. In this booklet he states “God loves you and has a wonderful plan for your life.”
The secular version of this is “Government owns you and has a plan to run every aspect of your life.”
The interesting thing about the ruling Elites, is that they seem to find a way to exempt themselves from the rules they impose on everyone else or at the very least, refuse to lead by example.
Here’s another case in point. The California Energy Commission is trying to roll-out energy efficiency standards on computers. Why, because of the myth of Global Warming.
LOS ANGELES (Reuters) – California regulators moved a step closer on Friday to the first mandatory U.S. energy efficiency standards for computers and monitors, gadgets that account for 3 percent of home electric bills and 7 percent of commercial power costs in the state.
The latest draft standards issued by the California Energy Commission, marking the second revision of rules first proposed in March 2015, would save consumers an estimated $373 million annually when fully implemented, the agency said. Link: California Energy saving rules on Computers
The practical effect California enacting these regulations is that it will impose a national energy standard on the entire United States. So what happened to the beloved Interstate Commerce Clause of the US Constitution?
The latest rules could set a new standard for computer manufacturers everywhere by virtue of California’s size as a consumer market.
Here is another unelected body making law with no accountability to the people. I find it ironic that government wants to tell everyone else what to do when they are doing the exact opposite.
Please note that at the agency where I work—the Department of Corrections and Rehabilitation—that we are instructed to leave our computers on during nights and weekends in case the IT department wishes to push out updates to our PCs. Also, please note that this rarely happens and the only thing keeping our network secure is an extensive array of firewalls because the desktop machines here rarely get security patches. For example, many users are running Internet Explorer 9, Java 6, and Adobe Acrobat 9. None of these programs is supported by their software companies because they are too old. All are riddled with known security flaws that could allow people to gain complete access to individual computers and possibly our network as well.
Just once it would be nice if government would lead by example instead of have one rule for themselves and a different one for everybody else.
As happens about every two years, the drain in the kitchen sink is plugged-up. As a result, cooking and washing dishes is all but impossible at the moment. The plumber can’t be here until tomorrow.
Please note that this is a good thing. If you need a guy to do work on your house and he can start immediately you should not employ them. Those with skills are in demand and those without are anxious to start now. Hiring second tier people in construction trades usually ends badly. They have your money and you have a partially completed project.
Since the kitchen is out of order, Mrs. ReallyRight said, I don’t want to cook so let’s go out. I agreed and suggested Chick-fil-A. Four of us trekked over to our local Chick-fil-A.
Here was our dine-in order:
• Chick-fil-A Sandwich
• Deluxe Chick-fil-A Sandwich
• Harvest Kale Salad
• Spicy Southwestern Salad
• Three large waffle fries
• Large Diet Coke
• Large Sprite
• Large Dr. Pepper
• Medium Diet Lemonade
Total Price $0.97
Yeah ninety-seven cents.
Every few months we get a cheap date by “going to see the cow”.
So how did I do it? Simple
• Three Calendar cards –this month is free large waffle fries and large drink
• Two Chick-fil-A customer surveys—each good for free entrée
• One free entrée card due to slow service on a previous visit
• Plus $1.29 remaining on my McAfee rebate card
This company rewards their regular customers and I’m glad they can help a family on a budget.
Fellow readers, X made the long drive from his underground bunker to meet the Blog Father, the great William, for lunch at an undisclosed location. Upon approaching the counter to place an order, both X and said Blog Father realized neither had a working credit card. Apparently both of us bank at Wells Fargo, or maybe Wells Fargo’s bankers bank with us? Anyway, we had to settle this one way or another. Since neither of us are republicans or CRA members and we wished a resolution and not a filibuster, we decided to play; rock, paper, scissors. The clash was epic! What started as best out of 3 eventually became best out of a 100. As the competition increased, the crowd was chanting, and people began placing side bets. This led to confrontations amongst the spectators. Glasses were thrown, a small child was hit by a cheese quesadilla, the margarita machine broke, and the salsa bar was in shambles! Finally X lost and was forced to pay the bill with an IOU, and his girlfriend behind the counter broke up with him!
Finally, the commotion settled down and we sat down for lunch. During our meal, the conversation turned to discussing the various bills making their way to Chairman Jerry Brown’s desk in Sacramento. One that stood out to both X and the Blog Father was a bill designed to force small businesses to set up retirement plans for their employees! By the way, California defines a small business as a shop with as many as 100 employees. Here is an excerpt of the bill,
California: Lawmakers just passed a bill that, if signed by Gov. Jerry Brown, will go into effect Jan. 1, 2017 and require a business with five or more workers, and no retirement plan, to participate in a new payroll-deduction savings program run by the state. The money will go into individual retirement accounts (IRAs) managed by a state-picked financial company. Larger companies with 100 or more workers will have to comply first. They will have one year from the time enrollment opens to sign up their workers or set up their own plan. Businesses with 50 to 99 employees will have two years after enrollment opens and small businesses with 5 to 59 workers will have three years to comply.
Yes this is the new Ponzi scheme to stave off bankruptcy folks. Just as state sponsored pension plans begin to dry up and ungrateful SEIU workers are threatening a strike and demanding a 22% pay hike, the state now wants to balance the budget literally on the backs of working people.
Anyone want to take bets on whether or not this money will be diverted to cover current pension costs? Social security redux is what X calls this.
But have no fear, the republican groups in California will take up our cause, right? If nothing else, they are the loyal opposition, aren’t they? Is the defense being led by the two idiot brothers with the no impact republicans? The State run California GOP? The do nothing group of clowns sometimes referred to as the TEA Party? Anyone in the assembly or state senate? Figures the CRA isn’t leading on this one, I heard the Ted Cruz for President 2020 committee recently began campaigning.
Herein lies the problem faithful followers, the people who create jobs or want to create jobs continue to have their hands tied by government red tape and other so called good laws to help the working man. Why would anyone want to open a small business in California? Honestly I will hang up and listen on this one. Could you imagine trying to run a fast food restaurant; dealing with staffing, quality control, inventory, payroll, and now this state run Ponzi scheme? (Laws like this make replacing people with automation cheaper every day.) Talk about a cluster flip!
Here is the bottom line and the dirty little secret folks; the Republican Party does not oppose bills like this nor do they want to put up an alternative. All the local CRA units and central committees want to do is keep the same family dynasties in office and allow them to rearrange the deck chairs on the Titanic every election. It’s sad to watch… A member gets into the state senate, then runs for something statewide to boost name ID and raise money, loses, then runs for re-election, terms out, then runs for Board of Equalization, then runs for county supervisor, ad infinitum. Meanwhile, the lemmings over at CRA worship these clowns like they are the Messiah resurrected. Sad state of affairs folks! Thankfully for our dedicated reader base, X and William will not allow these bills to be signed into law or propositions go unchecked and under the radar ever again.
But for some modicum of good news, I heard through the grape vine CRA is chartering a new unit in South Watts!
Until next time “X”
PS “X” stuck William with the bill and there is no word on the wellbeing of said small child hit by the flying discus.
This movie title from the 1970’s is what I think of when I keep reading the nonsense spewing out of the Service Employees International Union concerning their threatened strike of state workers.
Does anybody think nonessential state workers deserve a 22 percent across the board pay increase over four years? Especially in this economy?
Yet look at this week’s missive from their Grand Poobah.
And as we show our strength and pledge our support to take all Local 1000 authorized actions, management will threaten and try to intimidate us in an effort to weaken our cause. We’re not falling for it.
Standing up for a strong contract is our right. We won’t be intimidated for participating in actions or using our voice to stand up for what we believe in.
This strike idea makes no sense in the present economy. Furthermore, what is the compelling reason for the strike? Does the Union want to fully fund the woefully underfunded pension plans? (Speaking of which, who in the private sector even has any hope of a retirement anymore?) Heck no, they want the taxpayers on the hook for even more loot when this is all over with.
They still haven’t even called for a strike vote yet. Perhaps the outcome is predetermined so why let folks vote?
Unfortunately for the SEIU, I can’t find a state worker yet that feels the need to strike. Yes, people would like more pay but many are realists and know that state employment is one of the last bastions of benefits and pensions.
Worse for SEIU is that many state workers don’t even know a strike is being contemplated by the union until I ask them how they feel about it.
If I was SEIU, I would make a two year contract with Governor Brown and take my chances for a better deal with the next guy in the corner office at the capitol. Instead, SEIU wants state workers to get in Lemming Mode and charge off the cliff when the order is given.
Hey SEIU, if the order is coming then just give it already. Quit posturing like a rooster in the barnyard. Enough crowing, if you really believe all this bluster then get going. What are you’ll waiting for?
A glance at the calendar shows that there is no good time for this to happen this year.
• October voting begins
• November is election and Thanksgiving
• December is Christmas
• January is Governor’s first draft of the next budget (2017-18)
So back to my original question, Suppose They Gave a War and Nobody Came?
• The membership doesn’t want it.
• The general public won’t support it.
• The politicians don’t want it to happen.
One way to be outstanding in your field is to be the only one in it but the concept of a union is a group of people banded together for a common purpose. The disconnect of the SEIU leadership from the rest of the world is breathtaking.
