Monday, February 9, 2009

Bank CEO Cheats Payday Loan Customers & America

John Stumpf represents what’s wrong with banking

Payday loan customers and everyone else want to know… where does the arrogance of bank CEOs end and sanity begin?

Bloomberg’s David Glovin reports that Wells Fargo & Co. CEO John Stumpf is on the defense over “misleading” media coverage of non-essential corporate events that are continuing to occur thanks to American taxpayer money. Stumpf’s claims are that these events were necessary to “honor top bankers, financial advisers, tellers and mortgage salespeople” within their organization.

Wells Fargo received $25,000,000,000 in taxpayer bailout dollars in 2008. Want to know what I think? I think those employees could get by with the honor of still having their jobs. They will be happy knowing that they are not among the hundreds of thousands who have fallen into the downsizing abyss.

Is Stumpf using the expense as a tax writeoff?

"These one-sided stories lead you to believe every employee recognition event is a junket, a boondoggle, a waste, or that it's for highly-paid executives. Nonsense!" says Stumpf. Then you have no reason to back down on these events that boost the spirits of your grunt workers, do you, Mr. Stumpf? They use a no fax payday loan now and again when they need a little bridge between paychecks. Oh, wait…

Seems that John Stumpf did decide to cancel some taxpayer-funded corporate events. His bank lost $2,550,000,000 in the fourth quarter of 2008, then received $25,000,000,000 in TARP funds, straight from American wallets. How big of him to cancel those events and use every penny of the money GIFTED him to keep the bank running and give loans. Stumpf says the employees to be honored at the events deserved the “attaboys.” I’m sure they did. I’m not disputing that. However, I do marvel at the gall top executives like Stumpf seem to have at times. ... click here to read the rest of the article titled "Bank CEO Cheats Payday Loan Customers & America"

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