saw some of Elizabeth Warren's leveling of Stumpf on CNN yesterday, kinda made me want to cheer at my cubicle in the big bank I work for
― Dominique, Wednesday, 21 September 2016 15:50 (seven years ago) link
Obama's doing $34,000 a plate fundraising dinners and then imploring money to get out of politics a day later. Sure, it's good theater to watch Warren put him on the hotspot but she'd never publicly go after the person who could actually launch an investigation: Lynch has always been a stooge.
― Brevs Mekis (dandydonweiner), Wednesday, 21 September 2016 15:53 (seven years ago) link
Wells Fargo has multiple ex-cabinet members on its Board. Get politics out of money is more like it.
― the last famous person you were surprised to discover was actually (man alive), Wednesday, 21 September 2016 16:10 (seven years ago) link
the amount of money involved in this huge fraud.... 2.6 million dollars.
― Gatemouth, Wednesday, 21 September 2016 16:14 (seven years ago) link
Does that include the lost wages for all of the people WFB threw under the bus?
― schwantz, Wednesday, 21 September 2016 16:16 (seven years ago) link
5300 people * $50k per annum is $250MM.
― Brevs Mekis (dandydonweiner), Wednesday, 21 September 2016 16:18 (seven years ago) link
Supposedly (according to the informational memo WF "helpfully" provided employees about this crisis) WF goes through 100k branch employees a year. I'm not sure how that was intended to reassure.. Branch employees (tellers, personal bankers, even sales managers) get treated like crap and not paid a living wage, yes, but that's an even larger issue than the small amount of people that were fired in connection with this.
― Gatemouth, Wednesday, 21 September 2016 16:22 (seven years ago) link
I'm not even convinced that all of those layoffs were really due to "bad acting" tbh, given that their MO is to fire people after like two months if they don't meet their sales targets.
― the last famous person you were surprised to discover was actually (man alive), Wednesday, 21 September 2016 17:08 (seven years ago) link
http://cepr.net/blogs/beat-the-press/the-cost-of-a-financial-transactions-tax-to-retirement-funds
Hawaii Senator Brian Schatz recently introduced a bill proposing a 0.1 percent tax on financial transactions. This means that when people trade a share of stock or a bond, they would pay a tax rate of 0.1 percent ($1 on $1,000), on their trades. According to the Congressional Budget Office, this tax can raise more than $80 billion a year in revenue, somewhat more than the entire annual budget for the food stamp program.Not surprisingly, the financial industry doesn’t like the idea. It has argued that this tax would be a big hit to retirees and pension funds. While it is understandable that the industry would try to raise such fears to protect its profits, its claims have little basis in reality, as a bit of arithmetic can quickly show.
Not surprisingly, the financial industry doesn’t like the idea. It has argued that this tax would be a big hit to retirees and pension funds. While it is understandable that the industry would try to raise such fears to protect its profits, its claims have little basis in reality, as a bit of arithmetic can quickly show.
― Lil' Brexit (Tracer Hand), Sunday, 28 April 2019 14:56 (four years ago) link
um yeah, pension funds and individual 401k holders are probably the least active traders. Not to mention that transaction costs are at all-time lows as it is.
― longtime caller, first time listener (man alive), Monday, 29 April 2019 14:27 (four years ago) link
it's free money to the tune of $80B/year and our political system is so in hock to finance that it won't pick the money up off the ground
― Lil' Brexit (Tracer Hand), Monday, 29 April 2019 15:07 (four years ago) link
https://www.trashberg.com/p/i-think-i-found-jamie-dimons-secret
Jamie Dimon is so boring his secret social media accounts aren’t even horny.
― Joe Bombin (milo z), Wednesday, 28 April 2021 21:01 (two years ago) link
Matt Levine in top form today on the Archegos report:
https://www.bloomberg.com/opinion/articles/2021-07-29/archegos-was-too-busy-for-margin-calls
Everything in the report is like this. This report is not a bunch of lawyers identifying a bunch of problems and characterizing them, in hindsight, as 'red flags.' Everyone saw all the problems here, evaluated them reasonably, came up with sensible solutions and then didn’t do them.
― o. nate, Thursday, 29 July 2021 18:39 (two years ago) link