Politics and Religion

I was watching
USGrantlover 218 Reviews 97 reads
posted

"Totally hot?" Seriously? LOL.

GaGambler620 reads

She is flat out kicking Stumpf's ass where it comes to Tolsted and her "golden parachute"

I have to grudgingly admire what she is doing today.  

Anyone else watching?

Sorry, no link as I was watching it live.

... on the other hand, she did come across to me as being sincere in her desire to serve the greater good.

Frankly, the Dems might have been better off going with a fresh face like Warren's than Hillary.
Warren v Trump is a bigger landslide than LBJ v Goldwater.

I'm not too bothered by Warren's golden parachute issues. I'm more wary of sour little men and their love of golden showers.  

 
 

Posted By: GaGambler
She is flat out kicking Stumpf's ass where it comes to Tolsted and her "golden parachute"  
   
 I have to grudgingly admire what she is doing today.  
   
 Anyone else watching?  
   
 Sorry, no link as I was watching it live.

GaGambler168 reads

and somehow I doubt you really know who and what I was referring to when I spoke of a "golden parachute"  

I'll give you a hint. Wells Fargo Bans and the Senate Committee their Chairman had to appear in front of today.

I doubt many of the usual crowd here have any idea about those hearings as where it comes to money matters most of the people here are clueless and not just the ones with no money living on handouts. The dearth of posters conversant on matters of finance is yet another reason I post so little here of late. At least ST C got it and even Mari tried to get it, but talking to almost anyone else here on this subject is like trying to explain quantum physics to a third grader, or to either of the "f's" here

...kind of a leader from God. She is charismatic, exciting, passionate, but most of all magnetic, meaning that at some point you just stop listening to what it is exactly that she is saying and just float along inside some sort of energy field that she creates. Ronald Reagan was like that so were JFK, MLK, Trotsky, Hitler. In short those who moved masses, irrespective of whether for good or bad.  

Have you seen Warren and Hillary together on TV? Did you see the difference in body language? That's the difference between a truly natural politician and someone who really shouldn't be doing what she's doing.  

If she'd run she'd get enough excited supporters, not to say groupies to follow her anywhere she went. Kind of like Bernie and Trump.  

But what many also forget that Warren really is not as left of center as was Bernie. Warren is an avid free marketeer, who is a former republican who became democrat after she realized that big corporations use politicians to pass laws that compromise free market competition in their favor. That means that they no longer compete in free market settings but use government influence, in fact most of the time even pass legislation that skew market into their favor. I presume that's what you would call "corporate welfare."  
It would've been quite perilous for any republican to confront Warren on how and who is more pro-free market oriented.  

The other thing that often gets forgotten is that, despite being a Senator from Massachusetts, Elizabeth Warren is a southerner, born and bread in Oklahoma. She often acts more Southern then Northern and can put on that southern accent that would make every Texan feel like she belongs.  

So would've Warren succeeded where Bernie didn't? Maybe.  

That being said however, Warren is just not interested. There are rumors circulating in Mass that she even doesn't like her current job and there is a possibility that she may not even run for re-election. Her main problem apparently is the excessive scrutiny that her job brings along. If that's the way she feels about being a Senator, she really made the right decision when she decided not to run in Democratic primaries. She would've been overwhelmed were she to be elected pres.

I've never claimed to be a financial expert Gag.
I'm good with numbers and algorithms, not dollars and sense.

I'll take the hint and get back to you assuming this thread hasn't been trolled down to page 3 by tomorrow.

St. Croix118 reads

He did basically what his public relations and communications told him to do. You're going to be a pinata. Nothing good can come of this. Apologize, apologize, apologize, don't add fuel to the fire, and try to get out of there as fast as you can.  

I only saw the part where Warren yelled at him. Did she ask him a relevant question about the how, who, what, when, where and why. If she did great, but she just wants him in prison.

I've been a WFC customer forever. Yes, I've been cross-sold before. Who hasn't. I had no accounts opened w/out my permission. Unfortunately, accounts were opened for the less than financially savvy customers (trying to be nice), and I guess that's the value Warren brings.  

I did watch the performance of the stock before, during and after the inquisition. It was up a bit at the opening, lost a little momentum during the inquisition, and now it's going back up. The Progressives will hate to hear this, but WFC still has a great franchise, and a great balance sheet.  
 

Posted By: GaGambler
She is flat out kicking Stumpf's ass where it comes to Tolsted and her "golden parachute"  
   
 I have to grudgingly admire what she is doing today.  
   
 Anyone else watching?  
   
 Sorry, no link as I was watching it live.
-- Modified on 9/20/2016 10:53:06 AM

GaGambler108 reads

Warren actually made a GREAT point that had Tolsted been fired instead of being allowed to retire it wouldn't have sent the message that she was being rewarded for her behavior, to the tune of several tens of millions of dollars in compensation. Personally I would not have felt sorry for her if she had been fired, yet still gotten about $70 million in compensation, instead of being allowed to retire and walking away with over $110 million

Five thousand or so employees making between about $25-60,000 were fired over this, none of them to my knowledge received any kind of stock options or performance bonuses. Carrie Tolsted is getting over a hundred million by most accounts. Is it any wonder people are pissed at Wall St and the top 1/10th of 1%?

Stumpf missed a chance to do himself a huge PR favor by stating that he would advise the board to "crawl back" her package.

I think this kind of thing is going to hurt Hillary as she is the choice of Wall St. I would not be surprised if Trump didn't make some hay over this.

As for WFC itself, yeah it's a solid company with a LOT better balance sheet than Mari's "God Bless Bank of America" lol

especially when the public sector has an Elizabeth Warren biting at your leg. It seem once a year executive(s) from a company or an industry are paraded in front of a Congressional hearing. If it's not the banks, it's pharma, or oil companies, or even a Tim Cook of Apple. They are by definition no-win situations. It's usually just STFU, and get out of there as fast as you can.

I only watched clips of the hearing, and yes maybe you're right that Stumpf should have been more prepared and forthcoming on addressing Tolsted, as well as executive compensation. But Stumpf realizes that these pitch fork proceedings have a life span of a day.  

Without question, the BOD and the Executive Compensation Committee of each publicly held company has to do a better job. If they did, Warren's role would be minimized. Also the quarterly earnings parade puts significant pressure on everyone to play with the numbers. Maybe changing quarterly earnings to at bi-annual could lessen the pressure a bit.

Maybe this is a good time to provide another example on the differences between a liberal and a conservative, or even an independent. In the above matter, the liberal would be blowing a gasket on the inequities of life, I on the other hand, would be looking to buy WFC stock. I mean look at today's price action, plus the Fed eventually will move to raise rates, which is good for banks. You can bitch about problems, or take advantage of an opportunity.  

P.S. Mari, if you are reading, please give me a heads up if you are thinking about buying WFC, or any bank for that matter. Don't take this the wrong way, but whatever you do, I'll do the opposite (lol)

Posted By: GaGambler
Warren actually made a GREAT point that had Tolsted been fired instead of being allowed to retire it wouldn't have sent the message that she was being rewarded for her behavior, to the tune of several tens of millions of dollars in compensation. Personally I would not have felt sorry for her if she had been fired, yet still gotten about $70 million in compensation, instead of being allowed to retire and walking away with over $110 million  
   
 Five thousand or so employees making between about $25-60,000 were fired over this, none of them to my knowledge received any kind of stock options or performance bonuses. Carrie Tolsted is getting over a hundred million by most accounts. Is it any wonder people are pissed at Wall St and the top 1/10th of 1%?  
   
 Stumpf missed a chance to do himself a huge PR favor by stating that he would advise the board to "crawl back" her package.  
   
 I think this kind of thing is going to hurt Hillary as she is the choice of Wall St. I would not be surprised if Trump didn't make some hay over this.  
   
 As for WFC itself, yeah it's a solid company with a LOT better balance sheet than Mari's "God Bless Bank of America" lol
-- Modified on 9/20/2016 12:48:47 PM

GaGambler133 reads

If the Fed moves rates unilaterally it will have disastrous results if the rest of the world does not follow suit. The dollar will surge, killing exports, the Stock Market will tank and any gains the Banks might see will be buried in a sea of red ink.

Also keep in mind that Yelln is a political animal and doesn't set policy, but she reacts to events similar to that idiot Greenspan. Genius,  my fucking ass.

As for Warren today, she had a VERY valid point. Five thousand employees at the middle management level or below got canned over this, to not only not shit can at least one senior executive, but to actually admit to a Senate Committee that for all intents and purposes they are going to reward her for her actions just sends the wrong message, even to a "righty" like me.  

I can only suppose this is not going to be the last one of these things we are going to see. As you said, banks can't make money lending money at these low rates, even though they are getting their lending capital essentially for free, I have to believe the other banks have been doing the exact same thing as WF to make up the difference and simply haven't been caught yet. And yes, I too have been "cross sold" but it was by a branch manager who asked me to open additional accounts to help her meet her quotas. I opened easily a half dozen business accounts over a period of time, threw a hundred grand or so in each account to make it look good and applied for company credit cards for each to boot and then a few months later took almost all the money out of the accounts after they had served their purpose. I made myself a VERY good friend by doing so and most bank rules got tossed out the window where it came to me. lol

He was an idiot when he deferred to the comp committee on the "clawback" issue. He's chairman and ceo for crying out loud. Does anyone really think they'd buck him on this?

with both the shareholders and customers alike.

Like I said, I detest Warren, but she was dead on in her grilling of him on this issue. His refusal to do so made all his "so called" apologies and claims to "do better in the future" sound like just so much blah blah blah.

I have two very good friends who work for WFC and are at a very high level of management. They both love the ceo/chairman but I've chatted with both today briefly and both were unimpressed with his effort. Embarrassed actually. I think he was just in a "no win" situation as you said earlier. But he added to his woes.  

The irony of all this is Ms Warren had some extensive experience at house flipping back in the 90's I think during some times of economic distress. Noone seems to ever want to recall that. At least we didn't have to listen to Barney Frank aka Little Boy Lollipop today. I refuse to listen to him as I imagine that's what Daffy sounds like.

-- Modified on 9/20/2016 9:05:07 PM

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