{"id":131607,"date":"2016-09-21T23:31:55","date_gmt":"2016-09-22T05:31:55","guid":{"rendered":"http:\/\/hill-kleerup.org\/blog\/2016\/09\/21\/the-buck-and-millions-of-bucks-stops-here.html"},"modified":"2016-09-21T23:31:55","modified_gmt":"2016-09-22T05:31:55","slug":"the-buck-and-millions-of-bucks-stops-here","status":"publish","type":"post","link":"https:\/\/hill-kleerup.org\/blog\/2016\/09\/21\/the-buck-and-millions-of-bucks-stops-here.html","title":{"rendered":"The Buck (and millions of bucks) Stops Here"},"content":{"rendered":"

The Senate was not terribly sympathetic — from either party — in grilling the CEO of Wells Fargo over widespread account creation fraud, false or unauthorized accounts being generated without customer permission in order to meet cross-selling quotas by lower-level employees<\/p>\n

http:\/\/nyti.ms\/2cmEep4<\/a><\/p>\n

I have, in fact, little doubt that John G. Stumpf did not know this was going on. If he did know, he probably took steps to stop it. Why? Because the point of ratcheting down the screws on front-line employees to generate additional accounts and service charges or face lack of advancement or firing was not done simply to churn fake accounts. That profited the company very little, comparatively. The point was to generate customers buying additional services. <\/p>\n

It was a hardly-unusual case of (over-)incenting certain outcomes and having unexpected behaviors to meet those incentives take place.<\/p>\n

That said, it is a moral certainty that the ethical culpability extends significantly higher than the front-line employees — 5300 of them — who have been fired as a result of the scandal. At lower management levels, there would have been plenty of incentive to tacitly (if not explicitly) encourage employees to pursue these shenanigan, in order to boost their aggregate upselling numbers. <\/p>\n

But management apparently hasn't been touched in this. Just the folks on the pointy end of the stick who did the wrong thing for reasons they were told were imperatively right.<\/p>\n

If Mr Stumpf were serious about this being a Bad Thing, there would be some follow-up punishment for more than just line staff. What branch manager had the highest degree of cross-selling of this sort, based on the records already exposed. It's perfectly reasonable to assume that they knew, or should have known, what was going on. Out. <\/p>\n

Who's their boss? Or who's the regional manager with the highest aggregate number of violations? They're accountable, if not responsible. Out.<\/p>\n

Take up to a high operational level. There's a chance that someone might be falsely tarred (though, honestly, if they benefited from having artificially pumped up numbers, they should have known enough to follow up on them). But at this point, putting the fear of God into the rest of the organization would probably be a pretty useful thing. Eliminate the chain of most benefit up the Senior \/ Executive VP Level. I'm pretty certain the other folk will become a bit more diligent in their compliance training and choice of incentive programs. <\/p>\n<\/blockquote>\n

<\/a><\/div>\n
\n<\/a>\u00a0\n<\/div>\n

View on Google+<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Senate was not terribly sympathetic — from either party — in grilling the CEO of Wells Fargo over widespread account creation fraud, false or unauthorized accounts being generated without customer permission in order to meet cross-selling quotas by lower-level employees http:\/\/nyti.ms\/2cmEep4 I have, in fact, little doubt that John G. Stumpf did not know … Continue reading “The Buck (and millions of bucks) Stops Here”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":131608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[106],"tags":[],"class_list":["post-131607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-plusposts"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/hill-kleerup.org\/blog\/wp\/wp-content\/uploads\/2016\/09\/GTY_john_stumpf_01_jef_160920_16x9_9925B15D.jpgimgmax=660.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10597,"url":"https:\/\/hill-kleerup.org\/blog\/2006\/12\/13\/gmail_about_to_make_life.html","url_meta":{"origin":131607,"position":0},"title":"Gmail about to make life even easier","author":"***Dave","date":"Wed 13-Dec-06 3:15pm","format":false,"excerpt":"So a bit over a month ago (early November), I managed to set up an autoforward for my root e-mail account on my hill-kleerup.org domain, so that all mail...","rel":"","context":"In "My Computer"","block_context":{"text":"My Computer","link":"https:\/\/hill-kleerup.org\/blog\/category\/my-computer"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.hill-kleerup.org\/blog\/images\/gmail.gif?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":32641,"url":"https:\/\/hill-kleerup.org\/blog\/2013\/02\/27\/synchronizing-contacts-across-multiple-gmail-accounts.html","url_meta":{"origin":131607,"position":1},"title":"Synchronizing Contacts across Multiple Gmail Accounts","author":"***Dave","date":"Wed 27-Feb-13 6:55am","format":false,"excerpt":"I really don't understand why this is not part of basic gmail.com technology. \u00a0As it stands, Margie has some contacts uniquely within her personal account, and I have some (many) uniquely within mine, and it's a pain.Sure, we could each export our contacts and import them into each other's accounts.\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11093,"url":"https:\/\/hill-kleerup.org\/blog\/2007\/04\/12\/isnt_it_amazing.html","url_meta":{"origin":131607,"position":2},"title":"Isn’t it amazing …","author":"***Dave","date":"Thu 12-Apr-07 3:20pm","format":false,"excerpt":"... that the White House, so amazingly paranoid about disclosure of information and the breaking of secrets would set up a parallel, unofficial set of e-mail accounts for White House...","rel":"","context":"In "Politics & Law"","block_context":{"text":"Politics & Law","link":"https:\/\/hill-kleerup.org\/blog\/category\/politics-law"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12791,"url":"https:\/\/hill-kleerup.org\/blog\/2008\/09\/26\/well_thats_a_wash.html","url_meta":{"origin":131607,"position":3},"title":"Well, that’s a Wash","author":"***Dave","date":"Fri 26-Sep-08 5:21am","format":false,"excerpt":"As in \"Washington Mutual\": Government Seizes WaMu and Sells Some Assets - NYTimes.com\u00a0 Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was...","rel":"","context":"In "Big Business"","block_context":{"text":"Big Business","link":"https:\/\/hill-kleerup.org\/blog\/category\/big-business"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.hill-kleerup.org\/blog\/images\/wamu.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":131461,"url":"https:\/\/hill-kleerup.org\/blog\/2016\/09\/08\/calling-wells-fargo-to-account-both-real-and-fake.html","url_meta":{"origin":131607,"position":4},"title":"Calling Wells Fargo to Account (both real and fake)","author":"***Dave","date":"Thu 8-Sep-16 7:34pm","format":false,"excerpt":"I've known people who worked in bank branches, and one thing that has steadily escalated over the years has been pressure to expand business. This goes beyond \"suggestive selling\" like at Burger King (\"Would you also like fries with that?\"). Bank personnel are not just incented to keep expanding the\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6365,"url":"https:\/\/hill-kleerup.org\/blog\/2004\/09\/14\/thunderbird_08.html","url_meta":{"origin":131607,"position":5},"title":"Thunderbird 0.8","author":"***Dave","date":"Tue 14-Sep-04 10:15pm","format":false,"excerpt":"Now that I actually have it working, I'm happy with the 0.8 version of Tbird. 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