Deplorable and Wells Fargo

Deplorable…… Webster’s Dictionary provides the following alternatives to the word:  disgraceful, appalling, dreadful, shameful, unacceptable, shocking, lamentable, woeful …

Now let’s take a look at who ddfrump appeals to or what he has said or done while a segment of his supporters acquiesce in approval:                                When ddfrump derides a disabled reporter at a press conference, isn’t that shameful?                                                                                                                          When ddfrump yells at a rally, ”Tell them they can go f%&k themselves!”  isn’t that disgraceful?                                                                                               When ddfrump accepts the support of the kkk, isn’t that unacceptable?  When in an interview, ddfrump states, “I like heroes who weren’t captured!”, isn’t that appalling?                                                                                                   When dfrump accepts a Medal of Honor from a recipient, saying, “I always wanted one!” isn’t that disgraceful?                                                                        When ddfrump surmises that the mother of a war hero, who died saving his men, can’t speak, simply because she is a woman, isn’t that pathetic?

When ddfrump states. “I know more about ISIS than the generals!”, isn’t that woeful?                                                                                                                           When ddfrump will not release his tax returns, isn’t that unacceptable?  When ddfrump encourages his supporters to attack a protester, saying, “Beat the crap outta him!”, isn’t that wretched?                                                             When ddfrump assumes that all Black people live in disadvantaged communities, saying, “Ya walk out ya house, ya git shot!!!”, isn’t that dreadful?                                                                                                                                                                                                                                                                          When ddfrump open a phony university and rips off the gullible, isn’t that lamentable?                                                                                                                  When none of his followers do not take him to task for these actions or remarks, aren’t they are….. deplorable???!!!

So, when someone uses the word ‘deplorable’ to describe ddfrump’s followers, I think he/ she is “on the money”!! Well, perhaps not half…. but certainly enough to come close to half….so, let’s say, a segment, ok???          And let me close by letting michael steel, (the somewhat black) surrogate mouth for the republican party at MSNBC, know that if he wants to be excluded from the segment of republicans that are deplorable, he has to recognize the sins of his compatriots. He has to push/ pull those mean spirited, vile, nasty, neo-nazi,  vote stealing bigots to the left so that real progress can be achieved. Otherwise, you, Michael are a part of  the segment of “deplorables” we are talking about!!!! The ball is in your court, Michael!!!!

 Wells Fargo

Now, let me talk about something I really know about, retail banking, sales goals, and the pressure to meet numbers that are unattainable most of the time.

First, I spent almost 45 years in the industry. Starting as a junior clerk, in a major bank, (Yes, I am really that old!!) and rising at one point to the post of executive vice president; I spent about half my time in retail banking and regional sales; and the other, mostly in accounting, budgeting and administration.

A quick history lesson is required for those of you who are not acquainted with the industry.

Back in the day…way before some Black people were acceptable as main stream bankers, banks made their profits from using their depositors’ money to lend out and earn interest to operate the bank. It was a very simple process…..a bank could lend up to 80% of demand deposits (checking accounts money) and 60% of savings deposits (including CDs and other “time” deposits) for mortgage loans.

Lending/ borrowing rate were generally “fixed”, that is, based on the rate of interest the bank paid its customers for depositing their money in the bank. Checking account were not paid any interest but charged a fee for certain services, mostly like paying a check or in the case of business accounts, counting cash or clearing checks. These fees were never a big source of income for a bank, more like icing on the cake. The big chunk of profits came from corporate lending, commercial lending and personal loans, with a smattering of mortgage lending. Rates were pretty standard with most banks maintaining the same rates…..competition came from ability to service the clients’ needs better than the other bank did or from personal relationships. The idea was to, say pay 3% on deposited funds and charge the borrower 6%, on average. The bank would pay all its bills, salaries, supplies from the spread and what was left over was profit to the bank, some of the profits going to stockholders/ investors as dividends… a nice little system, and almost every bank thrived!

At some point, banks began to scheme to grow larger, as a regional or national bank, thinking that the bigger they were the more money a bank could make. But they found out that the bigger you became the more expenses that had to take care of, including paying regional managers, more utility costs, sometime rental or mortgage costs and perhaps paying to buy smaller banks. And they bought banks in areas where the customers were not interested in borrowing big corporate type loans, ergo, making money by making big loans went out of the window! How to make up for the difference??? Get profits from depositors. Charge higher fees on credit cards (whether it was used or not), charging more and larger fees on checking accounts…. Fees for everything, stop payments, non-standard checks, overdrafts, services, like exchanging a large dollar bill for smaller ones…you name it… it was fair game. For example, the bank lends a company a $1MM at 6% interest and earn $60,000 that year; with no one to borrow from them, they turn to small checking accounts and charge fees to replace the money they would have earned from the loan, for example 600 accounts paying $100 in fees. The more accounts, the more fees they can make.

So now they give divisions, regions, areas, branches budget goals….both in number of accounts the branches have to open and the fees that they must charge in order to keep the bank growing in order to please management and stockholders (that includes top management because their remuneration includes stock or stock options). So they budget impossible goals to look good and impress. Competition being what it is, there is just so many people to induce to bank with a branch/ region, etc….and since 2008, non-working people, low wage people, the difficulty in getting loans/ credit cards people, lowers the number of folk to sell accounts to; hence, the exorbitant demands/ goals and threats to induce the staff to bring in more business,  so they turn to sort of “cooking the books”!

If customer ‘A’ has a checking account and doesn’t pay attention to his bank balance, the staffer opens another account for customer ‘A’ (the staffer has all the info/ Social Security number,job info, address, etc.) without his knowledge, account ‘A1’ and might put $2.00 in it (it’s an automated system so no eyes will see it) … The banks automated system charges all accounts a monthly service fee, say $10 and that overdraws account ‘A1” by $8. The staffer then, charges account ‘A’ $10 and puts $10 in account ‘A1’… this happens over and over again…. The goal is met in both terms of new accounts and fees! Until somebody gets a complaint and the complaints pile up to an investigation and the scheme is blown out of the water.

The fired the workers have no jobs, no pay, no references, no severance, a loss of 401k, the loss of health insurance, no unemployment insurance (fired for cause equals zero payments) and may have to forfeit bonuses already collected and paid taxes on!!

But the boss, the president of the bank and his senior henchmen who put the whole thing in motion with impossible goals, fires the sacrificial lamb… and they keep their multi-million dollar jobs. The sacrificial lamb gets $124 million payout (see the latest news) and probably a recommendation for another high paying job at another institution!!!

Fortunately, I was able to be successful despite being burdened with goals, because I would not accept impossible ones and because they did not want to mess with a smart experienced Black man who could yell, “DISCRIMINATION!!!!!!”

There needs to be a Federal investigation and management has to go to jail!!!! If you induce (give the murderer a gun, for instance) someone to commit a crime, you are just as guilty!!!

 Enough said, I’m out!!!!







About EaglechiefSpeaks

Politics determine your future, take the time to have a say in it. For me, politics is seriously personal Sleep on it and you may get representation you may not want! Pay attention and follow my blog, be enlightened...
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