outrages

  • News

    Dick Bové: Wells Fargo Is Managed Great If You Don’t Take Into Account The Horrible Customer Service I’ve Received On Several Occasions, For Which Heads Should Roll

    Picture this. You’re world-renonwn bank analyst Dick Bové, famous for, among other things, issuing a report in summer 2008 about which banks were “next” to fail, not rolling over and taking it when Citigroup tried to screw you good, and standing by Ken Lewis when literally no one else (including his board) would. When you walk into rooms, people notice. More often than not, they ask you to pose for pictures, kiss their babies, sign their tits. Some have fainted in your presence. You’re the fifth Beatle, Justin Bieber, and George Clooney, all wrapped into one devastating little package.  It should go without saying that an appearance by you at your local branch bank, to cash six-figure checks, as you often do, would be call for a red carpet and the crème de la crème of customer service, right? Apparently wrong.

    The following is an accounting of Dick Bové’s experiences as Wells Fargo customer. (Originally he banked with Wachovia, who he had only good things to say about. Sadly, the same cannot be said for the degenerates he’s encountered at WFC.)

    * “Dick Kovacevich, Wells retired CEO, felt strongly that customers should be greeted when they entered the branch and that the visit should be a positive experience. I can honestly state that no one ever greeted me when I entered my local branch. In fact, on one occassion, when I needed to speak with a platform person, I never got the opportunity. The bank officer made me wait a bit; came out of his office and entered the public bathroom; and left the bank.”

    * “On a second occasion, I entered the branch with a low six figure check. I needed some information concerning more than one issue related to the deposit. After searching out an employee, I was told that he could not handle the transactions…It is interesting to note that no one at the branch suggested any investment to me but simply deposited the check. No one ever called me to indicate that there was over six figures sitting in a no interest checking account.”

    * “What my Wells Fargo experience suggests is that a successful bank is one that keeps seeking new customers and selling them more products and not getting bogged down by offering service…My interaction with Wells has been an enlightening experience.”

    Does Dick Bové “rate banks based on one person’s anecdotal experience”? No, at this time he does not. If he did though, a bank–if you can call it that– named Wells Fargo would be up shit’s creek right about now. Because in the scenario in which DB did assign ratings based on his own interactions with management, WFC would have a giant red “U” across its chest, for “unacceptable” and caution tape around its buildings which would in turn be condemned and schedule for demolition at 9AM.

    / Jul 24, 2012 at 5:31 PM
  • News

    A Company Is In The Hole For $182 Billion, Hank Greenberg Can See The Merit In A Congressional Hearing But $2-9BN? Beat It

    “Many companies have transactions that go bad,” Greenberg said today on “In the Loop With Betty Liu” on Bloomberg Television. “Everybody’s not paraded down to Washington to testify.” “He handled it OK,” Greenberg said of Dimon, 56. “It was really outrageous to have the CEO come down and testify before Congress because of a transaction […]

    / Jul 9, 2012 at 6:39 PM
  • News

    Jim Cramer Wants To See Occupy Wall Street Claw Back Bonuses

    Cramer says their goals should include holding accountable those responsible for the housing crisis — “Let’s indict them. We all know that they committed, to me, they committed crimes.” — and the repayment of bonuses that were given out at banks that received TARP money. “It’s outrageous!” he said. “It is outrageous what they paid […]

    / Oct 14, 2011 at 3:35 PM
  • News

    SAC Capital None Too Pleased With Some Of Its Former Employees, Who, By The By, Were Fired (For Performance)

    Two in particular, according to a statement just released by the hedge fund.

    / Feb 8, 2011 at 1:00 PM
  • News

    “SAC Capital…Encourages Competition”

    So begins the most glorious lede to a story ever to grace the (web) pages of Bloomberg. But let us backtrack for a second. As it is an incredibly secretive organization, even by the industry’s standards, many of you probably have unanswered questions about SAC, and how it became of of the most successful hedge […]

    / Nov 24, 2010 at 2:07 PM
  • News

    Larry Kudlow Wants You To Get Angry About The Obama/Rahm Hug

    If you watched the White House’s good-bye to Obama chief of staff Rahm Emanuel on Friday, you probably noticed the president give his now former number two a hug. Larry Kudlow did and he did not like it. In fact, the embrace, which Kudzilla describes as a “big, fat, full-bore hug” pretty much disgusted him.

    / Oct 4, 2010 at 2:53 PM
  • News

    Someone Is *Really* Pissed At RBS

    So, some things happened this weekend and it’s all really crazy and wow I can’t even get into it I’m shaking so hard even hearing it second hand. I’m just going to let the victim speak for himself. Promise me you’ll brace yourselves, okay? It’s that bad.

    / Jul 19, 2010 at 3:23 PM
  • News

    Crap Coffee Situation Not Unique To Goldman Sachs

    Yesterday we discussed the matter of whether or not the coffee provided by Goldman Sachs to its employees tastes like ass. The consensus from the inside seemed to be yes, it does. Today, emboldened by the brave souls at GS who stood up to say to Lloyd Blankfein, via bitching to the press, “this coffee […]

    / Dec 23, 2009 at 3:59 PM
  • News

    Outrage At BarCap

    Just who does Bob Diamond think he is, some overheated junior rainmakers at BarCap would like to know? Salaries for IB first years are apparently being upped to 70k while S&T employees (3 months counts) are remaining at 60k, a “snub” (obviously not my words) they are “none too happy about.” What are they going […]

    / Oct 2, 2009 at 10:45 AM

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