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I watched a lot of his testimony before the Financial Services Committee on CSPAN. So I am unsurprised. He took a fairly savage beating. For some reason, the f

I watched a lot of his testimony before the Financial Services Committee on CSPAN. So I am unsurprised. He took a fairly savage beating. For some reason, the fact that Wells Fargo is a really big enterprise cut no ice with the various Congresscritters. FWIW, I am not a "break up the banks" guy[1] mainly because of things written and said in podcasts by Charles Calomiris, author of "Fragile By Design" along with Stephen H. Haber. It is all more nuanced and complicated than that, and the small bank lobby in the US really is a thing and a thing that has caused problems. [1] Canada has very close to only one bank and has had no financial crises to speak of.

Cretin1 10y ago
"Canada has very close to only one bank.." That's not even close to accurate: https://en.wikipedia.org/wiki/List_of_banks_and_credit_unions_in_Canada#Schedule_I_banks_.28domestic_banks.29 https://en.wikipedia.org/wiki/List_of_banks_and_credit_union... https://en.wikipedia.org/wiki/List_of_banks_and_credit_unions_in_Canada#The_.22Big_Five.22 https://en.wikipedia.org/wiki/List_of_banks_and_credit_union...
- ArkyBeagle 10y ago
  I'm a bit out of date - the top three ( of the Big Five ) still dominate, though: https://en.wikipedia.org/wiki/Big_Five_%28banks%29 https://en.wikipedia.org/wiki/Big_Five_%28banks%29 RBC was biggest by quite a margin and for a long time.
st3v3r 10y ago
" He took a fairly savage beating." He got a tongue lashing. He still has not faced any real consequences for what he did. "For some reason, the fact that Wells Fargo is a really big enterprise cut no ice with the various Congresscritters." Why would that excuse any of it? He's paid ungodly sums of money to be in charge of the company, and be responsible for it. If he can't handle it, then he does not deserve that money.
- ArkyBeagle 10y ago
  It's far more than a tongue lashing. Look, this is how these folks assemble footage to run on and such. One New York pol ( Meeks? ) called WF a criminal enterprise. I didn't say it would excuse anything. He's responsible. There were bad actors within WF. Some people ( presumably there's correlation between that and who was a bad actor ) were fired. I don't mean the people who were fired under the compensation structure. This might take a while. They have 265,000 employees. If it's O(n) and each case takes thirty man-minutes, that's 66.25 man-years. I don't know any other context than the congressional hearings. But this appears to be a sacrificial resignation. "Ungodly sums of money" is quite the (non) standard. I hold that the cultural failings and biases that cause us to cause the existence of these behemoths are still with us. Why are we still talking about compensation policy? Can't we figure out how to pay people? This is clearly a case of gamification of a variable compensation policy. What's behind that "Can't we figure out how to pay people?" Isn't that what's at issue in general? Isn't that what drives the debate over inequality? There's Something Wrong. With us.
  - st3v3r 10y ago
    "It's far more than a tongue lashing." Until he has the shit kicked out of him in a jail cell, it isn't. As I said before, Stumpf is not facing any real consequences for his actions.

Cretin1 10y ago

"Canada has very close to only one bank.." That's not even close to accurate: https://en.wikipedia.org/wiki/List_of_banks_and_credit_unions_in_Canada#Schedule_I_banks_.28domestic_banks.29 https://en.wikipedia.org/wiki/List_of_banks_and_credit_union... https://en.wikipedia.org/wiki/List_of_banks_and_credit_unions_in_Canada#The_.22Big_Five.22 https://en.wikipedia.org/wiki/List_of_banks_and_credit_union...

ArkyBeagle 10y ago
I'm a bit out of date - the top three ( of the Big Five ) still dominate, though: https://en.wikipedia.org/wiki/Big_Five_%28banks%29 https://en.wikipedia.org/wiki/Big_Five_%28banks%29 RBC was biggest by quite a margin and for a long time.

st3v3r 10y ago

" He took a fairly savage beating." He got a tongue lashing. He still has not faced any real consequences for what he did. "For some reason, the fact that Wells Fargo is a really big enterprise cut no ice with the various Congresscritters." Why would that excuse any of it? He's paid ungodly sums of money to be in charge of the company, and be responsible for it. If he can't handle it, then he does not deserve that money.

ArkyBeagle 10y ago
It's far more than a tongue lashing. Look, this is how these folks assemble footage to run on and such. One New York pol ( Meeks? ) called WF a criminal enterprise. I didn't say it would excuse anything. He's responsible. There were bad actors within WF. Some people ( presumably there's correlation between that and who was a bad actor ) were fired. I don't mean the people who were fired under the compensation structure. This might take a while. They have 265,000 employees. If it's O(n) and each case takes thirty man-minutes, that's 66.25 man-years. I don't know any other context than the congressional hearings. But this appears to be a sacrificial resignation. "Ungodly sums of money" is quite the (non) standard. I hold that the cultural failings and biases that cause us to cause the existence of these behemoths are still with us. Why are we still talking about compensation policy? Can't we figure out how to pay people? This is clearly a case of gamification of a variable compensation policy. What's behind that "Can't we figure out how to pay people?" Isn't that what's at issue in general? Isn't that what drives the debate over inequality? There's Something Wrong. With us.
- st3v3r 10y ago
  "It's far more than a tongue lashing." Until he has the shit kicked out of him in a jail cell, it isn't. As I said before, Stumpf is not facing any real consequences for his actions.