Wachovia

Wells Fargo’s Ethical Scandal It was a bank heist greater than the Brink's job in 1950, however, the brigands used no ordinary firearms or getaway vehicles. As opposed to being quick on the draw, they had quick fingers on computer keyboard and mouse. Over the course of four years, The Wells Fargo Bank of San Francisco, had at least 5,000 employees opened more than a million fake bank and credit card account on behalf of innocent customers. This monumental scandal that broke the basic principle of ‘doing ethical business,’ has also brought many other issues to light. Some of these include the lack of integrity from the people who lead this organization who lied and denied the fraud, the deficiency to properly run a mega-organization, the indignation from the people affected by this fraud, the lack of ownership when a mistake is made. Although many financial accounts were considered ‘exhaust’ and disabled automatically, representatives once in awhile exchanged client assets to the new records, activating overdraft expenses and harming FICO assessments, hurting the unaware customers’ credit reports. Ironically, Wells Fargo’s website proudly states that their vision is “To satisfy our customers’ financial needs and help them succeed financially”. Two out their five core values, ethics and doing what’s right for the customer are based on their vision and provide the foundation for everything they do. These values have clearly been breached by the institution that promised to help…

Ken Thompson, Chairman, President and CEO of Wachovia, which is the fifth largest bank in the United States. In fact, in 2007, Wachovia hit the record earnings of 2.3 billion with 4% earning per share. Thus, Thompson illustrates three main issues, Macro trends that shapes the future in the business world, which are the following: (1) globalization, (2) becoming greener, and (3) you. Thompson explains that 32 years ago, Wachovia was only a small North Carolina Bank that primarily shaped on the…

Archway & Mother’s Cookie Company was a gourmet cookie company that was one of the top salaries and makers in the United States. It started in 1936 with the Harold and Ruth Swason staring their company in their garage in Battle Creek MI. In 1980 there was new ownership, Thomas Olin and Eugene McKay, Jr. Both. During this time, began the cookie war, could be viewed as the start to the downfall of Archway & Mother’s Cookies Company, which closed in 2009. “Archway Cookies, Inc. is one of the top…

“The court case Hartsock et al. v. Rich’s employees credit union et al. takes about the “Uniform Commercial Code, expressly provides that an action for conversion of an instrument may not be brought by a payee or indorse who did not receive delivery of the instrument either directly or through delivery to an agent or a co-payee.” It explains why a payee to whom a check was never delivered has no action for conversion” (www.law.justia.com). Decisions The decision was that “Rich’s” was not at…

The Penguins and Phantoms squared off at Wachovia Arena in the first meeting of the former in-state rivals since the Phantoms moved from Philadelphia to Adirondack. And the Penguins wound up outlasting the Phantoms to take the first game of the season series, 3-1. The first period was fast-paced, with two evenly matched teams going back-and-forth and each generating good scoring chances. The Penguins outshot the Phantoms, 10-6. The second period saw the Penguins on a power play as a result…

The Federal Reserve rescued AIG, but Lehman Brothers which caused them to fail. The Treasury Department wanted relief and created what was known as Troubled Asset Relief Program (TARP), however, it had not been passed by Congress. Washington Mutual a very large thrift in the United States failed and was sold to JP Morgan, and Wachovia was rescued by Citigroup and then Wells Fargo. The House rejected TARP in September 2008, which caused the Dow Jones Industrial Average to drop significantly in…

Washington Mutual was seized by the Federal Deposit Insurance Corporation and had most of its assets transferred to the bank JPMorgan Chase. The failure of Lehman demonstrated that the government was not willing to bail out all banks, and this caused an immediate spike in interbank lending rates. The following day, the Fed authorized the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG), a leading insurer of credit defaults which suffered an…

observing an area. Video surveillance is performed by noticeable or hidden cameras that transmit and record visual images that may be watched during the time which the activity is taking place or reviewed later on tape. They are often connected to a recording device, IP network, and/or watched by a security guard or a law enforcement officer. Cameras and recording equipment use to be fairly expensive and required someone to monitor the camera footage. Due to cheaper production techniques, it is…

and that they can separate the assets equally if they are having joint assets. Assuming that the individuals do not have an agreement set forth pre the relationship ending I only feed is fair to divide the assets 50-50 unless great consideration was paid by one person solely then adjusting the percentage accordingly maybe the right thing to do. Also, the length of her relationship also must be considered when deciding how to divide the assets as a relationship that lasts one year is not the same…

became quite reckless in borrowing up to $40 of debt from every dollar of capital they received. A good quote from Forbes puts things into perspective, “In truth, this was a recipe for disaster, since a decline of only 4% in their capital put them on the road to insolvency. It was as if you bought a million dollar house, put down a payment of $30,000 and borrowed $970,000”. Clearly these major banks were doing an unethical way of business and leaving the economy in danger and is one of the…