This is enough to scare anyone...

[BaalChatzaf]

Read this  piece  to see how  5000 employees of Wells Fargo Bank  cheated the bank's customers and caused destruction of their credit ratings.

http://tinyurl.com/hxgthzq    (this is a tiny url  for an article in The Conversation).

Holy Shit!  This is enough to scare one into keeping his money in a shoe box,  like our friend Moralist probably does. 

Ba'al Chatzaf 

[turkeyfoot]

I fired two wealth managers this year when one wouldnt divulge knowledge of a hyper increase in management fees and the other had poor communication skills. I went to the owner who is on Barons amongst other to money manager lists and he took immediate action accepting responsibility and made it right, cutting me a check and then apologized in a sincere way. But I'll never trust them like I did. The only person you can trust with your money is you. When it comes time to hold someone accountable for the poor performance of a portfolio its too late.

When Congress hauled the CEO up and was calling for his head and claw backs it was something like the Epi Pen bs. This after 5000 employees were fired for their behavior. It took me a long time to convince a friend I know that the environment those employees worked in was completely voluntary. They and not the hoops they were expected to jump through to accomplish their quotas are responsible for actions they took.

That friends son who worked for WF a year ago was let go because he couldnt or wouldnt jump through those hoops. In retrospect he did the right thing. The father however blames the quota system and the CEO.

[BaalChatzaf]

37 minutes ago, turkeyfoot said:

I fired two wealth managers this year when one wouldnt divulge knowledge of a hyper increase in management fees and the other had poor communication skills. I went to the owner who is on Barons amongst other to money manager lists and he took immediate action accepting responsibility and made it right, cutting me a check and then apologized in a sincere way. But I'll never trust them like I did. The only person you can trust with your money is you. When it comes time to hold someone accountable for the poor performance of a portfolio its too late.

When Congress hauled the CEO up and was calling for his head and claw backs it was something like the Epi Pen bs. This after 5000 employees were fired for their behavior. It took me a long time to convince a friend I know that the environment those employees worked in was completely voluntary. They and not the hoops they were expected to jump through to accomplish their quotas are responsible for actions they took.

That friends son who worked for WF a year ago was let go because he couldnt or wouldnt jump through those hoops. In retrospect he did the right thing. The father however blames the quota system and the CEO.

Some of the Capitalist not only invest capital  but they provide perverse incentives.   That is scary.  We depend  on a high degree of honesty and contract compliance  for our system to work.  If  cheating becomes endemic,  we are all in for pain. 

[KorbenDallas]

53 minutes ago, BaalChatzaf said:

Some of the Capitalist not only invest capital  but they provide perverse incentives.   That is scary.  We depend  on a high degree of honesty and contract compliance  for our system to work.  If  cheating becomes endemic,  we are all in for pain. 

Many men use perverse consequentialism ethics:  "If I don't get caught, then I didn't do anything wrong."

Laissez-faire capitalism?

Good luck with that, it requires virtue.

[BaalChatzaf]

2 hours ago, KorbenDallas said:

 

Good luck with that, it requires virtue.

Which is why it is so rare....