John Stumpf represents what’s wrong with banking
Payday loan customers and everyone else want to know… where does the arrogance of bank CEOs end and sanity begin?
Bloomberg’s David Glovin reports that Wells Fargo & Co. CEO John Stumpf is on the defense over “misleading” media coverage of non-essential corporate events that are continuing to occur thanks to American taxpayer money. Stumpf’s claims are that these events were necessary to “honor top bankers, financial advisers, tellers and mortgage salespeople” within their organization.
Wells Fargo received $25,000,000,000 in taxpayer bailout dollars in 2008. Want to know what I think? I think those employees could get by with the honor of still having their jobs. They will be happy knowing that they are not among the hundreds of thousands who have fallen into the downsizing abyss.
Is Stumpf using the expense as a tax writeoff?
“These one-sided stories lead you to believe every employee recognition event is a junket, a boondoggle, a waste, or that it’s for highly-paid executives. Nonsense!” says Stumpf. Then you have no reason to back down on these events that boost the spirits of your grunt workers, do you, Mr. Stumpf? They use a no fax payday loan now and again when they need a little bridge between paychecks. Oh, wait…
Seems that John Stumpf did decide to cancel some taxpayer-funded corporate events. His bank lost $2,550,000,000 in the fourth quarter of 2008, then received $25,000,000,000 in TARP funds, straight from American wallets. How big of him to cancel those events and use every penny of the money GIFTED him to keep the bank running and give loans. Stumpf says the employees to be honored at the events deserved the “attaboys.” I’m sure they did. I’m not disputing that. However, I do marvel at the gall top executives like Stumpf seem to have at times.
Inspire employees by allowing them to keep their jobs, Mr. Stumpf. Inspire them by making wise, unselfish choices that keep your organization running. Inspire them by cutting your own pay and bonuses and giving it to the hungry family men and women who deserve the chance to get their jobs back.
That would truly be inspiring, Mr. Stumpf
Until then, America waits. We wait to see if President Obama’s new stimulus package will help us turn the corner. We wait for the government to take control of the banking system. That would inspire Cash Advance Mojo and countless millions across this nation, payday loan customers, small business owners, even some large corporate heads who may keep their feelings on the matter private… not to mention so many other people. They’re just like you and me. We need to feel inspired by the course of action our leaders take.
Related articles
- Take this TARP and shove it? Not so fast. (money.cnn.com)
- AP IMPACT: US Bets on Bank Execs to Fix This Mess (abcnews.go.com)
- Bailout Bank Pay Caps Leave Wiggle Room (cbsnews.com)
I hope he didn’t use TARP funds on any company shindigs. I think those kinds of events are good for regular employees – it’s good that their contributions are recognized by the companies they work for. After all, it is precisely the workers who do the heavy lifting to bring a company success.
Perky, while I agree that it’s good for employees to be recognized, we are living in extraordinarily bleak financial times at this very moment. Taxpayer funds are going in to the pot to fix banks… this means that huge internal changes must be made. Sorry to say, but employee functions and morale boosting will not achieve this. They have their jobs… that is a precious diamond of a reward right now… wait until things pick up again before having “corporate functions,” I say
They absolutely disgust me… they should be ashamed of themselves. They have a lot of nerves to mess with our hard-worked earnings. How can they justify that kind of wasteful distribution? When you need something you ask. When you ask for something, you may probably receive it. If you’re as fortunate to receive what you had asked for, be grateful and make sure you don’t take it for granted. Isn’t that how it’s supposed to go?
Why can’t these financial geniuses figure out how to live within their means? I completely support an entire family for a year on less then what those banks executives probably spend a year on entertainment. Grrrrr…..