Oct 162016
 
John Stumpf, the embattled CEO Of Wells Fargo retires

John Stumpf, the embattled CEO Of Wells Fargo retires (Photo property of Reuters)

John Stumpf, the CEO and Chairman of Wells Fargo Bank retired. Yeah, right.

The aggressive pursuit of consumer rights by Mike Feuer, L.A. City Attorney, that resulted in a settlement with Wells Fargo, reverberated nationwide and spurred many of the changes we’re seeing today. Read more about Mike Feuer’s success with Wells Fargo.

Consumers nationwide are now recovering their money, Wells Fargo has to pay a high penalty, the State of California severed some of its ties with the bank…. John Stumpf and other high level Wells Fargo executives were interrogated by U.S. Senate and other government agencies.

It may be called retirement, the truth is that the man who either ordered or supported fraud at Wells Fargo Bank has been forced out from his super comfortable positions as both the CEO and the Chairman of the bank in a desperate attempt to save Wells Fargo’s image, if not Wells Fargo itself. He also had to forfeit much of his ill-gotten gains.

Mike Feuer’s, L.A. City Attorney’s, victory over unethical business practices of Wells Fargo is a gift that keeps on giving. Thank you and congratulations, Mr. Feuer!

 

Comment?

Name
Email
Comment Title
Rating
Comment Content

 

 

Oct 012016
 

Flag of the State Of California

Fresh on the heels of L.A. City Attorney Mike Feuer’s legal victory over Wells Fargo Bank, the State of California suspended some of its business with Wells Fargo.
In an unprecedented move, the State treasurer, John Chiang, pulled much of the State of California’s banking, including large municipal bond deals and the State’s investments in securities, from Wells Fargo.
The State of California put some of its dealings with Wells Fargo on hold for at least one year and will monitor the bank’s adherence to the terms of a consent order it signed with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. The business relationship between the State and Wells Fargo might be restored after one year provided the bank proves its commitment to ethical business practices.

Let’s hope that the loss of the bank’s most profitable business relationship will force San Francisco-based Wells Fargo to reevaluate its business practices as well as its current leadership and possibly even its governance structure. (John G. Stumpf, is currently both, Wells Fargo’s CEO and chairman.)

 

Comment?

Name
Email
Comment Title
Rating
Comment Content

 

 

Sep 232016
 

Los Angeles City Attorney Mike Feuer Our own Los Angeles City Attorney Mike Feuer to attend a meeting of U.S. Senate Committee on Banking, Housing and Urban Affairs in Washington, D.C. If it sounds like “business as usual” to you, it isn’t. It’s a huge recognition of the Federal Government for our City Attorney Mike Feuer’s – and his team’s – victory over Wells Fargo Bank.

As you surely know, on Tuesday 09/20/16, US Senator Elizabeth Warren “interrogated” the CEO of Wells Fargo John Stumpf on the unethical practices of his bank. Those practices included – but were not limited to – opening multiple accounts unauthorized by Wells Fargo customers and accruing / collecting monthly fees for them.

These Wells Fargo’s practices were known and spread nationwide, still no federal or state attorney’s office took legal action to put a stop to Wells Fargo’s shady sales practices or to protect consumers. Los Angeles City Attorney Mike Feuer was the only one who did. Acting as a true consumers’ advocate, City Attorney Mike Feuer not only dared to hold Wells Fargo legally accountable for its actions but succeeded! His pursuit of justice produced a settlement. On 09/08/2016 it’s been announced that Wells Fargo agreed to make restitution to consumers and pay $50 million in penalties. Read the settlement.

Los Angeles City Attorney Mike Feuer’s commitment to fairness for Los Angeles consumers helps exploited Wells Fargo customers In Los Angeles area recover their money. The even more impressive outcome is that the settlement he negotiated for Los Angeles consumers – thanks to the cooperation with Federal Regulators – will actually benefit consumers nationwide!

The work – and impact – of a City Attorney is usually limited to the matters of the city he represents and its residents. It’s unprecedented that a CITY Attorney’s action has a nationwide impact.

Giving credit where credit is due: the success of Los Angeles City Attorney Mike Feuer’s consumer action against Wells Fargo Bank is historic, it is a lifetime achievement and definitely, Mike Feuer’s legacy as a City Attorney. Congratulations and thank you Mr. Feuer!

On a different note, having Mike Feuer – or someone like Mike Feuer – on a State or better yet, Federal level could put some fear of God in the hearts of major corporations and actually PREVENT them from scamming consumers, in the first place. Just a thought.

Anything L.A. Magazine’s Editor / E. Elrich

Comment?

Name
Email
Comment Title
Rating
Comment Content