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« John Boehner's 1998 Glass-Steagall Flashback - Would You Like A CD With That Auto Insurance Policy? | Main | PHOTO OF THE DAY - What Bubba Built »
Thursday
Sep062012

Wells Fargo Just Fired A Man For Stealing A Dime In 1963

Richard Eggers, who is now 68, used a fake cardboard dime to try to fool a washing machine in 1963 when he was 19 years old.  He pled guilty, and served 2 days in jail.  Yes, a fake cardboard dime.  Wells Fargo just fired him for it last month.

A quick reminder: Jon Corzine stole more than $1 billion.

And he's allowed to start a new hedge fund.

---

DES MOINES, Iowa — Wells Fargo Home Mortgage has fired a Des Moines worker over a 1963 incident at a Laundromat involving a fake dime in the wake of new employment guidelines.

Richard Eggers, 68, was fired in July from his job as a customer service representative for putting a cardboard cutout of a dime in a washing machine nearly 50 years ago in Carlisle, the Des Moines Register reported Monday.

 Warren County court records show Eggers was convicted of operating a coin-changing machine by false means. Eggers called it a "stupid stunt," but questions his firing.

 Big banks have been firing low-level employees like Eggers since new federal banking employment guidelines were enacted in May 2011 and new mortgage employment guidelines took hold in February, the newspaper said. The tougher standards are meant to clear out executives and mid-level bank employees guilty of transactional crimes — such as identity theft and money laundering — but are being applied across the board because of possible fines for noncompliance.

Banks have fired thousands of workers nationally, said Natasha Buchanan, an attorney in Santa Ana, Calif., who has helped some of the workers regain their eligibility to be employed.

"Banks are afraid of the FDIC and the penalties they could face," Buchanan said.

The regulatory rules forbid the employment of anyone convicted of a crime involving dishonesty, breach of trust or money laundering.

Mr Eggers, who worked at the bank for seven years before his dismissal, is just one of thousands who have been fired from the company under the implementation of this law.

Sources:  Daily MailCBS Money

---

Why does Jamie Dimon still have a job, if:

"The regulatory rules forbid the employment of anyone convicted of a crime involving dishonesty, breach of trust or money laundering..."

---

Grassley on firings: 'Seems unfair'

Critics point out that big banks have insulated top executives from criminal accountability by signing multimillion federal settlements in which they admit no wrongdoing.

On the same day that Eggers was fired, Wells Fargo & Co., the largest U.S. bank by market capitalization, paid $175 million to the U.S. Justice Department to settle fraud allegations for sub-prime loans.

On the face of it, these situations seem unfair,” Sen. Chuck Grassley, R-Ia., said in a statement. “The public is right to question why top executives aren’t being held accountable, especially when banks themselves are using federal regulations to justify firing rank-and-file workers.”

Wells Fargo confirmed Eggers’ termination.

“We are operating in an environment where we’re facing new regulations and a heightened level of scrutiny on all our activities,” said Wells Fargo spokeswoman Angela Kaipust. “The expectations that have been placed on us and all financial institutions have never been higher.”

[Except for all upper management] Bank of America has embarked on a similar firing binge to shed any employee convicted of a criminal offense involving dishonesty, breach of trust or money laundering, attorneys say.

Bank of America spokeswoman Ferris Morrison said the nation’s third-largest bank by market capitalization is applying the FDIC standards the same way as its peers.

 

 

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Reader Comments (9)

The same thing happened in May to Yolanda Quesada, 58, from Milwaukee who shoplifted clothes from a department store as a teenager.

At the time of the conviction she paid her required $50 fine, but when her Wells Fargo Home Mortgage branch did a background check, she was fired over the incident. 'I think there's more important things in life than something that I did 40 years ago,' she told local ABC affiliate KLTV.

http://www.dailymail.co.uk/news/article-2141633/Woman-fired-background-check-shoplifting-charge-40-YEARS-ago.html
Aug 30, 2012 at 2:50 AM | Registered CommenterDailyBail
CME Chairman Testifies To Congress: "A Senior MF Global Employee Indicated To Us That Mr. Corzine Knew Loans Had Been Made From Customer Segregated Accounts"

http://dailybail.com/home/cme-chairman-testifies-to-congress-a-senior-mf-global-employ.html
Aug 30, 2012 at 3:01 AM | Registered CommenterDailyBail
NYT UPDATE: 'No Criminal Case Likely Against Jon Corzine'

http://dailybail.com/home/nyt-update-no-criminal-case-likely-against-jon-corzine.html
Aug 30, 2012 at 3:02 AM | Registered CommenterDailyBail
Wells Fargo Wants to Foreclose on Dead Mom's House, Leaving Daughter Homeless

http://www.indybay.org/newsitems/2012/08/14/18719555.php
Aug 30, 2012 at 4:42 AM | Registered CommenterDailyBail
[Except for all upper management] Bank of America has embarked on a similar firing binge to shed any employee convicted of a criminal offense involving dishonesty, breach of trust or money laundering, attorneys say.
Aug 30, 2012 at 11:47 AM | Registered CommenterDailyBail
Well's Fargo good old bailed out warren buffoon's bank what a scam warren was also the majority owner of moody's at the time he has since sold a lot of it but still owns a 12.78% stake all those sub prime loans were being rated as AAA obviously another Crony of obama's which is why no criminal charges just like corzine, blankfein

Buffett's Betrayal

http://www.reuters.com/article/2009/08/04/columns-us-column-buffett-idUSTRE5735JC20090804

Moody's, S&P Triggered Financial Crisis, Congressional Report Finds

http://www.huffingtonpost.com/2011/04/14/credit-rating-agencies-crisis-congressional-report_n_849032.html

Fraud claims vs Moody’s, S&P, to go forward: US judge

http://www.reuters.com/article/2012/08/18/us-ratingagencies-rulings-idUSBRE87H00Q20120818

Buffett’s Wells Fargo Bet Helps Berkshire Vs. S&P 500

http://www.bloomberg.com/news/2012-08-30/buffett-s-wells-fargo-bet-helps-berkshire-vs-s-p-500.html

SEC Pursues Egan Jones; Moody’s, S&P Remain At Large

http://www.ritholtz.com/blog/2012/04/moodys-sp-remain-at-large/

Currently, Wells Fargo is Berkshire's second largest investment, valued at $13.7 billion.

http://seekingalpha.com/article/700631-why-warren-buffett-keeps-adding-to-his-wells-fargo-investment
Aug 30, 2012 at 12:30 PM | Unregistered CommenterLiberatedCitizen
Well L.C. The ratings agencies may yet have their day in court.
Aug 30, 2012 at 10:35 PM | Unregistered CommenterSKINFLINT
I won't hold my breath Skinflint given how the banks got off with no criminal prosecution
Sep 4, 2012 at 1:12 PM | Unregistered CommenterLiberatedCitizen

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