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Updates on the wide range of fiascos at Wells Fargo

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Concord stage coach, from the days when Wells Fargo was the gold standard of honesty and integrity. Photo at Wells Fargo’s San Diego museum by James Ulvog.

Range of issues in Wells Fargo have grown in the time since I last described their internal disasters.

Here is an overview of the last two years:

Some money returning to Wells

3/1/19 – Reuters – Wells Fargo officials enter $240 million settlement over bogus accounts – Article says the insurance companies representing 20 Wells execs and directors (tally includes current and former staffing) have reached a settlement to pay the bank $240M collectively. This is compensation for the damage caused by the fake account fiasco.

Plaintiff lawyers assert this is the largest derivative lawsuit settlement in the U.S. Article does not say what cut the lawyers get.

Additional settlements and new fiascos

12/28/18 – Wall Street Journal – Wells Fargo to Pay States About $575 Million to Settle Customer Harm Claims – Settlement with 50 states plus District of Columbia is for the fake account, improper auto loan fees, and improper mortgage & life insurance ad-on fees.

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Written by Jim Ulvog

January 3, 2020, 7:00 am at 7:00 am

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Federal mileage rates for 2020

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Image courtesy of Adobe Stock.

On 12/31/19 the IRS published the reference amounts for mileage rates for 2020. Their announcement:

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Written by Jim Ulvog

January 2, 2020, 7:15 am at 7:15 am

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Brief survey of costs from Volkswagen’s diesel fiasco.

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Image courtesy of Adobe Stock.

Haven’t talked about the massive Volkswagen diesel fraud much on this blog. Just don’t have enough time to cover every business fiasco. Time for a brief recap of the financial cost of the cheating mess.

Here is a fast tour from the guilty plea in 2017 to the latest estimate of total costs in 2019.

3/10/17 – Wall Street Journal – Volkswagen Pleads Guilty to Criminal Charges in Emissions-Cheating Scandal.  Good recap of the VW confession:

Key tidbits:

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Written by Jim Ulvog

December 27, 2019, 7:00 am at 7:00 am

Posted in Fraud, Other stuff

Getting caught up on the cost of big bank fiascos – part 2

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Interior of Concord stage coach, Three people sat on each of the two benches round the clock, for many days, getting out to stretch their legs and grab a bite to eat only during a swap of horses. Photo at Wells Fargo’s San Diego museum by James Ulvog.

Previous post mentioned I’ve fallen far behind on covering the fines and penalties on the big banks for their massive fiascos.

Here is a list of some messes happening since I was last discussing their messes:

11/19/18 – Reuters – Société Generale to pay $1.4 billion to settle cases in the US – French bank agreed to $1.34B fine for laundering money to Cuba and other countries on the prohibited list. Paid an additional $95M other anti-money laundering violations.

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Written by Jim Ulvog

December 20, 2019, 7:20 am at 7:20 am

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Getting caught up on the cost of big bank fiascos – part 1

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Close up of stage coach. Strong box would be stored behind driver’s feet. Photo at Wells Fargo’s San Diego museum by James Ulvog.

For well over a year and a half lots of life has been happening to me. Have had to set priorities on what I can and cannot do, which means I’ve not been focusing on the ongoing fiascos and foolishness and waste as the big banks get caught with a never ending list of laws they have violated in stupendously spectacular ways.

Yet another in a string of money laundering settlements hit the news yesterday which drew my attention. So, I’ll try to do a little catch-up on the billions of stockholder dollars the big money banks have been continually throwing on the bonfire over the last two years.

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Written by Jim Ulvog

December 11, 2019, 9:49 am at 9:49 am

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Remember to renew your PTIN by December 31.

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Image courtesy of Adobe Stock.

Recall you must renew your PTIN for next year in order to file tax returns as a paid preparer. Deadline for renewal is December 31.

Again this year there is no charge to renew.

You can start the process here.

It took me just a couple of minutes.

Written by Jim Ulvog

December 6, 2019, 8:19 am at 8:19 am

Posted in Other stuff

A Halloween costume that would make any CPA pass out from fright – an auditor performing one pension plan audit

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Photo courtesy of DollarPhotoClub.com

Photo courtesy of DollarPhotoClub.com

Amid the cute little kids in their funny costumes, this pleasant Halloween night there was a grown man in a suit at the door asking for candy. White shirt, red tie, gray pinstripe.

Not so scary, thought I.

“What are you dressed up as?”

“An auditor,” came the reply.

That’s not frightening, since I’ve been an auditor for a long time. But it did explain the old-style standard issue uniform.

So, putting on my peer reviewer hat, I asked, “what audit work do you do?”

“Oh, only one pension plan….

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Written by Jim Ulvog

October 31, 2019, 7:36 am at 7:36 am

Posted in Other stuff