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Are Clawbacks and Shareholder Proposals Essential to Corporate Governance?

Livinglies's Weblog

By CitiBank Whistleblower Richard Bowen


The recent Wells Fargo financial misdoings situation has focused much-needed attention once again on clawbacks, the forced return of pay and stock grants, and shareholders involvement in corporate guidance policies. The Wells Fargo’s board voted to claw back an additional $75 million in compensation from the bank’s former chief executive, John G. Stumpf, and its former head of community banking, Carrie L. Tolstedt. 

Apparently, the warning signs could be traced back at least to 2004, the investigators said. Ms. Tolstedt, who ran the national network of Wells Fargo branches, set up ruthless sales goals that even she acknowledged were unreachable. Mr. Stumpf, who had a long and trusting relationship with Ms. Tolstedt, left her on her own to run her department, the investigators said in the scathing 113-page report

The clawbacks, totalling $135 million, which to date are the largest in banking…

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Banks Accused Of Pocketing $240M In Foreclosure Billings To US

Justice League

Law360, New York (June 27, 2017, 3:58 PM EDT) — Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are accused of scamming U.S. agencies out of some $240 million in a False Claims Act suit unsealed Friday in Illinois federal court, which the government has said it will not join.

Relator Timothy Morgan’s March complaint was unsealed Friday after the U.S. declined to intervene. Morgan claims that the banks refused to pay vendors’ bills for foreclosure activity but still turned around and billed the U.S. for the supposed expenses.

Source: Law360

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Homebuyers lose life savings during wire fraud transaction, sue Wells Fargo, realtor & title company

Justice League

DENVER –  A Colorado couple, who lost their life savings while trying to buy their dream retirement home, has filed suit against Wells Fargo Bank, Land Title Guarantee Co., Envoy Mortgage Ltd., Kentwood Real Estate Services LLC and realtor Karen Porras, alleging that none of them did enough to protect sensitive financial information.

James and Candace Butcher sold their house in Longmont and were using the proceeds — more than $272,000 — as a down payment on a new home, at 41467 Sunny Farm Circle in Parker.

They said they wanted a place closer to their son and one big enough for grandchildren.

“We were truly excited, when through negotiations, we won the bid,” Candace Butcher said. “Through the entire process, I kept saying, ‘I can’t believe this is going to be our house.’”

Within 24 hours of closing, not only was it not their house, but they lost all…

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Indentured Servitude for Seniors: Social Security Garnished for Student Debts

The situation described in this article is fairly common. I have a member of my family that has a lot of unpaid student loan debt and as a result they may not be able to retire any time soon.


The Social Security program…represents our commitment as a society to the belief that workers should not live in dread that a disability, death, or old age could leave them or their families destitute.  

— President Jimmy Carter, December 20, 1977.

[This law] assures the elderly that America will always keep the promises made in troubled times a half century ago…[The Social Security Amendments of 1983 are] a monument to the spirit of compassion and commitment that unites us as a people.

— President Ronald Reagan, April 20, 1983

So said Presidents Carter and Regan, but that was before 1996, when Congress voted to allow federal agencies to offset portions of Social Security payments to collect debts owed to those agencies. (31 U.S.C. §3716).  Now we read of horror stories like this:

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Sovereign Debt Jubilee, Japanese-Style


Japan has found a way to write off nearly half its national debt without creating inflation. We could do that too.

Let’s face it. There is no way the US government is ever going to pay back a $20 trillion federal debt. The taxpayers will just continue to pay interest on it, year after year.

A lot of interest.

If the Federal Reserve raises the fed funds rate to 3.5% and sells its federal securities into the market, as it is proposing to do, by 2026 the projected tab will be $830 billion annually. That’s nearly $1 trillion owed by the taxpayers every year, just for interest.

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California bill would allow consumers to sue banks for fraud

California took another step on Tuesday toward allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, as a bill inspired by last year’s Wells Fargo scandal passed a key Assembly committee. The bill has already passed the state Senate. The full Assembly, the legislature’s […]

via California moves forward on letting customers sue banks, inspired by Wells Fargo — Justice League

This bill would be a great help to consumers in California who are forced to accept arbitration clauses as a condition of purchasing goods or services.

JPMorgan Chase Bombshell: The Mortgage Liens were Released and then Foreclosed anyways

Unfortunately JPMorgan Chase has gotten away with these types of things and will continue to do so as long as they spend money buying politicians from both parties.

Livinglies's Weblog

Transcript Reveals How JPM Chase “Got away with it” — selling loans that were already sold, releasing liens and then foreclosing on nonexistent liens

Get a consult! 202-838-6345
https://www.vcita.com/v/lendinglies to schedule CONSULT, leave message or make payments.

Hat Tip to Brent Tantillo, Esq.

In our Thursday broadcast of the Neil Garfield Show Mr. Tantillo offered to send us the transcript of a deposition of the person who was in charge of monitoring the National mortgage Settlement and compliance with restrictions and rules concerning the execution of the settlements that were under the purview of the witness.  The transcript shows a continuation of the pattern of setting the illusion of a monitor when in fact…

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