Wells
Fargo CEO Confident in Regulatory Fixes (Connecting
the Dots: Wells Fargo, Barack Obama administration, Vickee Jordan Adams, William
M. Daley (Bill Daley), Mayer Brown & Soros Funding, All Networking)
Newsmax.com
Wednesday,
11 December 2024 10:19 AM EST
https://www.newsmax.com/finance/streettalk/wells-fargo-charlie/2024/12/11/id/1191245/
Wells Fargo CEO Charlie Scharf expressed more
confidence Wednesday in the bank's progress to fix compliance problems after
its years-long fake accounts scandal, detailing its efforts to implement risk
controls.
"For
every one of our consent orders that we have, for every one of our regulatory
deliverables, we have extremely detailed plans in place that the regulators
have reviewed," he told the Goldman Sachs Financial Services Conference.
"We
track our progress at the operating committee every single week," Scharf
said. The bank is in the last stages of a process to pass regulatory tests to
lift a $1.95 trillion asset cap next year after fixing problems from its
fake-accounts scandal, Reuters reported exclusively last month.
The
asset cap, seen as one of the toughest punishments U.S. regulators can put in
place, was imposed on the bank in 2018 after it failed to fix governance and
risk-management lapses after years of consumer abuses.
The
limit curtails Wells Fargo's ability to take in more deposits and expand its
trading business, two potential growth areas for the bank, Scharf said earlier
this year.
"We've
actually taken balance sheet over the years away from our trading businesses,
predominantly in terms of what they're able to finance," he said at the
conference.
"We've
started to give some of that back to them, and so we'll continue to build that
part of the business, which will benefit them."
Scharf
also said steps taken translate to better management of operational risk and
compliance in the company.
He
also talked about the U.S. economy, saying the bank is seeing continued
strength across consumers and businesses.
Scharf
expressed confidence the new administration of President-elect Donald Trump
would take steps to bolster the U.S. economy.
"They're
very, very focused on ensuring that a broad group of Americans, both
individuals and companies are successful," he said.
Connecting
the Dots:
Wells
Fargo Home Mortgage is a division of Wells Fargo & Co. (Bailout
Company).
Vickee Jordan
Adams is the VP at Wells Fargo Home Mortgage and Vernon
E. Jordan Jr’s daughter.
Vernon E. Jordan
Jr. is Vickee Jordan Adams’s father, Valerie B.
Jarrett’s great uncle and
an
honorary trustee at the Brookings Institution (think tank).
Foundation to Promote Open Society was a funder for the Brookings Institution
(think tank).
George Soros is the chairman for the Foundation to
Promote Open Society.
John S. Chen was
a trustee at the Brookings Institution (think tank) and is a
director at Wells Fargo & Co. (Bailout Company).
Cameron F. Kerry is
a fellow at the Brookings Institution (think tank), John F.
Kerry’s brother and a senior counsel at Sidley Austin LLP.
Barack Obama was
an intern at Sidley Austin LLP and the president for the Barack Obama administration.
Valerie B. Jarrett is Vernon E.
Jordan Jr’s great niece, a friend of Michelle Obama and was
the senior adviser for the Barack Obama administration.
Michelle Obama is
a friend of Valerie B. Jarrett, was the first lady for the Barack Obama
administration
and a lawyer at Sidley Austin LLP.
James D. Zirin is
a senior counsel at Sidley Austin LLP and was a director at
the Human Rights First.
William D. Zabel is
the chair for the Human Rights First, was
George Soros’s divorce lawyer and a trustee at the Foundation
to Promote Open Society.
Foundation to Promote Open Society was a funder for the Human
Rights First and the Brookings Institution (think tank).
George Soros is the chairman for the Foundation
to Promote Open Society.
Mark A. Angelson was
a director at the Human Rights First, a partner at Sidley
Austin LLP and is a trustee at the Institute of International
Education.
Vernon E. Jordan
Jr. is a trustee at the Institute of International Education, an
honorary trustee at the Brookings Institution
(think tank), Valerie B. Jarrett’s great uncle and Vickee
Jordan Adams’s father.
Vickee Jordan
Adams is Vernon E. Jordan Jr’s daughter and the VP
at Wells Fargo Home Mortgage.
Wells
Fargo Home Mortgage is a division of Wells Fargo & Co. (Bailout
Company).
John S. Chen is
a director at Wells Fargo & Co. and a trustee at the Brookings
Institution (think tank).
Foundation to Promote Open Society was a funder for the Brookings
Institution (think tank).
George Soros is the chairman
for the Foundation to Promote Open Society.
Robert A. Helman
was an honorary trustee at the Brookings Institution (think tank)
and is a partner at Mayer Brown.
Mayer Brown was
the lobby firm for Wells Fargo & Co.
William M. Daley (Bill Daley) was a partner at Mayer
Brown, the chief of staff for the Barack Obama administration and is
Mayor Richard M. Daley’s brother.
Charles
Scharf
https://en.wikipedia.org/wiki/Charles_Scharf#Career
Career
At
age 47, Scharf took over as Visa's CEO in November 2012, succeeding Joseph
Saunders. He was also appointed as a board member after increasing the size of
the board to 11 members from 10. Scharf received a total compensation of $24.20
million, including base salary, stock grants and incentives in 2013.[10] Under
Scharf's tenure, Visa placed at number 238 on the Fortune 500, with
$11.7 billion in revenue.[8]
On
October 17, 2016, Scharf advised his Board of Directors that he could no longer
spend enough time in San Francisco "to do the job effectively." He
announced that he would step down on December 1.[11] Charlie
was chief executive officer of BNY from July
2017 to October 2019 and the chairman of its board from January 2018 to October
2018.[12]
On
September 27, 2019, Scharf's appointment as President and CEO of Wells Fargo was
announced. "Chainsaw Charlie," as he has come to be known within the
company, has committed to major cuts within the company.[13] Scharf
said he would continue to live in New York with his family and commute
frequently to Wells Fargo's headquarters in San Francisco. The Washington Post said his "broad experience
makes Scharf a safe political choice, who is already well known by both
regulators and lawmakers."[14] On
November 7, 2019, Scharf announced that he had appointed BNY Mellon Vice
Chairman and former U.S. Secretary of Commerce and White House Chief of Staff Bill Daley to be head of Public Affairs for
Wells Fargo effective November 13, 2019.[15][16]
In
2023, Scharf's total compensation from Wells Fargo was $26 million,
representing a CEO-to-median worker pay ratio of
325-to-1.
Richard M. Daley is William
M. Daley’s brother (Bill Daley), was the Chicago
(IL) mayor
and Michelle Obama was his staffer.
Michelle Obama was
mayor Richard Daley’s staffer, the first lady for the Barack
Obama administration, a lawyer at Sidley Austin LLP and is a
friend of Valerie B. Jarrett.
Valerie B. Jarrett
is a friend of Michelle Obama, Vernon E. Jordan Jr’s
great niece and was the senior adviser for the Barack Obama
administration.
Vernon E. Jordan
Jr. is Valerie B. Jarrett’s great uncle, a trustee at
the Institute of International Education, an honorary trustee
at the Brookings Institution (think tank) and Vickee Jordan
Adams’s father.
Vickee Jordan
Adams is Vernon E. Jordan Jr’s daughter and the VP
at Wells Fargo Home Mortgage.
Wells
Fargo Home Mortgage is a division of Wells Fargo & Co. (Bailout
Company).
Resources:
Past Research
Hours
After John Kerry Demands Green Transition Accelerated – His Emissions Closet
Swings Wide Open (Connecting the Dots: Cameron Kerry, John Kerry, Teresa Heinz
Kerry, Soros, the Climate Reality Project, the Brookings Institution (think
tank), the EPA and onto the FDA, Pfizer & Johnson & Johnson. It’s the
Network That Never Ends. One Project (Climate Change) Just bleeds into the Next
(Covid Project)) (Past Research on Cameron Kerry)
Thursday,
July 21, 2022
https://thesteadydrip.blogspot.com/2022/07/hours-after-john-kerry-demands-green.html
Wells
Fargo to repay $25 billion bailout (Past Research
on Wells Fargo)
Monday,
March 9, 2015
https://thesteadydrip.blogspot.com/2015/03/wells-fargo-to-repay-25-billion-bailout.html
The
Valerie Jarrett Power Matrix - Background research
(Past Research on Valerie Jarrett)
Friday,
December 27, 2013
https://thesteadydrip.blogspot.com/2013/12/the-valerie-jarrett-power-matrix.html
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