Saturday, December 23, 2017

Wells Fargo Admits Tax Bill Unrelated to Wage Hike

Sucking up to Donald Trump is tricky business. On Wednesday Wells Fargo announced that it was raising its minimum wage thanks to the passage of the Republican tax bill: "Wells Fargo to Raise Minimum Hourly Pay Rate to $15, Target $400 Million in 2018 Philanthropic Contributions, Including Expanded Support for Small Businesses and Homeownership." That press release is a little vague. Was Wells really doing all this because of the tax bill? A pair of LA Times reporters called the press office to find out: Asked by the Times to clarify the connection Wednesday, Wells Fargo spokesman Peter Gilchrist said there was none ... Asked directly to confirm that the pay raises were not a result of the tax bill, Gilchrist said, "That is correct."

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Needless to say, Wells Fargo is in a heap of trouble these days over a series of scandals that never seems to stop, so flattering the president is just good business. Maybe it won't help, but it can't hurt.

In any case, I think we can take this as a case study in what's really going on with all those companies announcing new initiatives thanks to the tax bill: they have nothing to do with the tax bill at all. It's just business as usual. But they're certainly eager to say it's because of the tax bill. I suppose I would be too if I had a lot of business with the Justice Department or the SEC or the Pentagon.

Comments

Wells Fargo is a bunch of crooks. Plain and simple. Who cares about why they raised their workers' pay, they stole the money anyway. My guess is that they were having so much turnover in employees that they were forced to do it to keep people who they had invested training time in. Employers all over the country are discovering that their employees can go elsewhere, they dream of 2008 when their employees were so frightened of losing their jobs they would work for peanuts. I've seen, where I work, a long standing stable crew turn into an environment where the employee no longer fears the employer.

#1 | Posted by danni at 2017-12-23 05:44 AM

Well, DUH!

#2 | Posted by WhoDaMan at 2017-12-23 05:05 PM

JeffJ is being eviscerated left and right these days. GIGGLES.

#3 | Posted by LauraMohr at 2017-12-23 05:12 PM

I've seen, where I work, a long standing stable crew turn into an environment where the employee no longer fears the employer

Hmmm... Sounds a lot like the mid 90's.

#4 | Posted by WhoDaMan at 2017-12-23 05:42 PM

Interesting that Mother Jones doesn't add the rest of the LAT article:

Arati Sontakay Randolph, a Wells Fargo senior vice president, said that Gilchrist had misspoken Wednesday.

"Our spokesperson made a mistake, and we apologize for this," she said Thursday. "Our announcement was directly related to the passage of tax reform."

#5 | Posted by Rightocenter at 2017-12-23 08:45 PM

#5 anything to curry political favor in a corrupt country.

#6 | Posted by BruceBanner at 2017-12-23 11:43 PM

This reminds me of all the companies that recycled previous announcements that they were keeping operations/jobs in the US after Russia successfully manipulated Trump's election. The smart business owners know they can con the Conman.

#7 | Posted by johnny_hotsauce at 2017-12-24 07:35 AM

"Our spokesperson made a mistake, and we apologize for this," she said Thursday. "Our announcement was directly related to the passage of tax reform."

These are the people who opened millions of accounts without their depositors knowing, and you actually believe anything they say? In short: You are stupid.

Come on, MILLIONS OF ACCOUTNTS, and then after they were caught, THEY DID IT AGAIN! Wake the f up! Wells Fargo should be investigated and the officers should be charged as a criminal enterprise under RICO.

#8 | Posted by danni at 2017-12-24 09:01 AM

Yes they are terrible. And they are owned by Obama's main financial man. You k own Danni the one who took Jon corzines place! Just imagine how you'd be frothing at the mouth Danni if that was a Koch company.

But no, its the fattest cat bankster of them all, Warren' he who has the gold makes the rules' Buffett.

Why have you failed to make the connection between Buffett Obama wells and bac??? Let me guess!!!

#9 | Posted by DavetheWave at 2017-12-24 09:19 PM

Give me 3 guesses, first 2 don't count. Go ahead Danni I dare you

#10 | Posted by DavetheWave at 2017-12-24 09:22 PM

Obama? What's the topic of this thread again?

#11 | Posted by BruceBanner at 2017-12-25 12:16 AM

What's the topic of this thread again?

Hillary Clinton?

#12 | Posted by ClownShack at 2017-12-25 01:34 AM

Dave, I don't give a f**k who owns a criminal enterprise like Wells Fargo, only you think ciminality is ok as long as the criminals are from the right party. That's your problem, not mine. And no, I won't play your stupid guessing games, if you have someone in mind for an accusation then make your accusation. You think this is about me vs. you, it isn't stupid. It's about the corporate crooks against all of us. Grow up.

#13 | Posted by danni at 2017-12-25 09:10 AM

"It's about the corporate crooks against all of us. Grow up."

People like you are a far greater threat to me than Wells Fargo.

#14 | Posted by madbomber at 2017-12-25 12:15 PM

Wells Fargo is a criminal organization, which operates under Government protection.

#15 | Posted by bayviking at 2017-12-25 12:43 PM

It's about the corporate crooks against all of us. Grow up. -danni

Not just corporate but government as well.

Grow up...

#5 anything to curry political favor in a corrupt country.

It's not a corrupt country, it's a corrupt government, which oddly liberals think it should get bigger.

Check out the China killing 10,000....

#16 | Posted by AndreaMackris at 2017-12-25 01:00 PM

13 what a load of crud. Warren Buffett is the largest shareholder of wells Fargo and you don't have one bad word to say about him. If it was koch industries you'd be pucking venom on them.

Because it's Buffett you don't have anything to say. That's because you are a 1st class grade A hypocrite.

Obama and Buffett are on your side so you'll give them a pass. Just wanted thst clearly stated. Your bias is on display for all drudge libbies to ignore, yet again.

Oh and wells is too big too fail, which you can thank dodd Frank for creating, and Obama's QE for empowering!!

#17 | Posted by DavetheWave at 2017-12-25 01:48 PM

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