discussion 1507

Part 1: Comment and respond with a min of 250 words
https://www.fool.com/investing/2017/05/06/warren-buffett-identifies-what-went-wrong-at-wells.aspx
This week we look at the principle-agent problem and what when wrong at Wells Fargo. What about the incentive system resulted in massive creation of fake accounts by the retail operation and why did it only get worse from there? As you dig into this remember Froeb’s rule from Chapter 1″Avoid the temptation to think about the problem from the employee’s point of view…{and ask} how does the organization give employees enough information to make good decisions and the incentives to do so?” page 8
Be sure to cite all source used.
PLEASE DO NOT RELY ON WIKIPEDIA, INVESTOPEDIA OR ANY OTHER PEDIA AS A REFERENCE AT ANYTIME IN THIS COURSE.
Part 2: Comment and repond on the below post with a min of 125 words.
The Wells Fargo incentive program was unrealistic quotas to meet and which had managers turn a blind eye when ethical and questionable illegal transaction came across. They were creating unauthorized bank and credit card accounts to reach these goals and which it is causing a hostile environment for individuals at Wells Fargo. These fake accounts were allowing the bank to make more money in fees and meet internal sales targets. The reason it got worst was that senior management was making bad choices when they implement the incentive program. The reason for this was because there weren’t enough decision makers to weigh out the pros and cons of this program and was the incentive awarding for the managers or the business.

Part 3: Comment and repond on the below post with a min of 125 words.

Having fake accounts under Wells Fargo’s watch was a profiting system that employees used to earn money faster. Employees faked applications to open accounts and later on billed customers with bank fees. This became a bigger issue as time went by because later on Wells Fargo lost money by reimbursing back the customers the money that they scammed the customers out of. The organization was following protocol and customers listened due to their loyalty to their bank.

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