corporate greed

Richard M. Kovacevich, and his executive team have made some very bad decissions. Do you have a wells fargo credit card? Are you thinking about a wells fargo credit card? If so this is a must

Wells Fargo Chairman

Here is our star Chairman of the week Richard M. Kovacevich, Dick is currently the Chairman of Wells Fargo. A little back ground on Dick first shall we.

“Dick Kovacevich was named Chairman for Wells Fargo & Company in April 2001. He served as Chief Executive Officer of Wells Fargo from November 1998 to June 2007. He was named CEO of Norwest Corporation in 1993 and Chairman in 1995 after serving as President and COO since 1989. He joined Norwest in March, 1986, as Vice Chairman, COO and head of the Banking Group.” ¹

Another item to report about our good friend Dick is his salary, we all know that stocks that are traded on the open market are also required to list executive level salary compensation. In 2007 Wells Fargo submitted their proxy or otherwise known as DEF 14A. In this report it shows Richard M. Kovacevich bringing in $22,874,952 ² for his annual salary, this does not include other perks that can be found on the sec.gov site. We applaud Dick for not have bankrupting Wells Fargo, and for being such a dedicated employee. Just look at how long he has been employed with Wells Fargo.

Now that you have a little bit of History behind this banking guru, ask yourself why is Wells Fargo raising the interest rates on credit card holders across the system for even the slightest reason? Well according to Kathy in their customer service dept. the fallout from the Mortgage crisis has to be recouped somehow ³. One of our writers spoke with a local Credit Union (cascade federal), and one of their loan writers stated “we have been getting flooded with applications of Wells Fargo customers wanting to do balance transfers.” After doing some web research, namely reading bulletin Boards i.e. forums we have read where people have had their interest rates go from 12% fixed to 23.99% variable in only 6 months, the claims are of concern since these people are stating “on time payments, and no over limits”. This is absolutely ridiculous; Wells Fargo is taking their “fine print” a little too far. As of writing this, Wells Fargo stock has not slid into a detrimental state that would warrant such a catastrophic act of cowardice. Anyone who has ever tried to complain against a Bank or financial institution knows that the FTC requires solid evidence to pursue action against such entities. Here is a web site where you, the reader can see some of these horror stories http://wellsfargosucks.com/, this site is ad free and dedicated to telling the all too familiar Wells Fargo tales.

This article can go on for days, but we want to give you the “meat and potatoes” of how a conglomerate will have their way with an individual who does not have the resources to protect themselves. Average consumers have few choices in how to handle this; pay your bill and hope Wells Fargo will lower your interest rate in time, balance transfer your account to a more reputable Lending institution, or file for bankruptcy. Now think about the economic debacle this country is in. If the average consumer could pay off their balance they most likely would not have gotten an interest rate increase. Wells Fargo is definitely taking the selfish approach, and trying to secure assets before the economy takes a further dive.

So what do we do end this madness? We are going to read part 2……………………..coming soon

1. https://www.wellsfargo.com/about/corporate/executive_officers/kovacevich

2.http://secfilings.nyse.com/filing.php?doc=1&attach=ON&ipage=5538449&repo=tenk#toc12698_10

3. Pull your tapes of Kathy, as we do not have access to your private data