Chapter 762： Five: three votes

Except for personal deposits, Wells Fargo rarely provides mortgage loans with lower credit scores, insolvency, low credibility or even no certification, nor does it provide selective adjustable interest rate loans, and it stays away from highly leveraged financial derivatives In the first two years of the crisis, they sold a large amount of mortgage loans in their hands. Therefore, when the financial crisis forced many banks to write down their assets, Wells Fargo had no worries about survival.

On the contrary, relying on its increasingly strong financial cash flow, Wells Fargo launched the acquisition of Midland Bank. Through this battle of fame and groundbreaking, which can be regarded as the leader in the United States and the global financial industry, Wells Fargo completed The organization layout and business coverage in the United States.

It is particularly noteworthy that in addition to continuing to make a profit during the financial crisis, Wells Fargo has never made a loss during its 160-plus years of travel. It has achieved a net profit of up to US$20 billion last year.

Such a scarce "top students" naturally won rounds of applause in the market. Even the old stock gods did not resist the temptation of such delicious cakes and bet heavily on Wells Fargo, and they are still raising their bets continuously. So far, the old stock **** Berkshire Hathaway has held more than 9% of Wells Fargo and is the largest shareholder of Wells Fargo.

The tempering of the financial crisis, the support of the old stock gods, and the pursuit of investors, prompting the stock price of Wells Fargo Bank to conquer the city in the next 8 years, rise strongly, and become the world's largest market value for the first time two years ago. Bank of.

Although he exchanged the king's position with the Cosmos Bank of Country Z four times, the Cosmos Bank has been weak recently, and Wells Fargo has officially replaced the other party, becoming the veritable "First Bank of the Universe".

But it is such a bank that is famous all over the world and has maintained a strong profitability from beginning to end. There is a ridiculous fraud case. There is a good saying that doing good and evil, persevering and giving up are just between one thought. Well, Wells Fargo, who has stayed at the highest peak for a long time, can't escape the vulgar routines of being obsessed with the stars and even losing themselves.

Without informing the customer and without the customer’s authorization, Wells Fargo Bank opened more than 2 million accounts, including 1.5 million deposit accounts and more than 500,000 credit cards. On this basis, the funds on the customer’s card were diverted. To the newly opened account with this customer information.

As the funds in the existing account are transferred, customers will pay bank management fees, credit card overdraft fees, and late fees due to insufficient account balance.

This action resulted in a loss of more than 2 million US dollars in related customers. Such fraud did not happen to a single person, but under the leadership of a high level, nearly a thousand employees participated in the crime, and even tens of thousands Employees heard and participated indirectly,

The final outcome is naturally that the CEO was introduced as a scapegoat. Not only did he have to return the original amount of late fees that entrapped customers, but also pay a total of 200 million U.S. dollars in fines to agencies at all levels. Of course, this fine is for the rich and powerful nations. For the bank, it's just a drop in the bucket, and it doesn't even hurt. At most, it is tickle.

However, for Wells Fargo Bank, it is important to fire the CEO and make real money compensation, but it is really hard to say how much trust can be restored. After all, banks are creditworthy. When a bank loses Credit, it is difficult for depositors to forgive, let alone continue to put their property in the hands of a bank that has lost its credit.

For the old stock **** who made a heavy bet, although he has also missed a lot in his magnificent investment career, this is probably the most serious one. After the counterfeit case broke out, the stock price of Wells Fargo has plummeted, even if he is old. The stock **** has tried many times to save him, but he still failed to reverse the decline. He lost billions of dollars, not to mention, and caused the people to criticize him, and he almost threw rotten eggs at his door.

Who made him be a big fan? He is the largest shareholder of Wells Fargo Bank. If such a big thing happened, if he said that he was not responsible, it would be more than just being slobbered.

There are countless small companies in the United States who have been shot the same as the old stock gods. To be precise, they are the vast majority of small companies in the country, because 99.7% of the companies in the United States are small companies, and small companies constitute the cornerstone of the US economy.

However, these cornerstones will be greatly threatened because of Wells Fargo’s fraud case. Wells Fargo, as the largest independent participant in the U.S. small business loan guarantee program, aims to allow many small and medium-sized enterprises to obtain funds to start and develop their businesses. However, after the fraud scandal was exposed, deposits of depositors escaped, and Wells Fargo’s storage volume was greatly reduced, which also affected the normal loan demand of small businesses to a certain extent. Without the help of loans, small businesses that continue to make money is very likely. So it went bankrupt.

Of course, these have little impact on large groups like New Era Media, mainly because New Era Group has no loan demand for the time being Even if there is, Yang Cheng will not choose Wells Fargo.

And now, considering that Wells Fargo is about to break out of a fraud case next year, Yang Cheng will not introduce it to the group’s shareholder sequence. You must know that if there is no error in the plan, next year will be the start of the IPO preparation stage for New Times Media, if it is listed. At the critical moment, even when the bell was just ringing, Wells Fargo was implicated by Wells Fargo. Yang Cheng couldn't cry with tears.

Thinking of this, Yang Cheng decisively terminated the discussion among shareholders, and promptly suggested, “It’s not a way to be so noisy. Let’s vote by show of hands. Of course, only the current shareholders have the right to vote.”

Everyone had no objection, and they were so quarrelsome that they just stopped to drink.

David Ellison was the first to raise his hand, "I am against~"

Bill Ackerman dare not neglect, "I support~"

Yang Cheng nodded and became a referee, "It's 1:1 now"

Subsequently, joint representatives including Jack Ma, Georgina, and minority shareholders raised their hands to express their opinions. To Yang Cheng's surprise, he did not need to act in the end, and the situation became very clear. "5:3 against. More than half, I don’t need to vote. The resolution is passed and Wells Fargo will not be a director shareholder of New Era Media. Unfortunately, if there is a surplus after determining the share for a while, Wells Fargo can become a pure investor. I believe in New Era. The media will bring satisfactory returns to every investor."

With his words, the matter was settled. The representative of Wells Fargo, who was expecting Yang Cheng to stand up to turn the tide, could only sit back with a grim expression. Although he wanted to shake his hand away, reason told him that it would be better to wait until the end. .