Grenville

http://www.bloomberg.com/news/articles/2016-11-04/buffett-backed-insurer-keeps-getting-sued-over-complex-products complex product combined with sales incentives….

I tracked this NPR story. This company really have a culture going after the whistle blower, according to the fired employees. I don't think this company is investable... Thanks for bumping this up, I had bookmarked it but forgot to listen. Much kudos for NPR on continuing to investigate this story. It's the best way I see for all those fired WFC employees to have their stories heard and just maybe have their record cleared (U5). WFC is tone deaf, everyday there is a one page ad in the WSJ, if they would stop trying to appease wall street and make these things right. I sure hope Mr Buffett is aware of this or is asked directly about this. He's a 10% owner and this stuff happened during his ownership. If he's serious about reputation and Wells Fargo drags their feet, I hope he speaks up, more heads roll and Mr Buffett brings in someone from the outside. It's November and it's time to hear from Mr Buffett. This is ridiculous. When you ruin peoples live's over something stupid like products per customer and horrible upper management that's inexcusable.

Nice interview with Aaron Levie by Zillow group CEO http://www.zillow.com/office-hours/aaron-levie/

These stories are crazy…I hope more people at Wells are held responsible.

great talk, thanks for posting!

Is there anything preventing her from just turning over the documents to the plaintiffs?

Still no documents produced from the Motion to Compel. This is annoying. What's the point of the order, if the government is allowed to drag its feet and not comply… I hope Judge Sweeney comes down hard and orders the defendant to pay attorney fees or this will continue to drag on... 13-465-0342.pdf

I hate getting worked up over this, but I think the details here are worth listening to. Planet Money Episode 728: "The Wells Fargo Hustle" http://www.npr.org/sections/money/2016/10/07/497084491/episode-728-the-wells-fargo-hustle h/t txlaw I hope the Wells Fargo board investigates these claims and if true clears the record of these folks and gives them some monetary restitution. Also Tim Sloan gave a phone interview today to CNBC: https://t.co/mp1NDYA3TI Based on his answers, I'm pessimistic that he's the right leader to get WFC out of this mess. I feel like Wells needs an outsider to clean up the culture and restore trust. The earnings call should be good, I hope Mayo gets in some good questions. Maybe Sloan will get his moment in the light in front of the government.

What he really meant. "I spoke privately with one or more members of the Board and we agreed that Stumpf had to go." Thank you for pointing that out and sharing the Doug Ivester link. I look forward to reading it. You're right, he could have spoken to one or more members privately.

He told CNBC that he had not spoken to the BoD back then, only Stumpf. That may have changed recently.

Stumpf is out!

Just listened to the call. The thing that stood out for me was that plaintiffs have not seen any of the 56 documents sampled and may get a better idea on Monday on when they can see them. This just shows what an uphill battle this has been and will continue to be. In relation to the other 11k documents or more, in the motion to compel there was a requirement that the defendants go back and reexamine their privilege and update the logs to be more accurate. This just adds to the continued delay tactics that the government has used and will continue to use to slow this thing down. If and when plaintiffs get access to those 11k documents then they have to sit down and go through them which will also take time…. Sweeney's ruling is a huge win along with the motion to pay legal fees, but this continues to be a huge uphill battle that continues to take valuable time.

From the 8k on 9/6/16

A congressman referencing Salomon during the hearing and referring to Buffett's words: Stumpf just doesn't understand those words…A clueless nice guy or just trying to act dumb to save his job. Stumpf apparently has so much free time that he sits on the board of Target and Chevron….The ranking member states that it will be her goal to break up WFC and she's the one that mentions the other boards Stumpf sits on.

This exchange from the Financial Services Hearing makes me wonder what Stumpf does all day. He literally doesn't know how things are run at WFC. It's almost like they need to put him on Undercover Boss. Stumpf rebuttal during this whole crisis is that 99% of WFC people do the right thing and that they follow the culture and values. If you listen to his testimony when they ask him how things work, he doesn't know. So how would he know if they follow the cultures and values, I guess someone told him they do. His answers are: "It's run by that division, I don't know but I can get back to you…I will get our people on it…" Then when it comes to his role as CEO/Chairman, he's answers "its a board process or handled by that committee regarding clawbacks…" He doesn't own anything and isn't responsible for anything directly. I know this a political event before elections, but some of the congressmen/women are asking real questions. If he doesn't get canned fast and the CEO/Chairman role split, things are not going to get fixed. The board seems to be clueless so far. Where is the activist? I look forward to hearing from Buffett and Munger on Stumpf's performance and what needs to be done.

nope not good…they are suspending their relationship for a year…I hope Stumpf is getting the message a little more clearly Here's a link to his statement: http://www.treasurer.ca.gov/news/releases/2016/20160928.pdf Looks like he's trying to run for Governor of CA in 2018…using WFC as a political platform

podcast of the interview at the top: http://www.valuewalk.com/2016/09/bruce-berkowitz-fannie-freddie-honor-contracts/

Wells Fargo CEO John Stumpf Called to Account http://www.wsj.com/articles/wells-fargo-ceo-john-stumpf-called-to-account-1473808533

Sounds like the Netflix app sits on other provider boxes in Europe, it's not an exclusive thing with Liberty Global. It definitely simplifies the experience for the user and helps Netflix. http://www.wsj.com/articles/netflix-to-be-on-liberty-global-set-top-boxes-1473862028?mod=yahoo_hs&yptr=yahoo The deal doesn't make LBTYA content available to NFLX users through NFLX as far as I can tell.

I had a question for the board regarding the motion to supplement the record from 5/25/16 (Document#1615013). The supplement was for documents where protected information designation was removed. Both sides put forth arguments around the motion, but we haven't heard any response from the court regarding the motion. Is this normal, i.e. no response means that the court is ignoring it and it's not important to the decision? Should we expect a response to this motion before a decision?

I remember someone mentioning that the staff turns over in August for the courts. Is it fair to assume we won't hear anything substantial from the Perry Case until September?

Even for Sweeney, it has been taking so long and still not yet ruled on the motion to release the documents. Not to say three judges in the appeals court. I am sure it is Millet pushing hard on these questions and doing a favor for Obama. Appreciate all the discussion on this thread. My growing worry is that no judge wants to be the first to rule against the government in the GSE cases. The sums of money involved are large as well… I hope the delay and additional questions are just to be thorough. Judge Thapur decision to remove himself was quite a surprise given his vocalness to rule quickly. I understand the conflict of holding shares, but it seems like a stretch to suddenly realize you own them and then just recuse yourself. Hopefully I'm wrong and we get some decisions in some of these cases instead of either delays or additional topics to brief.

nice interview! thanks for posting.

Ubisoft Q1 '16 CC positive comments on the NX Ubisoft_Q1_16-17_Comments_On_NX.m4a

"Texas train collision triggers fireball; no word on injuries" http://q13fox.com/2016/06/28/texas-train-collision-triggers-fireball-no-word-on-injuries/ I just don't understand how two trains from the same company can collide with the technology we have today.