an Annotated Bibliograph

Annotated Bibliography

Kathy A. Greggs

08/11/2016

Annotated Bibliography

1. Alderman, J. (n.d.). www.praticalmoneyskills.com. Retrieved from

http://www.practicalmoneyskills.com/resources/pdfs/WF_case_study.pdf

This case study is based on financial institutions such as Wells Fargo Bank to use as and

education tool which can help create and retain financial responsible cardholders, especially

those who are facing delinquencies. The case study outlines a effective model for card issuers. The issuer’s initiative was developed by Wells Fargo Card Services, called “Early Intervention Education,” The issuer initiative, developed by Wells Fargo Card Services, called “Early Intervention Education.” This targeted the first-time credit cardholders that are enrolled in post-secondary universities. The purpose was to improve student cardholders understanding and borrowing and management process. The initiative help consumers manage credit successfully by promoting comprehensive education and efforts for positive credit card industry practices.

2. Ashcraft, A., & Schuermann, T. (2008, March). Retrieved from https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr318.pdf

This paper presents findings and is being distributed to economists and other interested readers. This provides an overview of the subprime mortgage securitization process. The discussion is the ways that market participants work to minimize these frictions and speculate on how the process broke down. The authors continue to emphasize on the subprime borrower and the subprime loan, discussing the predatory borrowing and the predatory lending. The author represents the keys structural features of typical subprime securities, and outline how these banks and agencies monitor the performance of mortgage pool over an amount of time. Throughout the paper the authors draw an example of mortgage pool securitized by New Financial during 2006.

3. Bellware, K. (2016, September 14). Wells Fargo CEO Blames Multimillion-Dollar

Fraud On The Lowest-Level Employees | Huffington Post. Retrieved from http://www.huffingtonpost.com/entry/john-stumpf-wells-fargo_us_57d87d54e4b0fbd4b7bc4c85

The author stated how Wells Fargo was slapped with a lawsuit for $185 million fine to settle customer fraud allegations. The CEO John Stumpf blames all the lowest level employees for the scandal. The author is stating that the CEO and their higher level managers should take some responsibility for the employee’s actions as well. The author states that because of the “pressure-cooker sales culture” caused, the employees to create fake banks accounts to meet the sales. The author also mentions Olen and Cramer both pointed to E. Scott Reckard’s bombshell 2013 story in the Los Angeles Times, that had exposed Wells Fargo of participating in the “pressure-cooker sales culture”. The article emphasizes on the pressure of the employees to meet these sales standards and received threats to be laid if they were unable to complete the goal.

4. Carson, E. (2016, September 13). Wells Fargo Eliminates Sales Product Goals After

Massive Fraud | Stock News & Stock Market Analysis – IBD. Retrieved from http://www.investors.com/news/wells-fargo-eliminates-sales-product-goals-after-massive-fraud/

The author stated that Wells Fargo Bank, CEO John Stumpf decided to eliminate the sales products goals for retail banking employees scheduled for 1 January 2017. This is because of the recent scandal of the employer making fake bank accounts and credit cards for consumers who didn’t request additional products. The products are being eliminates so they can make certain the consumers are confident about their products and services provided at Wells Fargo.

5. Fligstein, N., & Roehrkasse, A. (2015, October). irle.berkeley.edu/workingpapers.

Retrieved from http://www.irle.berkeley.edu/workingpapers/122-15.pdf

This paper presents the financial crisis of 2007-2009 which was a widespread of fraud in

mortgages from banks. The most of the largest mortgage originators and mortgage-backed

securities issuers and underwriters have been implicated in regulatory settlements, and many have paid multibillion-dollar penalties. The paper explains the behavior from several banks including Wells Fargo. The supply of mortgages began to decline in 2003, and some lowered their credit standards and started to engage in predatory lending up profits. The author’s evaluated the white-collar crime, to get results of the economic models, and they considered implications for regulatory standards. They also were able to look at the importance of opportunity behavior of sociology in markets. The argument focuses on the changes of competition conditions and firms within and across the markets. This is a helpful resource for getting an overview of business ethics and standards.

References

Alderman, J. (n.d.). www.praticalmoneyskills.com. Retrieved from http://www.practicalmoneyskills.com/resources/pdfs/WF_case_study.pdf

Ashcraft, A., & Schuermann, T. (2008, March). Retrieved from https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr318.pdf

Bellware, K. (2016, September 14). Wells Fargo CEO Blames Multimillion-Dollar Fraud On The Lowest-Level Employees | Huffington Post. Retrieved from http://www.huffingtonpost.com/entry/john-stumpf-wells-fargo_us_57d87d54e4b0fbd4b7bc4c85

Carson, E. (2016, September 13). Wells Fargo Eliminates Sales Product Goals After Massive Fraud | Stock News & Stock Market Analysis – IBD. Retrieved from http://www.investors.com/news/wells-fargo-eliminates-sales-product-goals-after-massive-fraud/

Fligstein, N., & Roehrkasse, A. (2015, October). irle.berkeley.edu/workingpapers. Retrieved from http://www.irle.berkeley.edu/workingpapers/122-15.pdf