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(Chron)   Bank of America really clucked this up   (chron.com) divider line 38
    More: Stupid, Bank of America, Paul Boudwin, Wharton School, Federal Deposit Insurance Corporation, University of Pennsylvania  
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4453 clicks; posted to Business » on 31 Oct 2012 at 9:41 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-31 08:51:19 AM
I guess in an industry full of crooks you have to start cleaning house somewhere.

What a crock. Tough new rules designed to make everyone feel good while the banking industry continues to run amok.
 
ZAZ [TotalFark]
2012-10-31 09:00:36 AM
Some dispositions that end with charges "dismissed" under state law are counted as convictions for purposes of federal law. This guy may be a criminal as far as the federal government and banks are concerned even though the state considers him not to be a criminal.
 
2012-10-31 09:30:08 AM
In a letter included in the lawsuit, the bank said the charge amounted to a "disqualifying conviction" under the law, which prohibits anyone convicted of an offense involving dishonesty or breach of trust from working at a financial institution.

img90.imageshack.us
 
2012-10-31 09:31:42 AM
TFA: Clearly, this wasn't how tougher standards for mortgage loan under- writers were supposed to be implemented.

Gee, no shiat? Welcome to the world of "there ought to be a law".
 
2012-10-31 09:39:28 AM
Well, Mr. Banker, welcome to the real world, where the stupidest things, no matter how stupid, have long lasting ramifications. Finally, something money can't fix.
 
2012-10-31 09:59:21 AM
Good.
 
2012-10-31 09:59:36 AM

HST's Dead Carcass: Well, Mr. Banker, welcome to the real world, where the stupidest things, no matter how stupid, have long lasting ramifications. Finally, something money can't fix.


Except in this case it was an honest mistake that was cleared up basically that same day. I once filled up at a gas station, forgot to pay, realized it 10 minutes later, turned around and came back -- the cops were there, I gave my name and number, and paid what I owed, no problems at all. Should this prevent me from getting a job?

Meanwhile, Barclays is manipulating LIBOR, BofA is foreclosing on houses that it never held the mortgage for, Goldman Sachs is selling products to one guy while shorting them themselves, and Citibank is cooking the books.

Come the fark on.
 
2012-10-31 10:04:32 AM
Fire all of them.
 
2012-10-31 10:09:16 AM
It is a sad world where HR clowns (with lawyer assistance) and Accountants rule the business world. Grinds everything to a hault and makes even a simple Purchase Order as long as Moby Dick.

This isn't what I signed up for, think my college would let me flip my major for free?
 
2012-10-31 10:21:06 AM
This is the regulation you Obamatons are begging for. Yay government!
 
2012-10-31 10:23:30 AM

meddleRPI: I once filled up at a gas station, forgot to pay, realized it 10 minutes later, turned around and came back -- the cops were there, I gave my name and number, and paid what I owed, no problems at all. Should this prevent me from getting a job?


It would appear from some of the comments in this thread that this is indeed the case.
 
2012-10-31 10:24:33 AM
Looks like BoA laid a big one, I hope the guy is successful in his lawsuit.
 
2012-10-31 10:28:41 AM
This is what wealthy and powerful people mean when they say "reform":
Hand out extreme punishments to a few little guys who have done little things - and then back to business as usual.
 
2012-10-31 11:14:04 AM

Dancin_In_Anson: TFA: Clearly, this wasn't how tougher standards for mortgage loan under- writers were supposed to be implemented.

Gee, no shiat? Welcome to the world of "there ought to be a law".


There is a law. This No Fraud Convictions issue is part of DODD-FRANK
There was a review and waiver process put in place to allow for case by case reviews. Intended specifically to prevent firings such as this.

But, alas...the TeaPublican congress set out to undermine Dodd-Frank (after passing it) by severely underfunding it.
When a program or series of programs are underfunded, you wind up with insufficient personnel needed to implement and staff it.
(You know, government can't create jobs...blah, blah, blah...)

Well, what happened to this dedicated employee is exactly what one can expect when the program he must rely upon is severely understaffed.
A year or so to complete the review of his background check.

All the more reason why these moronic TeaPublicans need to be fired, en-masse, from our congress.
because they are the biggest bunch of whiny moronic assholes to ever serve the public through their disservice.
 
2012-10-31 11:17:26 AM

X-boxershorts: There is a law. This No Fraud Convictions issue is part of DODD-FRANK


Nothing gets past you eh?

X-boxershorts: But, alas...the TeaPublican congress set out to undermine Dodd-Frank (after passing it) by severely underfunding it.


It should be repealed outright.
 
2012-10-31 11:18:30 AM

Dancin_In_Anson: X-boxershorts: There is a law. This No Fraud Convictions issue is part of DODD-FRANK

Nothing gets past you eh?

X-boxershorts: But, alas...the TeaPublican congress set out to undermine Dodd-Frank (after passing it) by severely underfunding it.

It should be repealed outright.


Please provide a reasonable argument in support of your position.

Otherwise, troll again.
 
2012-10-31 11:22:09 AM
I have a feeling ...

s15.postimage.org

Bank of America is gonna wind up with egg on their face.

www1.picturepush.com
 
2012-10-31 11:48:56 AM

jso2897: This is what wealthy and powerful people mean when they say "reform":
Hand out extreme punishments to a few little guys who have done little things - and then back to business as usual.


Real reform will come after we start hanging the big fish for fraud. The little fish that grow up into big fish will remember the hangings. If not, we hang them as well.
 
2012-10-31 11:49:34 AM

Nemo's Brother: This is the regulation you Obamatons are begging for. Yay government!


Well, not exactly.

This is Congress passing regulatory reform and then undermining it by defunding it because FARBONGOGARRBLESUHULJIZMOOSLIM

Idiots. We have the government we deserve.
 
2012-10-31 11:49:38 AM

X-boxershorts: Please provide a reasonable argument in support of your position.


Intent: Fix too big to fail.

Result: NOT! Even worse.

Costs associated with the burdensome regulations are getting passed along to...anyone? anyone?

Swipe fees are affecting small ticket retailers while the big boys are pretty pleased.
 
2012-10-31 11:52:38 AM

Dancin_In_Anson: X-boxershorts: Please provide a reasonable argument in support of your position.

Intent: Fix too big to fail.

Result: NOT! Even worse.

Costs associated with the burdensome regulations are getting passed along to...anyone? anyone?

Swipe fees are affecting small ticket retailers while the big boys are pretty pleased.


Those are reasonable arguments. I actually agree with em.
Dodd-Frank, as it came out of congress, was woefully insufficient.

And the TeaPublican morons STILL wanted to undermine it...
 
2012-10-31 12:06:47 PM

X-boxershorts: Those are reasonable arguments. I actually agree with em.
Dodd-Frank, as it came out of congress, was woefully insufficient.

And the TeaPublican morons STILL wanted to undermine it...



And others want the same batch of dribbling morons that inhabit the hallowed halls of Congress who wrote this gigantic steaming pile of shiat to fix it. Count me out.
 
2012-10-31 12:10:02 PM

Dancin_In_Anson: X-boxershorts: Those are reasonable arguments. I actually agree with em.
Dodd-Frank, as it came out of congress, was woefully insufficient.

And the TeaPublican morons STILL wanted to undermine it...


And others want the same batch of dribbling morons that inhabit the hallowed halls of Congress who wrote this gigantic steaming pile of shiat to fix it. Count me out.


Well, no...I want the steaming pile of morons who first weakened it and then defunded it to be fired en-masse.
 
2012-10-31 12:14:32 PM
I dunno, I don't really feel that bad for all the contractors on the Death Star, either.

You work for the evil empire, you have to expect that sooner or later the evil empire is going to do to you what it does to everyone else.
 
2012-10-31 12:20:42 PM
BOA did exactly as they intended to do. They got out of paying a huge bonus, months of back pay and trip/education expenses for someone who they hoped to hire back at a lower pay rate. If he doesn't come back there are twenty people lined up for his office anyway
 
2012-10-31 01:11:48 PM

meddleRPI: Except in this case it was an honest mistake that was cleared up basically that same day. I once filled up at a gas station, forgot to pay, realized it 10 minutes later, turned around and came back -- the cops were there, I gave my name and number, and paid what I owed, no problems at all. Should this prevent me from getting a job?

Meanwhile, Barclays is manipulating LIBOR, BofA is foreclosing on houses that it never held the mortgage for, Goldman Sachs is selling products to one guy while shorting them themselves, and Citibank is cooking the books.

Come the fark on.


And I bet this one guy was championing all their causes and not adding to the problem at all. The one guy that could have saved the whole thing is now unable to work in the lucrative market of farking people over.
 
2012-10-31 01:20:39 PM
And the meanest, ugliest, nastiest one, the meanest father raper of them all, was coming over to me and he was mean 'n' ugly 'n' nasty 'n' horrible and all kind of things and he sat down next to me and said, "Kid, whad'ya get?" I said, "I didn't get nothing, I had to pay $50 and pick up the tab." He said, "What were you arrested for, kid?" And I said, "Not paying for breakfast." And they all moved away from me on the bench there...
 
2012-10-31 01:40:20 PM
Seriously what constitutes a disqualifying conviction needs to be defined by the federal government and the federal government needs to look over each case before the bank is allowed to fire said employee.

Right now the banks are using to remove expensive employees over the flimsiest of excuses so they can hire someone who will work for less. it is not fair and should not be legal.
 
2012-10-31 01:58:35 PM
Are situations like this ever brought up in business school. They should be
 
2012-10-31 02:01:03 PM

Majick Thise: BOA did exactly as they intended to do. They got out of paying a huge bonus, months of back pay and trip/education expenses for someone who they hoped to hire back at a lower pay rate. If he doesn't come back there are twenty people lined up for his office anyway


grimlock1972: Right now the banks are using to remove expensive employees over the flimsiest of excuses so they can hire someone who will work for less. it is not fair and should not be legal.


Yup. BoA is trying to put hot sauce on its own shiat sandwich. This guy could have kept working while BoA sorted out what amounted to a technicality. Instead, they booted him without pay, blamed new regulations, and gambled on the FDIC never getting around to providing an exception.
 
2012-10-31 02:04:50 PM

Drachirryz: Are situations like this ever brought up in business school.


I've never seen a credited course covering office politics and getting shafted by your employer. I think that's exclusively tied to on the job "training".
 
2012-10-31 02:05:59 PM

HST's Dead Carcass: meddleRPI: Except in this case it was an honest mistake that was cleared up basically that same day. I once filled up at a gas station, forgot to pay, realized it 10 minutes later, turned around and came back -- the cops were there, I gave my name and number, and paid what I owed, no problems at all. Should this prevent me from getting a job?

Meanwhile, Barclays is manipulating LIBOR, BofA is foreclosing on houses that it never held the mortgage for, Goldman Sachs is selling products to one guy while shorting them themselves, and Citibank is cooking the books.

Come the fark on.

And I bet this one guy was championing all their causes and not adding to the problem at all. The one guy that could have saved the whole thing is now unable to work in the lucrative market of farking people over.


Purely speculative. I bet you also screw goats. Therefore, you should get fired and go to jail. Also, I never claimed he could have saved the whole thing. I'm just saying he shouldn't be denied an opportunity to make a living based on bureaucratic nonsense involving a simple mistake made 15 years ago. Maybe he did fark everything up for this economy. I don't know -- none of that is part of the story.
 
2012-10-31 02:44:01 PM

meddleRPI: HST's Dead Carcass: meddleRPI: Except in this case it was an honest mistake that was cleared up basically that same day. I once filled up at a gas station, forgot to pay, realized it 10 minutes later, turned around and came back -- the cops were there, I gave my name and number, and paid what I owed, no problems at all. Should this prevent me from getting a job?

Meanwhile, Barclays is manipulating LIBOR, BofA is foreclosing on houses that it never held the mortgage for, Goldman Sachs is selling products to one guy while shorting them themselves, and Citibank is cooking the books.

Come the fark on.

And I bet this one guy was championing all their causes and not adding to the problem at all. The one guy that could have saved the whole thing is now unable to work in the lucrative market of farking people over.

Purely speculative. I bet you also screw goats. Therefore, you should get fired and go to jail. Also, I never claimed he could have saved the whole thing. I'm just saying he shouldn't be denied an opportunity to make a living based on bureaucratic nonsense involving a simple mistake made 15 years ago. Maybe he did fark everything up for this economy. I don't know -- none of that is part of the story.


What is in the story is that the only thing in his background is this late night mixup at a Denny's...so he's probably a pretty stand up guy.
 
2012-10-31 03:38:15 PM
When they start talking about your "permanent record" in grade school, listen.
 
2012-11-01 03:24:47 AM
You guys are all missing the point. the big take away from this article is:

"Leonard Bates, a Des Moines, Iowa, attorney, represents a man who says he was fired from another big bank after it found he had a conviction almost 60 years ago for putting a cardboard cutout of a dime in a pay laundry's washing machine."


Cardboard replicas of coins do not work in pay laundry machines. So don't try that.
 
2012-11-01 12:15:09 PM
First off, this rests partly on the flawed assumption that's been in place for hundreds of years that any kind of theft is a "crime involving dishonesty or breach of trust". When someone steals your candy bar they aren't being dishonest and they aren't breaching any trust - they just want some candy.

Second, this is partly the FDIC's fault for not putting some kind of reasonableness standard into their guidance. They just put out a blanket statement and didn't provide any way for a bank to make a call on their own within established parameters.

Third, the bank over-reacted by simply firing the guy, but they weren't over-reacting to the importance of compliance. If you don't comply with FDIC they can just cancel their coverage instantly which is a death sentence to a bank. It's kind of like if your wife told you that if you ever gave her a yellow flower she'd shoot you in the face - seems petty and arbitrary and maybe pointless, but you'd be damn sure you never ever put yourself in a situation in which a yellow flower made its way into a bouquet you're giving her.
 
2012-11-01 12:39:35 PM
So wait... am I supposed to feel bad for this guy? Because I don't.

/now if only the rest of the folks in his thieving company could get caught and fired
 
2012-11-01 04:12:14 PM
You know, every bank seems to be farkin' evil, but every day, more and more, BoA is insisting on demonstrating that they can turn it into an artform.
 
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