1776: Intersection of Politics/Media/Sports/Finance written by Anonymous Media Insider “Bob Montagnet”

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Forbes Shoddy/Uninformed Record of Journalism Continues With John Tamny, Writes that Wells Fargo Fake Accounts Only Hurts Wells Fargo and Not the Banking Customers, No Mention of the Wells Fargo Shareholders WFC, How is John Tamny Employed as an Economics Writer and Why Would Anyone Read his Book, “The End of Work: Why Your Passion Can Become Your Job”?

July 22nd, 2018 · No Comments

Forbes Shoddy/Uninformed Record of Journalism Continues With John Tamny, He Writes that Wells Fargo Fake Accounts Only Hurts Wells Fargo and Not the Banking Customers, No Mention of the Wells Fargo Shareholders WFC, How is John Tamny Employed as an Economics Writer and Why Would Anyone Read his Book, “The End of Work: Why Your Passion Can Become Your Job”?

What is up with the Forbes writing team, they employ writers like Mike Ozanian who writes that stocks go down when investors in a company are happy, yes, he actually wrote that. Well now that John Tamny is making the rounds promoting his book, “The End of Work”, it reminded MikeFrancesa.com of how he was writing articles and appearing on the John Batchelor radio show telling people that the Wells Fargo fake account scandal of 2016 was no big deal and it did not harm customers.

Finance/Business/Economics 101, if a company lies about creating accounts it has a potential to impact the share price, Wells Fargo is a publicly traded company under the ticker WFC, Tamny never even references this fact. He excuses away the fraudulent behavior by writing that that banks sales people are under pressure to produce, really, who cares, so is Apple, how would it look if they opened up millions of fake Icloud or Apple Music accounts to juice their numbers and potentially their stock?

The big premise of Tamny’s writing was that the Wells Fargo fake accounts did not harm any customers, really, tell that to the customers whose credit score was impacted.

Tamny actually wrote this:

Credit cards? It’s also been revealed that some Wells salespeople issued credit cards to clients without telling them. A dumb move for sure, but it’s not as though they were opening charge accounts only to go on buying sprees with the money of others. Eager to build their books of business, Wells employees were plainly opening up accounts and credit cards in the hope that desired clients would use them, along with the bank’s suite of financial services. These clients weren’t forced to use the credit cards or Wells’ services, but the errant Wells employees clearly hoped they would. To the extent that improperly opened credit card accounts enraged potential Wells’ customers, the actions of a few have possibly shut the door on long-term client relationships with thousands of potentially lucrative customers. Again, Wells Fargo was harmed by the actions of a few, not those Wells was courting.

How does Tamny not know the basic building blocks of one’s credit score and that simply the mere act of closing an unauthorized credit card account can damage one’s score?

How is John Tamny employed by any major news organization?

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