Wells Fargo Controversy Ethical Behavior

My Introductory to Public Administration class has taught me the range that can come with public administration. Public administrators are employed in all levels of government, across various fields including social welfare, financial administration, and human resources (Denhardt, 2014, p. 1). Despite the various type of public administration jobs that exist, the one thing all public administrators are required to do is to maintain a commitment to public service (Denhardt, 2014, p. 1). In order to better understand how public administrators are responsive to public interests, I was assigned the task of interviewing a professional in public administration. I chose to interview Jeanell Emond, program manager for Central Valley Prevention Program (CVPP) and Mental Health Systems (MHS), because of my future in social work and my interest in developing and managing programs that benefit the community. Through the interview I was able to gain valuable insight on the agency and Mrs. Emond’s role as a public administrator. More importantly, I was able to learn how interorganizational partnerships, financial management, ethics, and leadership and management skills in public administration can help develop stronger communities.

Leaders in the public sector are expected to maintain a level of morality and integrity which serves the interests of society, while at the same time demonstrates personal responsibility, diplomacy, and truthfulness. Therefore, when attempting to arrive at appropriate ethical decisions, public administrators must possess the capacity to exercise moral imagination. However, moral imagination is not enough. Responsible administration in the public sector also requires acting based on the “right”

The Wells Fargo scandal involved a variety of stakeholders who have stake in the issue; however, the main stakeholders include the consumers, the employees and their families, and stockholders of the organization. The affect these stakeholders suffer varies, but the ultimate affect the scandal has had is violation of trust by Wells Fargo and its leadership. When examining this situation, the main stakeholders who suffered the greatest harm from the scandal were the customers who fell victim to the fraud and had their privacy violated by an organization they trusted. In the course text, Trevino and Nelson spoke of the importance of trust and its importance in a service economy. Wells Fargo violation of the consumers’ trust has ultimately added

The roll of ethics in public administration is based on the administration; administrators should be value-free when they implement public policy. I will discuss why ethics should be based on the administration and, why it should not be based on each individual worker in the administration. I will discuss Weber’s stance on values in bureaucratic organizations, what Macintyre suggests, and what Hummel and Goodsell would conclude about values in public administration. Most people do not understand what an administration deals with everyday on an individual basis. They might think that an administration is supposed to make the best ethical choices, but that is not the case. People who are outside the administration might think that administrators are supposed to use everyday values when implementing policy, but that is also not the case.

On September 8 2016, the Consumer Financial Protection Bureau (CFBP) announced that it was taking an enforcement action against Wells Fargo Bank . Wells Fargo is a Fortune 100 company and one of the "Big Four Banks" of the United States. Investigations conducted by the Bureau revealed that employees of the bank created unauthorized deposit and credit card accounts across the country to meet sales goals. Over the years, the bank’s employees opened over 1.5 million fraudulent bank accounts and 0.5 million fake credit card accounts for customers, to meet sales targets and obtain bonuses. The affected consumers, were being harmed by the associated charges and fees for these accounts. The fees include insufficient funds or overdraft fees for the deposit accounts and annual fees for credit card accounts.

Since 2011, Wells Fargo employees across the United States have been opening millions of fraudulent accounts in their customer’s names. (Egan, Matt) Combine the credit accounts with the deposit accounts you get about 2.1 million fake accounts of which 100,000 incurred fees totaling 2.4 million dollars. (Levine, Matt) Through multiple customers filing complaints and Wells Fargo “whistleblowers” the fraudulent accounts were brought to light and Wells Fargo was taken to court in Los Angeles by the Los Angeles prosecutor and federal regulators in the middle of 2016. (Reuters) Whistleblowers are those who expose misconduct of organizations and their members. (Exploring Management) As a result of the federal investigations and the lawsuit

Although the Wells Fargo Bank fraud case, came to light in September 2008, the alleged fraudulent activity is traced back to January 1, 2011. It is alleged that the employees were opening various consumer accounts, without permission, to help meet company sales goals. The Wells Fargo employees did not stop there. Since newly opened accounts must be funded, money was then taken from actual accounts the consumer owned. Some of the money being transferred was at a cost to the consumer.

Wells Fargo is an American bank that was created in 1852 by Henry Wells and James Fargo. It is the second largest bank in the USA in terms of market cap, operates in over 42 countries around the world, and has over 260,000 employees.

The ethics of the bank requires that there is ethics of integrity. It is supposed to be created through a culture in the bank and it should be one of the banks priorities because this is a business and they gain the profits from the people they serve on daily basis. Even if the bank shall survive this wave of scandal is so difficult now to convince any client to join this Wells Fargo which shall cause them a lot of money. Also all the old customers may start withdrawing and looking for other banks which they feel are more secure when they are keeping the money for them. It is so hurting and distrustful for a banking instead of accruing money in the accounts of their customers what they wells was doing was that it was misusing their money and giving them extra fees.

I believe the reason why former employees had to result to these kinds of practices was because they didn't know better. Perhaps they were told by their employer or supervisor that it was fine to do this practices. Another option is that they felt the pressure to meet certain goals and thats was the obvious choice for them to do. Sales goals can go either way it just depends on how it's being practiced. Wells Fargo couldn't handle it properly and there you have the final results of them not using the right practices. Unfortunately its becoming more rare to find business that place more importance on people instead of profit. Business main priority is to earn profit and the people comes secondary to

Wells Fargo founded in 1852 is known for being a financial services company. Wells Fargo provides banking, insurance, investment, mortgage, and consumer and commercial financial services through more than 8,600 locations, 13,000 ATM’s, online, and mobile devices. Wells Fargo is headquartered in San Francisco, California but has a vision of being decentralized from that location. Being decentralized allows each location to act as a headquarters to provide their customers with specific financial services. Wells Fargo employs approximately 268,000 employees to serve 70 million customers.

The article explains the Well’s Fargo bank scandal in it’s entirety, highlighting and centering the article around the reasons as to why this scandal is more influential, and important than the numerous banking scandals of the past decade. It explains how the employees of the company would create accounts, totalling 2 million, that were fraudulent and created without express permission or knowledge of the customers. This leads to 5300 employees to be fired and questions raised over who is to blame for this incident. Although this information can be gained from any news source today, this article emphasizes the reasons as to why the scandal is so impactful in society today, and why it is gaining so much attention compared to other scandals that seem almost daily. The points that are highlighted are the fact that it is an easy to understand scandal, the question of who is to be blamed still looms unclear, it is perfect for the

It is only during moral lapses and corporate scandals that interest groups and the broader public ask themselves the fundamental ethical questions, who are the managers of the organization and were they acting with the ethical guidelines. For a long time, the issue of ethics was largely ignored, with organizations focusing on profit maximization. However, this has changed, and much attention is now focused on ethics management by researchers and leaders. The issue of ethics has arisen at a time when public trust on corporate governance is low, and the legitimacy of leadership is being questioned. Leaders are expected to be the source of moral development and ethical guidance to their employees.

Well Fargo is currently being sued over 185 Million Dollars and 5,300 were fired for making fake account.

Hiding or divulging information: Goldman bet against their clients several times. They knew material information on certain investment; however, they never communicated that to their clients because they were making money off them.