The liberal socialists have found a new hero in one Mr. Tyrel Oates. Mr. Oates is a cashier/clerk in a Wells Fargo Bank branch up in Oregon. Well, he had a little time on his hands and decided that he would email the Chairman/CEO of Wells Fargo, Mr. John Stumpf, and ask for a $10,000 dollar a year pay raise for himself and all other Wells Fargo employees. But Tyrel, being Tyrel decided to send a copy of his email to 200,000 other Wells Fargo employees. Safety in numbers, huh?
Now Tyrel, being the banking type, pulled out his calculator and ran the numbers on the cost to Wells Fargo of handing out $10,000 dollar pay raises to hundreds of thousands of employees. He forwarded that $3.7 billion dollar figure to the CEO and said that, with all of the bank's income, it could well afford to hand out another $3.7 billion dollars to employees.
And, no, Tyrel didn't want to distinguish which employees might merit a raise, and which ones didn't..he was all for "sharing equally", regardless of job performance.
Tyrel further reinforced his argument by citing CEO Stumpf's $19 million dollar annual salary and that all employees should get that $10 grand a year more because Stumpf has so much more than they have. (I'm sure that part went over big with the CEO, especially since Tyrel cc'd 200,000 employees.
Well, all of this is just great, isn't it boys and girls? Poor little Tyrel against big bad millionaire CEO Stumpf.
Well, lets consider Tyrel's demands, and from what base they are coming from.
First of all, I'm a little suspicious of Tyrel's banking acumen. First of all, Tyrel cited Wells Fargo's gross income as justification for giving out nearly $4 billion in employee raises. Guess he's never read a company report...those numbers that fall below "gross income"...the $21 billion in company expenses that get shaved off the gross immediately. Secondly, Tyrel seems to assume that CEO Stumpf can just decide to grant $4 billion in employee largesse himself. Earth to Tyrel: Wells Fargo is a public company, owned by several million shareholders, fully expecting their $1.70 percent dividend yield so they can pay their mortgage and buy groceries....any income from this publicly traded company is decided by shareholders through the authority of their proxies. Finally, Tyrel, John Stumpf is an employee, just like you. And, no, he doesn't make $19 million a year; his salary is $1 million a year, and if he's brilliant enough to guide Wells Fargo through profitability he might get that extra $18 million in bonuses.
And, unlike you, Tyrel, the CEO's position is highly tentative, lasting a very few years, and he can be fired in a heartbeat if the wheat crop is bad, or if mortgages sour, or if America keeps going socialist, as is your bent. Tyrel, you might be interested to know CEO Stumpf came from humble beginnings; raised on a dairy farm, got no scholarships to Harvard, and started at Wells Fargo as a young man. He started out trying to collect deadbeat debt. He didn't take the time to write letters begging for a pay raise. Instead he went out and hustled collections on bad car loans, and repossessed cars on freezing nights in Minnesota. Stumpf worked his way up in the banking world and, some forty years later, achieved sufficient success to earn his the CEO job.
Tyrel, you're much smarter than your CEO. You surrounded yourself with the protection of 200,000 employees and whined for a pay raise. Now that your email to the CEO has gone viral you are surely a hero of the Pelosi set and will not get fired for your chutzpah..in fact you're the hero of the day to every burger flipper in America and every liberal socialist bent on taking down capitalism. But, you know, Tyrel, I think you should have addressed that email to Nancy Pelosi's husband, and Diane Feinstein's husband and Maxine Waters' husband. Know what they all do? They are all billionaire banking executives...and I would love to hear what they would say to your request for a $10,000 dollar pay raise from THEIR banking establishments.
Post Script: My regular readers know that I'm not a huge fan of banks. However, I'm even less of a fan of whining socialists who demand "re-distribution" of wealth without having earned it.
26 comments:
yep, 10 Grand is a nice Round Number,
I want some too! Where is this fairy money tree?
Jerry, let me climb back up in my chair. You knocked me down with a feather this morning with your comment. I was fully expecting you to say old Tyrel had a great idea. :)
I am not a supporter of corporate America but a big time believer in the value of working hard. I don't really like McDonald's (I hear In and Out is coming to Oregon!) but Many of the franchise owners Started at a McDonald's working for minimum wage!
I haven't given up on the "American Dream" I see too many examples of its working, although I admit many who are most successful came here from foreign shores. It seems that is where the energy is as we are giving up. It seems the More the Government gives us the less interested we have in working! So yes, find that money tree! We will Never understand our National Debt until we receive the bill.
Love your response, Jerry. Re, immigrants, yes, that has always been the case...they come here and actively pursue their dream and remind others that it can come true. A lot more marked now that we worship sloth.
Glad to hear that In N Out is venturing into Oregon. Just read recently that they do not wish to be a national chain and will not venture very far from their western sources of fresh lettuce, onions and, yes, tomatoes.
Have a great weekend, Jerry.
The new socialist slogan: Why work when you can whine.Maybe tyrel's hip hop idols could kick down some Benjamins for poor tyrel and associates.
Craig, why didn't I think of that? Why the bloods always be hitting on white meat for scratch?
The ignorance of this article is stunning and very factually innaccurate. To begin, Tyrel is college educated beyond what you or a vast majority of your readers are. He is not a cashier, clerk or teller as you so ignorantly put it. He worked at Oregon's call center headquarters as a disputes resolution specialist on portfolios of particularly complex and troubled loans. His job is not an easy one. Nor is Mr. owens ignorant or unintelligent. Secondly, his actions are not supported by the vast majority, regardless of poltical persuasion. However I thank you for spinning something as universally relatable as unliveable wages into propaganda to push your radical belief systems. This money was pilfered from YOU. You that comment where's the money come from. It came from your pockets...and went into the pockets of those who sold you dirty mortgages, loans and evicted you unrightfully from your homes. As for the...ahem...journalist who wrote this rag. This is a pitiful excuse for entertainment, masking as real journalism.
Glad to hear from you Tyrel. Though you cloak yourself under "anonymous" it's pretty easy to see where you are coming from. I guess I would ask why you would work for a bank, a business you despise.
Nope..I have no complaints about my education. College graduate here and never stop learning. Don't see conspiracies where there are none and your ignorance is such I won't even get into the business of Clinton and Congress killing the law that kept banks from the high risk trading business. Or Clinton pushing Fanny and Freddie to ease qualifications for home loans that led to the massive housing collapse in 2008.
And no, I don't claim to be a journalist, just a common sense blogger who recognizes a socialist idiot when I see one. Sorry, you lose.
Forgot to add, Tyrel. Did you spend all your morning googling your name to delight in how many liberal sites were throwing hosannahs your way, then piss your pants when you found one that was critical of you? Well move on to your next liberal site and stop in for a glass of Kool Aid.
I worked with him. Good guess though. He doesn't waste his time on people such as yourself. It's apparent to me you don't understand what "socialist" means. And you overuse the term. CEOs do not build our economy. Money in the hands of people like you and I do. CEO's stash their money in the Cayman islands, outsource work and drive down the value of the American dollar. Wells Fargo's customer service has been moved to the Phillipines for all credit card operations. Liberals do not send us off to war to be killed. Conservatives do. Let the folks over there kill each other. We can't waste one more dollar on foreign interest.
Incidentally, I'm not liberal. I'm not stupid enough to buy into a two party system. They will bury you and all you vets and not think twice about you again.
We know you're not a liberal, Tyrel..you
are way past liberal..somewhere between socialist and communist as your "third party".
As to Repub/Dem, when America comes up with a winnable third party count me in...till then i'll vote for a hair less big government than the Dems want to give me.
The fact that you still think I'm him is plain amusing. I still have my job. He does not. I'm glad you revel in him not being able to pay for his children's medicine because he stood up for the common man. I hope you sleep well.
We haven't had a GOOD president since well before I was born. You too.
Now you're descending into fantasy. Tyrel will not lose his job. Wells Fargo does not want to draw any more attention to them than they can help it. Tyrel, if you're not him, will self destruct himself...losers always do.
And, oh, woe is me, you even threw in a child who needs medicine...sweet! But total bullshit. Tyrel is covered with Obamacare..I know..I'm paying for his premiums.
Did you not hear me?! I WORKED with him. He lost his job Friday. Incidentally, for someone who has served this country and defended American's constitutional rights and free speech, you certainly have a problem when someone exercises that freedom. You clearly hate half of America...and all because they disagree with you. No bullshit. His children are VERY, VERY sick. Wells Fargo fires anyone who speaks up against the way they behave. They don't have the guts to handle adversity. What part of what he said wasn't true. That CEOs make too much? That corporate America refused to pay a decent wage? That the rich get richer and the poor get poorer. We are now living in a caste system. We are freaking India now. This is not America. Capatalism is a beautiful thing until it has millions on their knees while a few hundred get fat. I'm glad you condone this for the sake of capitalism. What of human rights? FDR formed laws to try to ensure people were paid fair wages, but once someone has the money, it seems they've become above those laws. Take back your county. You were willing to give your life for it. Don't take this type of greed laying down. I would hope at least as a human being you have some conscience.
Anon, you're right on the brink of having your comments deleted. You begin with lies right off the bat. You should have at least went to his Facebook page. He did not lose his job.
And no, I did not serve my country for 22 years so that socialists like you can demand $10,000 dollar annual raises for all employees, regardless of their work record or merit. You need to drop the "I work with the guy, his kids are sick (again, Obamacare), he's just a poor sap...etc. You can argue with facts all you want but you don't get to make up your own version of the facts.
Do you really think he would post that he lost his job on his Facebook? He may be in a lot of legal trouble. Misuse of company email, disclosing private wages and lambasting your CEO in the press will result in lawsuits. By the way, the center is in Beaverton, OR. Not Portland. This is the address and you can look it up. This should be sufficient for me to stop being called a liar.
18700, NW Walker Rd, Beaverton, OR 97006
Sorry I visited. I'll leave you all alone to your thoughts.
Don't delete his comments!!! This is all a part of a necessary discussion or nothing good will come out of your blog post! It does no good preaching to the choir and you both have valid points!
Anon is gutless and masked and I don't respect that but he is right and you have said yourself that some CEO's who make ubber Millions are overpaid. Anon is also correct on the failed mortgages and the taxpayer coming to their rescue. Where I think he is wrong is in redistributing this money. Maybe someone could come up with the novel idea of not spending it in the first place? and I do think the guy should be fired for bitching and moaning on company time!
We all did get off on the wrong foot. To clarify, I don't believe in raises regardless or merit. I agree with Tyrell in principle. The grunts made his company successful. I would not be an Anon, if not for the fact that they are reading too and I have no interest in losing my job. I don't not believe that everybody deserves equal income but I believe the gap is too large and that a banking relationship is never reciprocal. It's either the bank screwing the customer, or the customer walking away from their obligation. It's never win win. That's how I believe honest business should be, even if that expectation is unrealistic. I have great conflicts about working for this organization because they have taken advantage of so many good people and they force their workers to ride along with, it's a bad economy, everybody isn't paying fairly. If you don't like it, there's the door. Workers are treated like garbage, but we work because we are good and what we do and want to provide a better life for our family. The opportunity for advancement at on office is null when you have 2 jobs and 100 people competing for them, even if twenty of those workers are really great. There are a number of people in my organization who have been deserving of raises for many years...and get them. But at 1% or 2 at the most. Those who aren't good workers get nothing, but the point is, the opportunity for upward mobility is very small...and with pay freezes and/or low wages during times of record profit with so many dedicated and hard working men and women out there; some consider this inexcusable.
Anon, now that's a good post. I'll bet you good money this guy will not get fired, though he should. Liberals bank too you know so they won't fire him...they may alienate him in the work place and he may "self deport" himself but no firing.
Jerry is right...I have written dozens of blog essays hammering on the banks, but I don't assess all the fault on them...there are a significant number of Americans who played the real estate game, flipping, refinancing for pools and furniture and European vacations..as well as Clinton and Obama's target voter block who bank at their local pawn shop and should never have been loaned money to buy a home.
Oates is wrong; you don't reward everyone with a raise, and I'm not sure what percentage do deserve one..perhaps many, but there are also many who, lacking either the qualifications or the education to earn promotion, but feel more money is their due. Hell, look at all the burger flippers who thought school was a joke and now want career wages for what a teen can do in their sleep.
Nuff said...post all you want...just don't bullshit me. I won't waste time arguing fiction.
Wells Fargo is an extremely conservative organization though. I think there are a lot of hard workers who deserve more money and don't get it because of imposed income caps. For instance...say a job pays 14/hr for noobs and for experienced bankers they pay 15/hr. Then they set the top of the scale at 16. That wouldn't be a problem, but that scale hasn't moved in over 8 years I've been there. No such impositions exist for the highest positions. In order to accept a promotion at the company in many cases, you take a pay cut because management is salaried and they do not make incentives. So the motivation to move forward is not as motivating as it is for some to do the job you are in really well and just swallow the fact that you are making less every year due to inflation. We all know the bank's part in this. It goes without saying. They create the problem in the economy, and then their workers have 300/month to live after renting a 2 bedroom apartment because it's so damned expensive to live out here. The rules are being made by people who have the money and there isn't a way around. The problem is, it will destroy our economy. I love America down to my core. I hate to see it going this direction.
These large corporations have blocks in place for this sort of shenanigans. I'd bet Mr Stumpf never even got the email and thus why Mr Oates is still there. Jerry, I loved your blog and why I stopped here to post, you are a breath of fresh air, so tired of the gimmme, gimmes, out there.
He should be fired simply for his gall to email the CEO. Peasants do address Kings.
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