The TD Bank Scandal

The What:
TD Bank employees reveal that they use dishonest business practices to meet high sales revenue goals
– break the law and upsell or add features to accounts w/o customer’s knowledge
– to keep their jobs
– high stress environment, affecting many workers, and hundreds of current and former employees have come out to Go Public
– they reveal that by not meeting goals/sales targets, results in coaching and could result in termination
– some employees attach products to a customer’s account whether they could afford it or whether it’s in their best interest or not

Do you remember?
The Wells Fargo scandal where employees created millions of fake bank accounts for customers without their knowledge.
– it wasn’t just a few employees, it involves over 5 THOUSAND people creating millions of fake accounts
– these fake accounts resulted in innocent customer’s paying fees of over $400,000

It makes you think:

  1. Is your bank doing the same thing without your knowledge?
  2. How can you find out? (calling them, or speaking to them in person; and whether they’ll tell you the truth)
  3. Is there a way to tell if changes are being made to your account in the future? Do you get an email or mailed documents showing any changes to your account.
  4. What can be done to prevent this for the future?

Some Possible Solutions:

  1. Require signatures for any changes; I believe forging signatures are an even bigger crime.
  2. Have an email sent to person to confirm with safeguards (requiring signature and imaging of doc for tracking)
  3. Integrate on the bank website a feature that shows all changes to account WITH the teller’s id that makes any changes to the account

South Korean President impeached resulting in deadly protests

Who: Park Geun-hye
– first female leader for South Korea
– daughter of a dictator that guided the country out of poverty after the 1950-53 Korean war (wasn’t perfect and seen as a ruthless thug to some)
– part of the Liberty Korea Party, Centre-right political party aka Saenuri Party

How long in office?
– Since Dec 19 2012, won 51.6% of the vote, with a 75.84% voter turnout

What happened:
– high level officials and the Samsung Heir (Lee Jae-yong) accused of corruption

Why was she impeached:
– corruption; suspected of conspiring to secure donations worth tens of millions of dollars from major companies for foundations setup by a longtime friend (Choi Soon-sil)
– this money given to the foundation was used for personal use, including funding Choi’s daughters equestian training
– accused of allowing the friend to secretly interfere with state affairs including economic policy and relations with North Korea
– if Samsung.. ‘donates’ to a foundation which is run by a person that uses it for their own gain, and then has access to influence economic policy, then that is corruption and cronyism
– Samsung denies denies expect political favors for the donations
– panel of 8 court justices (judges of the highest court in the country), deemed for Park Geun-hye to be impeached
– high approval of impeachment by the overal population

What happens now:
– Park immediately forfeits executive immunity; which is important b/c as the President she was immune from being accused of any crimes
– currently, acting president Hwang Kyo-Ahn in December when Park’s powers were frozen
– the country holds an election within 2 months to choose a successor

Why this is important:
– it creates uncertainty in the country (appears weak), when already the area suffers from unrest by surrounding major countries
– China and the installment of missle defense systems
– Japan and their recall of their ambassador
– longstanding poor relationship with North Korea
– there is a new American administration and having to request military aid from an ally that might not be as predictable