Wells Fargo II

The Economy: Call it Deer-In-The-Headlights week. First up was The Donald and The Hillary. Each took a turn to be stumped on the stump. But this week’s prize goes to Wells Fargo CEO Stumpf who was grilled, roasted and vilified by lawmakers who wanted Stumpf’s neck on a stump … headlights or no. The fallout from the Wells Fargo morality play is expected to advance the agenda to break up the TBTF banks. The state of California has suspended all official dealings with Wells Fargo following the bank’s scheme that created phony bank and credit-card accounts to collect fees. Oversight committees of other organizations are questioning their relationships with the bank. For the duration, Stumpf has collected more than $250 million in compensation. Senator Elizabeth Warren condemned Stumpf for his “gutless leadership.” Watch the video of the hearings to see the fury of lawmakers. No admission of guilt yet.

Food for Thought: When you change jobs, analyze whether you should take your 401k with you. This is a detail that sometimes falls through the cracks or is postponed. The assets in your 401k belong to you. Your best course of action may be to roll those assets into an IRA. By doing so you exercise more control over your retirement planning. We can help with your analysis. Transferring your 401k is a simple process. Contact us if you have questions.

Music of the Week: JJ Cale’s “Closer to You”