"April 29, 2009
Congress passed legislation calling on the Federal Reserve
to identify banks and other financial institutions
that received more than $2.3 trillion in taxpayer-backed loans and other financial assistance.
…The provision paves the way for additional legislation in the area
calling on the Federal Reserve to reveal the names of institutions that received assistance,
to specify how much money each bank took,
and to detail what the financial institutions are doing with the money.
"During the worst financial crisis in our nation's history since the Great Depression
- a crisis which has led to the largest taxpayer bailout ever
- the very least we can do is explain to the American people
what the Federal Reserve is doing with their hard-earned taxpayer dollars," Sanders said.
At a Senate Budget Committee hearing on March 3,
Sanders asked Fed Chairman Ben Bernanke to name the hundreds of banks
that took money since the financial crisis began.
Bernanke refused to name any of the financial institutions
and would not say what the banks are doing with the money.
Lying by omission
One lies by omission by omitting an important fact,
deliberately leaving another person with a misconception.
Lying by omission includes failures to correct pre-existing misconceptions.
Wikipedia
Sanders noted that a separate $700 billion financial rescue package
that was signed into law last October requires the Treasury Department
to identify recipients of bailout funds.
http://www.sanders.senate.gov/newsroom/news/?id=531a8de5-e7db-4dc9-a126-6d1d1285178f
News Release
Wells Fargo Senior Leaders Receive Retention Performance Share Grants
SAN FRANCISCO — December 31, 2009
Wells Fargo & Company’s (NYSE: WFC) board of directors
approved a grant of retention performance shares
for President and CEO John G. Stumpf and three other executive officers.
…the retention performance shares provide an incentive for these executives
to achieve continued extraordinary results for the Company.
…In granting the retention performance shares,
the board took into consideration the need for the continued leadership of these executives
as Wells Fargo further integrates Wachovia into its operations,
and navigates through and beyond the current economic recession.
The board approved retention performance shares for:
•John Stumpf, president and CEO, of a target of 379,600 shares,
having a current value of approximately $10 million;
•Howard Atkins, a senior executive vice president and chief financial officer of the Company;
Dave Hoyt, a senior executive vice president and head of Wholesale Banking;
and Mark Oman, a senior executive vice president
and head of Wells Fargo Home and Consumer Finance,
and head of Wells Fargo Home and Consumer Finance,
of a target of 189,800 shares, having a current value of approximately $5 million.
…said Steve Sanger, chair of the board’s Human Resources Committee
and retired chairman and CEO of General Mills, Inc.
… they have played key roles in generating record profits in the first three quarters of 2009,
despite the challenging economy.
Falsification of any company…information that you provide is prohibited.
Falsification refers to knowingly misstating, altering,
adding information to, or omitting or deleting information
…which results in something that is untrue, fraudulent, or misleading.
Wells Fargo’s Code of Ethics and Business Conduct
…Together these four senior leaders have more than 125 years of experience and retaining them,
along with our entire senior management team,
is clearly in the best interest of our Company and its shareholders
and absolutely essential for the continued long term success of Wells Fargo.”
"Board members must avoid conflicts of interest
or the appearance of conflicts of interest in their activities.
A conflict of interest is a situation in which a director’s personal interest
or outside economic interest in a matter:
• interferes with his or her duties and responsibilities to Wells Fargo;
• may be inconsistent or incompatible with the director’s obligation
to exercise his or her best judgment in pursuit of the interests of Wells Fargo;
• results in an improper personal benefit to such director
as a result of his or her position with Wells Fargo; or
• raises a reasonable question about or the appearance of such interference,
inconsistency, or improper personal benefit.
Information should be presumed “material”
if it relates to, among other things, any of the following:
• earnings or financial results, before publicly disclosed;
• significant gains or losses;
• significant merger or acquisition proposals or agreements;
• significant purchase or sale of assets; • significant borrowing; • major litigation;
• new debt or equity offerings; • liquidity problems; or • significant management changes.
C. Insider Trading
Insider trading involves the purchase or sale of securities of a company
or other entity while in possession of material, nonpublic information
(also called “inside information”) about the company or entity.
1. Material Inside Information - “Inside” or “nonpublic information”
is information about a business organization
that is not generally available to or known by the public.
Such information is considered to be “material”
if there is a likelihood that it would be considered important
by an investor in making a decision to buy or sell a company’s securities…
Director Code of Ethics
Wells Fargo & Company
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