Wells Fargos CEO

The president and CEO of wells fargo bank is John Stumpf. He was given that title back in june of 2007 but has been president since 2005. his main concerns for the year 2008 were of course, the recession, and unemployment. John G. Stumpf is supporting  the bank's books and making fresh loans, but he was scared that this disaster would ruin his chances at getting to take over Wachovia Bank and  plan to modify mortgages. Wells Fargo was the number 2 mortgage lender but has managed to handle the financial crisis better than most. Stumpf had inherited $446 billion in consumer  and commercial loans in the deal, also he had $95 billion in ARMs. Stumpf boosted wells fargo reserves for bad loans by $5.6 billion and took a $37.2 billion writedown on Wachovia. He set up a new division to fix the toxic mortgage rates in January and sent out 30,000 letters to borrowers trying to making lower interest rates as well as extend mortgage terms. 

Financial Institution

Wells Fargo Bank

1. Wells Fargos stock before the recession in 2008 was around 12.6 billion dollars
2. The stock went down to 12.25 billion after the recession began in 2008
3. Yes, wells fargo also recieved T.A.R.P funds (25 billion in funds)
4. the companys revenue and profit before the crash was 89 billion and the declined down to 85 billion in 2010.  However, wells fargo was able to bring it total income back to 12.4 billion from its once before 12.3 billion.
5. Wells fargo did not experience high rates of default in the subprime mortgage lending because mortgages are predominately prime and near-prime.
6. In my opinion it seems like wells fargo did pretty well in handling themselves throughout this whole financial crisis, and if there was any loss of money or setbacks they managed to bring back income fast (within a year). Also, they were involved in any crazy schemes from what i researched.

Does Sweatshop Labor Affect the U.S. Worker?

From what i can see and notice it almost seems like sweatshop labor does not have a huge impact on U.S. workers. I can only see the affect it has on prices on goods and consumers in america because we all know that it is not costing all those workers in developing countries 50 and 70 dollars to make shoes,shirts,jeans, etc. Yet, when it gets to america the price is jacked up beyond belief. Theres always the idea that you could just stop contributing to sweatshop labor by trying to buy goods that are only made in the U.S. and Europe. Which is not a bad idea because if you think about it you may end up spending more money on say jeans or a nice pair of sunglasses but the quality is so much better which means it will last longer saving you money in the long term. I think america should try and make better goods more readily available to consumers and possibly think about lowering prices a little.

sweatshops?

When it comes to sweatshops it is quite obvious that the cons very much outweigh the pros. Lots of sweatshops, mainly based in China, give out scripts for their employees to learn if questioned in order to fool auditors into believing that people are content with the working conditions. Abuse is also very prevalent in most sweatshops both verbal and physical, such as, threats and sexual harassment.  Most employees receive low wage that fail to meet the basic standard of living, employees tend to work 60-80 hours/week and only get paid .20-.30 cents/hour. They are forced to work long hours with no overtime. However, employees are getting paid eight times the average wage working for American multinationals then any other job. Likewise, in developing countries they argue the fact that another country cannot judge their standards compared to someone elses because most countries cannot afford to be like the United States.

What I found out about the people that make alot of my belongings, such as, China, Vietnam, and Mexico and their working conditions was very different from the United States. In most developing countries the working standards are not as good as we might have expected. Most of the factories pay below minimum wage with little/short or no breaks, also the work can be very tedious and is hard to maintain after so many hours of doing the same repetitive actions over and over which can sometimes lead to minor health conditions. For example, arthritis in the hands, joint and muscle pain, headaches, ect. But the U.S cannot judge the standards of other countries based on its own because not every country can afford to be like the U.S. especially if the money is highly needed. Most workers that are working for an american multinational company get paid eight times the average wage than working for any other company in their own country.

Introduction

My name is Tarina I'm a student at foothill college. My major that I'm trying to accomplish is a toss up between psychology or biology. Ever since I was little I had a natural tendency to give out advice or listen and help my friends with issues that they might have been going through in their life.I hope that one day I can use my natural talent of understanding to help those who are struggling with major issues that are present in society today, such as, post traumatic stress disorder, suicide, abuse, etc. I feel that people ignore issues such as these just because who don't hear about them on the news or in the paper. Therefore, people pretend that they don't exist which leads to conditions worsening instead trying to help by doing something as simple as listening to someone for even a few minutes. I also want to hopefully become a vet and travel around the world helping promote animal cruelty awareness and help animals that are in countries that cant receive proper care.

I am also enrolled in English 1A. If I am to learn anything from this class it will be how to take information from any kind of text that is given to me and be able to pick out the main points and develop an argument or make an stance on that particular subject. this blog will help me accomplish my goal because I will be able to see other peoples point or view on the matter and take the information given and be able to analyze  it to understand their ideas.