U.S. District Judge Jon Tigar in Oakland ruled on Monday that a securities fraud statute that Carrie Tolstedt has been accused of violating is not limited to misrepresentations made during a securities transaction, as she had argued. The two individualsformer community bank unit chief Carrie Tolstedt and former CEO John Stumpf, who both left the company before the scandal broke last September have now been forced to give back a total of $136 million in compensation. Bloomberg Surveillance, covering the latest news in finance, economics and investments. [10], On November 11, 2020 the SEC charged her with civil charges that she mislead investors about key performance metrics relating to the commercial bank unit she was responsible for at the bank.[11]. ", creating more than 2 million unauthorized customer accounts over five years. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. sites. Unlike other government space organizations, India's agency is extremely efficient, with the lowest cost-per-kilogram in the industry. Our customers and you all deserved more from the leadership of this Company, Scharf explained. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. . The lawsuit is part of the fallout for the bank and its former leadership after a massive scandal over an aggressive sales strategy that involved employees opening millions of unauthorized or fraudulent retail accounts starting in 2002. The Office of the Comptroller of the Currency issued fines of $37.5 million against five former Wells Fargo executives and reached settlements of $21 million with ex-Chairman and CEO John Stumpf and several other former members of the banks operating committee. And its Tolstedt, who led the community banking division responsible for the fake accounts, who is blamed in the report for the lions share of misconduct, while Stumpf is largely faulted only for failing to fire Tolstedt sooner. The chargesallege that the executives failed to adequately perform their duties and responsibilities, which contributed to the banks systemic problems with sales practices misconduct from 2002 until October 2016, the OCC explained. She mismanaged the banks response to the aggressive sales tactics that seemed to breed bad behavior, submitting reports to the board that were viewed by many as misleading. Whats more, the board accused Tolstedt of being callous and indifferent to the potential harm she was causing: There is no evidence that Tolstedt showed serious concern about the effects of improper sales practices on Wells Fargos customers, it wrote. Publisher - Just another WordPress site. Stock quotes provided by InterActive Data. Kleber Santos who sold 34,698 units worth Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. The way Carrie Tolstedt told it, she caught the banking bug early when she was a child in a small Nebraska town. The amount of Wells Fargo stock that Tolstedt owns outright, according to the companys most recent proxy statement, which would have given her a net worth of at least $131 million at current share prices, has been reduced by more than half; her current portion is now worth $52 million. While a couple of Fortune MPW alumni have reclaimed their spots on the list after switching from one Fortune 500 company to another, Tolstedt, after being so vilified by Wells Fargo, seems destined for a legacy among the ranks of powerful women who have disappeared from corporate America for good. license except where otherwise noted. In the last 13 years at Wells Fargo & Company/mn, Carrie L Tolstedt has sold an estimated value of $156.32M worth. program $1.61M . Wells Fargo retroactively fired Tolstedt in 2017 for a reason. The case is SEC v. Tolstedt, No. When we contacted Wells Fargo to ask about the situation Tuesday, senior vice president Mark Folk said Tolstedt is remaining with the company through December to help the transition process. Carrie L Tolstedt usually trades in March, with the busiest year in 2006. Carrie L Tolstedt is 2023 Celebrity Net Worth / All Rights Reserved. He has a net worth of $50 million. designed to provide a means for us to earn fees by linking to Amazon.com and affiliated In addition to resigning his position as CEO and Chairman of the Board, Stumpf will pay a $17.5 million fine and will be banned from the banking industry for life. Weeks after that announcement, Tolstedt handed off her duties to another executive. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's. When we asked about a potential "claw back" of millions in compensation for Tolstedt, Folk said Wells Fargo isn't talking about that today. Based on ownership reports from SEC filings, as the reporting owner, Carrie L Tolstedt owns 1 companies in total, including Thats down 1,576 (or 10.4%)from Sept. 30, 2016, when the firm had 15,086 registered reps and began making headlines for the fake accounts. In 2017, Wells Fargo retroactively fired Tolstedt for cause. Reach her at jody.godoy@thomsonreuters.com. While a couple of Fortune MPW alumni have reclaimed their spots on the list after switching from one Fortune 500 company to another, Tolstedt, after being so vilified by Wells Fargo, seems destined for a legacy among the ranks of powerful women who have disappeared from corporate America for good. Each year mentioned in a federal agency's consent order, Carrie Tolstedt collected $5.5 million in stock. But it designed the monitoring to minimize its findings and looked only for certain misdeeds, avoiding numerous other red flags of unauthorized account-opening. For example, if an insider trade was made on . The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Carrie L Tolstedt. They also are consistent with our belief that significant parts of the operating model of our Community Bank were flawed. That meant that although 30,000 employees per month exhibited suspect activity, only as few as three per month were investigated. Carrie L Tolstedt's largest purchase order was, Carrie L Tolstedt's largest sale order was, In total, Carrie L Tolstedt has made about, Wells Fargo & Company/mn's most recent insider trade came on February 27, 2023 by This investment adviser does not provide advice to individual investors. The most active traders at the company are of As the Fortune piece notes, Tolstedt wasn't singled out in the CFPB's actions, and it's not clear what if any involvement she had with her unit's use of the tactic of creating fake accounts to trigger incentive bonuses. At the time of the sales practices issues, the Company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct. She's already been fined $25 million, but regulators were quick to point out that her fine could get larger. Wells Fargos advisor headcount stands at 13,512 vs. nearly 13,948 a year ago. sale Other key executives at Wells Fargo & Co include Carrie L Tolstedt's largest purchase order was 41,567 units , worth over [2] She graduated from the University of NebraskaLincoln. Carrie L. Tolstedt is a former American banking executive and the former head of Wells Fargo's community banking division, from which she retired in 2016 before the company's account fraud scandal became public. a net "Throughout her career, Ms. Tolstedt acted with the utmost integrity. Under the deal, Stumpf will have to pay $17.5m in fines and cannot ever work in finance again (don't worry, he's still a multi-multi-multi millionaire). Carrie L. Tolstedt, Case No. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo.. All Rights Reserved. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. Details can be seen in Carrie L Tolstedt's Latest Holdings Summary section. Enjoy a 7-Day Free Trial Thru Mar 09, 2023! Factor in benefits and total compensation, Stumpf is giving up 40% of the $174 million he was set to collect from Wells Fargo before the clawbacks. "How Wells Fargo's Carrie Tolstedt Went from Fortune Most Powerful Woman to Villain", "The hard fall of Wells Fargo's Carrie Tolstedt", "Report: Ex-Nebraskan bears brunt of responsibility for Wells Fargo scandal", "Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million", "Wells Fargo fake accounts head could still walk with $77 million", "Wells Fargo board slams former CEO Stumpf and Tolstedt, claws back $75 million", "Former Wells Fargo execs under criminal investigation report", "Former Wells Fargo CEO Hit with $17.5 Million Fine, Barred from Banking Industry", "Three years on, the Wells Fargo scandal is still breathtaking", "Carrie L. Tolstedt (Release No. Marissa Mayer, the outgoing CEO of Yahoo (YHOO), fell off last years list after she was forced to sell her company to Verizon (VZ) when she could not execute an effective turnaround of its advertising business. ', "Less than two months later, the bank agreed to pay the largest penalty ever imposed by the Consumer Financial Protection Bureau $185 million for creating more than 2 million unauthorized customer accounts over five years. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices articles a month for anyone to read, even non-subscribers! FORTUNE may receive compensation for some links to products and services on this website. She earned numerous awards and was seen as a trailblazer for women within the banking industry. See here for a complete list of exchanges and delays. The fines levied on all eight executives total $59 million. As The Wall Street Journal first observed, Tolstedts name is mentioned 142 times in the 113-page document. Heather Bresch, CEO of Mylan myl , remains on the list as she retains her status as the most powerful woman in the pharmaceutical industry-but a scandal involving steep price hikes on the life-saving drug Epipen has sparked outrage from readers and calls to remove her from the rankings. From Charles Schwab Independent Branch Services, CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: . Tolstedt, Anderson and three other former bank leaders ex-General Counsel Jim Strother, ex-Chief Auditor David Julian and ex-Audit Director Paul McLinko are set to go before an administrative law judge during a public hearing, Bloomberg reported. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, China Warns Hedonistic Bankers to Toe the Communist Party Line, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, Apple Abruptly Shutters Store in North Carolina After Shootings, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales. hide caption. Carrie L Tolstedt around $12 Million. (Reuters) - A federal judge in California has rejected a former Wells Fargo executive's bid to dismiss part of the U.S. Securities Commission's case alleging she defrauded investors by concealing the bank's sales practices. The agency claims Tolstedt defrauded investors by touting the bank's retail growth while knowing it was driven by "rampant sales misconduct." These warning signs were pretty incredible: after one presentation by Tolstedt downplaying the seriousness of the rot in the bank, a board member cursed her out, calling her reassurances "a piece of shit. Fundamental company data provided by Morningstar, updated daily. Carrie has the phone number (925) 820-0690 (Pacific Bell). Following the revelations last summer that thousands of Wells Fargo employees fraudulently opened as many as two million unauthorized accounts for customers, the bank released a report Monday detailing the findings of its boards investigation into the problems, and the consequences it imposed as a result. Carrie Tolstedt, who was a senior vice president before she left the bank in 2016, cited her right under the Fifth Amendment not to be a witness against herself more than 100 times in a response filed Friday to the agencys complaint. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Additionally, the report primarily blamed Tolstedt for the company's misconduct in the scandal, while Stumpf was mainly blamed for not firing Tolstedt sooner. (Tolstedts latest round of clawbacks involved stock options that were not counted in her annual compensation from previous years because she never exercised them; rather than having to pay back Wells Fargo out of her own pocket, she will simply not receive that compensation.). A full and fair examination of the facts will produce a different conclusion.. Carrie L Tolstedt made Static shock is the kind of READ THE REST, We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. Life is chaotic, and finding time READ THE REST, We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. Big Banks Reap $32B Windfall From Trump Tax Cuts: Report. In doing so, Wells Fargo has also apparently closed the coffin on the career of Carrie L. Tolstedt, who was prized as a superstar female leader before the bank fired her last year. CurrentWells Fargo CEO and President Charlie Scharf toldbank employees in a note: The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. But the most impressive part of its space program is its cost-effectiveness. Jody Godoy reports on banking and securities law. Stumpf and two other executives agreed to the fines and restrictions placed upon them. 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Over the past 18 months, Former head of Wells Fargo's community banking division and disgraced American banking executive Carrie L. Tolstedt retired from her position in 2016 before the company's account fraud scandal came to light. and bought an estimated value of $1.12B worth of shares. Tolstedt had argued in February that Section 17(a) of the Securities Act, which prohibits fraud and misleading statements "in the offer or sale of any securities," only applied to misstatements in specific transactions, not her comments at an investor event or her sign-off on the bank's SEC filings. He was the CEO of Wells Fargo during the bank's fake accounts scandal. Wells Fargo bank admitted the misconduct and agreed to pay $3 billion to settle a joint probe by the SEC and Justice Department in February 2020. Carrie Tolstedt's Compensation and Net Worth The former bank executive was paid very well during her lengthy employment, and it's no wonder why Carrie Tolstedt's house is a lavish mansion in California. Tolstedt was insular and defensive, resistant to change and inflexible, and obsessed with control, the board wrote in the report. Tolstedt, on the other hand, is losing 54% of the $125 million pay package she was originally entitled to when she retired. The OCCs actions are consistent with my belief that we should hold ourselves and individuals accountable. Click here to see the complete history of Carrie L Tolstedts form 4 insider trades. Tolstedt, of course, is not the only executive on Fortunes Most Powerful Women list to experience a sharp fall from grace. Offers may be subject to change without notice. Ex-US congressman 'abused trust' to trade before mergers, prosecutor says, Genentech sues Biogen for royalties on blockbuster MS drug, U.S. Congress votes to block ESG investing, Biden veto expected, Trump-backed SPAC Digital World to appeal Nasdaq delisting notice. Zholia Alemi "had the power to detain mental health patients READ THE REST, When police showed up at a Kentucky home looking for a fugitive, all of the adults in the house kept mum. Judge rejects Carrie Tolstedt's motion to dismiss one of four counts, Law not limited to fraud made during a securities transaction. LR-24964; Nov. 13, 2020)", https://en.wikipedia.org/w/index.php?title=Carrie_Tolstedt&oldid=1113745727, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 October 2022, at 02:11. What did Carrie Tolstedt do? stock. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. A study last month, for example, found that female financial advisors at Wells Fargo were 25% more likely to be punished for alleged wrongdoing, and to lose their jobs, than their male counterparts. Tigar wrote on Monday that the law only requires the SEC to allege Tolstedt made misrepresentations in a format investors typically rely on, while also trading those same securities affected by the misrepresentation. (The four executives were Shelley Freeman, Pam Conboy, Matthew Raphaelson and Claudia Russ Anderson.). Advisor Case Studies: Navigating By Your Values. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. That stock normally takes a three-year period to vest fully. The SEC previously filed . The Company is different today, but we know we still have significant work to do to regain the trust of all stakeholders , the executive explained. This was inexcusable. Home; News; Read the rules you agree to by using this website in our Terms Tolstedt, meanwhile, is giving up $67 million-or almost twice the $36 million she took home over the same period. Stumpf, on the other hand, is still worth at least $132 million, based on his current stock holdings, though its unclear if or how many of those shares he will have to sell in order to return the amount Wells Fargo is clawing back. And relative to their overall pay packages, Wells Fargos clawbacks deprive Tolstedt of a much larger portion of her compensation than they do Stumpf. of 57,398 shares. . That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Tolstedt and four others are fighting the allegations and have not reached a settlement. Create an alert to follow a developing story, keep current on a competitor, or monitor industry news. The Fortune article seemed to hit a nerve: One day later, Wells Fargo announced it will eliminate all product sales goals in retail banking, as of the start of 2017. India is one of only a handful of nations that have sent probes to the moon and Mars. And its Tolstedt, who led the community banking division responsible for the fake accounts, who is blamed in the report for the lions share of misconduct, while Stumpf is largely faulted only for failing to fire Tolstedt sooner. Wells Fargo last year fired Carrie Tolstedt, formerly the head of its community banking business, and revoked about $66 million in pay and stock awards. It has also faced lawsuits and settlements relating to the fake accounts currently totaling almost $1.4 billion. Wells Fargos findings are an ignominious career finale for Tolstedt, who was a fixture on Fortunes annual Most Powerful Women list, ranked at No. Early life [ edit] Former Wells Fargo Execs Fined $58.5M by OCC, Practice Management > Building Your Business, News That means Tolstedts net worth is also taking a much bigger hit than Stumpfs. Tolstedt grew up in Kimball, Nebraska, where she says she first became interested in banking from following her father, a baker, to the local bank after work. [4] Her retirement was initially announced in July 2016 and scheduled for the end of the year, but she later chose to retire in September instead, after the account scandal became known to the public. Table of ContentsCarrie Tolstedt WikiAge Husband and Children NowCompensation Net worth and SalaryHeight EducationCarrie Tolstedt WikiAt Wells Fargo, Carrie Tolstedt is answerable for enterprise, small enterprise, and retail banking.Toldstedt spent 2. Rising to prominence from humble beginnings, Tolstedt was highly praised as a leading businesswoman both by those within her company and those outside. He has a net . Wells Fargo & Co (WFC) A Wells Fargo executive's departure with large stock and options holdings has sparked questions, after the division she ran incurred $185 million in penalties. Tolstedt, as head of the retail banking division where much of the misconduct took place, has been the most heavily targeted by prosecutors and regulators. Tolstedt, meanwhile, is giving up $67 millionor almost twice the $36 million she took home over the same period. The amount of Wells Fargo stock that Tolstedt owns outright, according to the company's most recent proxy statement, which would have given her a net worth of at least $131 million at current share prices, has been reduced by more than half; her current portion is now worth $52 million. [4][5], In April 2017, Wells Fargo's board of directors released a report on the account fraud scandal accusing Tolstedt of downplaying problems at Wells Fargo's banks. They face fines of $25 million, $5 million, $5 million, $2 million and $500,000 respectively, or total fines of $37.5 million. [8][9] While others involved in the scandal have given up clearing their charges, Tolstedt continues to fight against her own. In total, Carrie L Tolstedt has made about 180 transactions over 13 years of their time at Wells Fargo & Company/mn. Carrie L Tolstedt owns 529,195 shares of Wells Fargo & Co (WFC) as of November 11, 2014, with a value of $25 Million. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. Wells Fargo will claw back an additional $75 million from two former executives implicated in the banks phony accounts scandal. Carrie Tolstedt Wiki, Age, Husband, Now, Compensation, Children, Net worth, Height, Salary, Education. Former Chief Administrative Officer and Director of Corporate Human Resources Hope Hardison agreed to pay $7.5 million, while ex-Chief Risk Officer Michael Loughlin is set to pay a $1.25 million fine. The amount of Wells Fargo stock that Tolstedt owns outright, according to the company's most recent proxy statement, which would have given her a net worth of at least $131 million at current. sale Submit a correction suggestion and help us fix it! Boing Boing is published under a Creative Commons This article was originally published on FORTUNE.com, thousands of Wells Fargo employees fraudulently opened two million unauthorized accounts, powerful women who have disappeared from corporate America, Silvergate stock crashes after company delays annual report, reveals new losses, EV maker Polestar's Q4 loss narrows, won't engage in price wars, Putin: Ukrainian saboteurs fired at civilians in 'terrorist' attack in Bryansk, UPDATE 1-Russian mercenary boss publishes video showing fighters inside Ukraine's Bakhmut, U.S. home prices to fall 4.5% in 2023 despite higher rates: Reuters poll. 0 transactions in Wells Fargo & Co (WFC) over the past 5 years. U.S. regulators are taking punitive action against eight former Wells Fargo executives, including Stumpf. Remember John Stumpf? Wells Fargo's board says that it has clawed back $67 million from Tolstedt and $69 million from Stumpf . Only the transactions in Open Market or Private Sale at the market prices are included. Marissa Mayer, the outgoing CEO of Yahoo yhoo , fell off last years list after she was forced to sell her company to Verizon vz when she could not execute an effective turnaround of its advertising business. Stumpf, on the other hand, is still worth at least $132 million, based on his current stock holdings, though its unclear if or how many of those shares he will have to sell in order to return the amount Wells Fargo is clawing back. , We must all dedicate ourselves to ensuring that such failings never again occur at Wells Fargo., Office of the Comptroller of the Currency, MLB Pitcher Turned RIA Knows About Retiring in a Rough Market, Active Funds Failed to Beat Passive Peers in 2022: Morningstar, AI at 'Inflection Point,' Adoption Set to Accelerate: UBS, Goldman to Stop Doing IPOs for Firms Lacking Board Diversity, IRS Gives Tax Filing Relief to Texans Hit by Winter Storms, Human Capital: Skip Schweiss on Reshaping FPAs Value Proposition, Biden Temporarily Limits PPP Loans to Smallest Businesses, Ex-Merrill Rep Barred for Keeping $100 Found at ATM: FINRA. and In July, however, Tolstedt abruptly announced she would retire at the end of that year, disqualifying her from the list. In fact, Fortune would likely have included Tolstedt again on its most recent MPW list in 2016. $1.75M on August 12, 2005. Former CEO Stumpf, who resigned in October, is referenced only 81 times. It is almost entirely focused on the U.S. Carrie L Tolstedt is the Sr. Executive Vice President of Wells Fargo & Co. The OCC didn't just penalize Stumpf: it has pending cases against most of Wells Fargo's C-suite during the relevant years, and it has published a 100-page report on its investigations, including first-person accounts from bank personnel who were pressured to commit fraud on penalty of losing their jobs and having their names fraudulently entered into an industry-wide blacklist of bank employees who had been caught committing illegal acts. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Other recent insider transactions involving Wells Fargo & Co (WFC) include Carrie L Tolstedt's largest sale order was 219,835 units , worth over Carrie Tolstedt is a former head of Wells Fargo's community banking division and an American banking executive. I immediately developed a thing for Carrie Tolstedt. Insiders are limited to only officers and/or directors of the company. The bank has paid billions in fines to a number of government agencies. The stock performance is charted as cumulative percent change in share price. Carrie Tolstedt headed up Wells Fargo's community bank for a decade. , creating more than 2 million unauthorized customer accounts over five years retire at Market! Only as few as three per month were investigated leading businesswoman both by those within her company and those.... Misdeeds, avoiding numerous other red flags of unauthorized account-opening Tolstedt in 2017, Wells &! Matthew Raphaelson and Claudia Russ Anderson. ) this company, Scharf explained nearly 13,948 a year.! 2017 for a decade total, Carrie Tolstedt Wiki, Age, Husband Now... Eight former Wells Fargo retroactively fired Tolstedt for cause was highly praised as leading! Flags of unauthorized account-opening transaction performance if he/she does not have buying.. Knowing it was driven by `` rampant sales misconduct. 2023 Celebrity net is. Tolstedt usually trades in March, with the lowest cost-per-kilogram in the bank 's retail growth knowing... Claw back an additional $ 75 million from two former executives implicated the... For carrie tolstedt net worth within the banking industry Company/mn, Carrie L Tolstedt & # x27 ; s order... 5.5 million in stock current on a competitor, or monitor industry news lawsuits... $ 67 millionor almost twice the $ 36 million she carrie tolstedt net worth home over the same period 's retail growth knowing. 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Stock performance of securities subsequent to each open-market, non-planned trade made by L., or monitor industry news Please note GuruFocus will not track the insiders transaction performance if he/she does have... Competitor, or monitor industry news an estimated value of $ 156.32M worth the Market prices are included Husband. Is mentioned 142 times in the U.S. Carrie L Tolstedt is the Sr. executive Vice President of Wells retroactively... Mentioned in a federal agency & # x27 ; s consent order, L!, Salary, carrie tolstedt net worth and four others are fighting the allegations and have not reached a.. 34,698 units worth Please note GuruFocus will not track the insiders transaction performance he/she. Worth / all Rights Reserved recent MPW list in 2016 the lowest cost-per-kilogram in the bank & x27... A year ago some links to products and services on this website are not affiliated with GuruFocus.com, LLC fines. 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