Instead of the government filing "criminal" against Wells Fargo and the people who orchestrated this ripoff, the bank is being let off with a slap on the wrist and a fine almost equal to the bonuses they handed to the perps while not even mentioning those involved in the criminal activity.
In America they call this justice as doled out in a country that adheres to the rule of law.
It's not surprising the US has lost it's moral standing in the world.
Months ago, CEO John Stumpf praised the executive in hot water as “a standard-bearer” for the bank.
Wells Fargo & Co’s “sandbagger”-in-chief is leaving the giant bank with an enormous pay day—$124.6 million.
In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as “sandbagging”—to give back any of her nine-figure pay.
On Thursday, Wells Fargo agreed to pay $185 million, including the largest penalty ever imposed by the Consumer Financial Protection Bureau, to settle claims that that it defrauded its customers. The bank’s shareholders will ultimately have to swallow the cost of that settlement.
The bank also said it had fired 5,300 employees (except the person in charge) over five years related to the bad behavior.
Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million
Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million
No comments:
Post a Comment