Wells Fargo “Defrauded Millions of People,” Executive Gets $125 M

Whitney Webb | True Activist

Carrie Tolstedt, former head of Consumer Banking at Wells Fargo, will “retire” later this year $125 million richer.

Following a massive scandal that defrauded million of its customers, Wells Fargo has come under even more scrutiny after it rewarded the executive responsible for the fraud with $125 million.





Carrie Tolstedt, who will leave her position later this year, was in charge of consumer banking, the unit of the bank responsible for opening more than 2 million unauthorized customer accounts in a scandal that cost Wells Fargo $185 million in fines.

Richard Cordray, head of the Consumer Financial Protection Bureau, said that

“It is quite clear that [the actions of Tolstedt’s unit were] unfair and abusive practices under federal law.”

Yet, in July, when the extent of the fraud was well known to Wells Fargo executives, CEO John Stumpf praised Tolstedt as a “standard-bearer” for the bank and for being “a champion for our customers,” further illustrating that criminal behavior is just “business as usual” for one of the US’ largest banks.





Tolstedt’s sudden decision to “retire”allegedly had nothing to do with the scandal, according to an official statement from the bank. Wells Fargo claimed it was based “on a personal decision to leave the bank after 27 years.”

Upon leaving, Tolstedt will receive $124.6 million in stock, options, and restricted Wells Fargo shares on top of her $1.7 million salary for this year. If Tolstedt had been fired, she would have had to give back at least $45 million of that money, possibly more.

The fallout from Carrie Tolstedt’s lucrative payday was immediate.

Outrage over Tolstedt’s retirement package has now led Wells Fargo to announce it will eliminate all product sales goals in retail banking starting next year. These sales goals were allegedly a major source of motivation for the fake account fraud and could, potentially, prevent it in the future.





However, this gesture on the part of Wells Fargo may be too little too late as 5 lawmakers have called for an investigation into the bank this past Monday and the bank has received subpoenas from three different US attorneys’ offices over the last week. Will Wells Fargo suffer actual penalties if the government gets involved? It seems doubtful.

Recently, Wells Fargo openly admitted to defrauding and deceiving the federal government about its housing loans from 2001 to 2008. Their punishment?

No one was fired. No one was punished.

Another fine was paid and the New York Federal Reserve rewarded them with primary dealer status, an exclusive appointment which grants them direct access to US Treasury auctions.

tun

Do we have any reason to believe things will be different this time around?

Check out True Activist for more.

You might also like

French Voters Call On Obama To Run For President To “Give French People Hope”

Tyler Durden | Zero Hedge As French voters look set to make a massive swing to the right in their upcoming presidential election (see our notes on the topic here

BREAKING: Wikileaks Reveals Obama’s Personal Email Address

Alarming news has surfaced according to which Wikileaks has disclosed Obama’s personal email address to the world. CNN reported that the leaked emails from Wikileaks have furnished Barack Obama’s personal

Video Reveals Moment Police Opened Fire and Killed London Terrorist

March 22, 2017 LONDON — Preliminary reports have confirmed that the suspect in today’s terror attack in London has been shot and killed by a police officer. A video has

Donald Trump Called for the Death Penalty of Child Rapists Back in 2012

Yes, President Trump was Tweeting back in 2012 about pedophilia getting out of control in our nation. Indeed he called for the death penalty for child rapists. If there is one

Twitter Users Criticize Kellyanne Conway for Putting Feet on Couch in Oval Office

A photo making the rounds online has received harsh criticism from people on Twitter. It shows Kellyanne Conway with her feet on a sofa in the Oval Office. At first

Breaking: Fmr UK Prime Minister Linked to “Satanic Ritual” Torture of Children

“Satanic Cult” said to be involved in reports of Sir Edward Heath’s sexual abuse of children. A police chief has just come forward and confirmed that a former Prime Minister

Mayor Arrested and Charged with Sexual Corruption of Minor Online

March 20, 2017 MYRTLE CREEK, OR — Police have confirmed this morning that the Mayor of Winston, Oregon has been arrested. The arrest took place in Myrtle Creek at approximately 9:00

The Five Most Ruthless Female Rulers in Human History

With the potential election of Hillary Clinton, the topic of female political rulers has soared in popularity. Both women and men have done enormous, unfathomable good in positions of power.

Court: Government Doesn’t Have to Pay Reparations for Slaughtering Native American Tribe

Emma Gannon | Courthouse News Service DENVER (CN) – The U.S. government has immunity from Native Americans seeking the reparations promised after the Army slaughtered their ancestors in 1864, the