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

Federal Judge Rules that Colorado City Can’t Ban Women’s Breasts in Public

Emma Gannon | Courthouse News Service DENVER (CN) — Fort Collins, Colorado, cannot ban women from exposing their breasts in public, a federal judge ruled Wednesday. Free the Nipple sued the city

Are Clinton Insiders Involved in Child Abduction? A Factual Analysis

A conspiracy theory has been promulgated according to which John and Tony Podesta were involved in the abduction of Madeleine McCann. In what follows we will examine the relevant details and provide our

Putin and Erdogan: the US Government Created ISIS

Both Putin and Erdogan have declared publicly that the Bush/Obama/Clinton/CIA regime is behind the arming and funding of ISIS. It wouldn’t be the first time that this regime has used

Mayor Faces Life in Prison After Pleading Guilty to Rape of 4-yr-old Child

  March 20, 2017 HUBBARD, OH – Now-former Mayor of Hubbard, Richard Keenan has pleaded guilty to raping a 4-yr-old child. The news emerges in parallel to arrests and investigations surrounding

Handcuffed Woman Who Fended Off Rapist Cop Gets $3.5 Million

Claire Bernish | The Free Thought Project Los Angeles, CA — Taxpayers of Los Angeles will have to pay for their police department’s misconduct yet again, as a woman who

White House Kicks Out CNN and NYT from Media Briefing, Allows Independent Media In

Tyler Durden | Zero Hedge Just a few hours after Trump warned during his CPAC speech that “we’re gonna do something about the media”, he did just that after the

BREAKING: Father of NY Bomber Tipped FBI Two Years Before Bombing

ERIC TUCKER, JAKE PEARSON, JENNIFER PELTZ, AP | Courthouse News Service NEW YORK (AP) — The FBI looked into New York bombing suspect Ahmad Khan Rahami two years ago after

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.

Majority Finds Media Coverage Of Trump Is “Too Critical, Exaggerated”

Tyler Durden | Zero Hedge Three weeks after a poll found that the Trump administration was seen as more “truthful” than the news media, a new WSJ/NBC News poll has