Wells Fargo “Defrauded Millions of People,” Executive Gets $125 M
Carrie Tolstedt, former head of Consumer Banking at Wells Fargo, will “retire” later this year $125 million richer.
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.
Do we have any reason to believe things will be different this time around?
Check out True Activist for more.
You might also like
Entire Indiana Police Department Quits After “Being Told To Do Illegal, Unethical, and Immoral Things”
CC News INDIANAPOLIS, Ind. – An entire Indiana town has no police officers after every single one walked off the job. The officers blame the Bunker Hill Town Council for the
Nick Barnabas | The Anti-Media A massive problem created by the drug war is now being solved by legalizing weed. The $1 trillion War on Drugs launched by President Nixon
Anon News The Pentagon paid a UK PR firm half a billion dollars to create fake terrorist videos in Iraq in a secret propaganda campaign exposed by the Bureau of
March 17, 2017 MOORE, OK — Add it to the list of over 1,500 pedophiles and human traffickers arrested since January 20th of this year. An Oklahoma Senator has been
She was claiming to be in spiritual contact with entities from the grave. A newly released Wikileaks cable from the US embassy in Seoul reported that she believed there was
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
UPDATE 3/24/17: Missing children in DC, crowd asks Newsham questions about why Amber alerts weren’t activated. 01101000 01101001 01100111 01101000 01101100 01101001 01100111 01101000 01110100 00100000 01110100 01101000 01100101 00100000
An infograpic created by Jason at Frugal Dad sheds light on just how powerful the media has become in engineering our emotions and perceptions. The infographic has been around for
By: Claire Bernish Juan Pablo Escobar Henao, son of notorious Medellín cartel drug kingpin, Pablo Escobar, now says his father “worked for the CIA.” In a new book, “Pablo Escobar