Tuesday, April 18, 2017

Incredible! Wells Fargo Claws Back Compensation from Executives Who Lead Scandal

Yeah They Should be in Jail, But That's Something That Never Happens with Financial Crimes

The Wells Fargo Board has partially stepped up to the plate and decided to not reward its crooked exec with millions of dollars.  As the WSJ reports.

"Wells Fargo & Co.’s board said it has clawed back an additional $75 million of pay from two former executives it holds largely responsible for years of sales-practice problems.
According to a 113-page report by a board committee released Monday, directors of the bank decided to hold back more pay than disclosed last year from former Chief Executive John Stumpf and former retail bank leader Carrie Tolstedt. Among the reasons: The board felt misled about the extent of sales abuses that went back to 2002 and resulted in a $185 million fine and two congressional inquiries."

But Don't Feel Sorry For These Folks - They Still Got Millions.

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