Well Fargo’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 whose employees were responsible for opening 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 over five years related to the bad behavior.
Posted on September 12, 2016 by Boulderdash