The Logical Leftist
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Wells Fargo CEO walks away with Millions after scamming customers
Posted
October 14, 2016
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904
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October 14, 2016
904
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"It’s likely to still leave many angry.
Even though he left on a low, John Stumpf, former CEO of Wells Fargo, will take about $133.1 million into retirement.
The beleaguered executive retired Wednesday afternoon as investors, lawmakers, and consumers grew increasingly frustrated with how Stumpf handled the fallout of the bank’s phony account scandal. He first denied that the bank’s culture had led to the 2 million credit card and deposit accounts opened without permission. Instead, he blamed some 5,300 bad employees who had been fired. Before Congress in late September, he denied that the scandal was as grave as they saw it—fanning their ire, leading the bank to clawback a portion of his pay. The bank said that Stumpf would not get a severance package."
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