9/16/16

Wells Fargo Fiasco

In Wells Fargo Scandal, the Buck Stopped Well Short

Anyone who has any kind of account with Wells Fargo - checking, credit card, retirement funds - should be following this story.

Wells Fargo has reportedly fired over 5,300 employees who were involved in the scandal. Yet the head cheese of the division where all this occurred, is skating off to retirement.

Instead of bearing any responsibility for this scandal, Carrie Tolstedt, the divisional senior vice president for community banking who supervised the 6,000 retail branches where the wrongdoing took place, is retiring, taking with her millions in stock and options.

and

Despite knowing about the widespread misconduct on her watch, Wells Fargo gave Ms. Tolstedt a glowing farewell. John Stumpf, the chief executive, called her a “role model for responsible leadership” and “a standard-bearer of our culture.” Her compensation — more than $27 million over the last three years — has never been dinged as a result of these problems.

A 'role model for responsible leadership?'  They paid her more than $27 million to oversee this fiasco, and she gets to retire completely intact, whilst the minor minions are hung out to dry?

Well, they should be.

But so should she. What about that buck-stopping?

From another article:

"I didn't sign up for any bloody checking account," Kennedy, who is 57 years old, told CNNMoney. "They lost me as a banking customer and I have warned family and friends."

Indeed.

Meanwhile ... Congress is getting into the act:

Wells Fargo drumbeat grows louder. House launches investigation

The videos accompanying the story are pretty good, too.