Sanctimonious Wells Fargo, which was a major perp in foreclosure abuses, has finally managed to go too far. Even normally complacent institutional investors are disturbed how Wells Fargo threw customers illegally under the bus to wring some incremental revenues out of them.
Adding fuel to the fire is the revelation by Fortune that the officer on whose watch this abuse took place, one Carrie Tolstedt who conveniently resigned at the end of July, identified by an alert NC reader the day the scandal broke, made off with a cool $125 million in addition to earlier cash and prizes. From the Fortune story:
When Tolstedt leaves Wells Fargo later this year, on top of the $1.7 million in salary she has received over the past few years, she will be walking away with $124.6 million in stock, options, and restricted Wells Fargo shares. Some of that hasn’t vested yet. But Tolstedt gets to keep all of it because she technically retired. Had she been fired, Tolstedt would have had to forfeit at least $45 million of that exit payday, and possibly more.
That stands in contrast with $185 million in fines paid to the CFPB, the Los Angles City Attorney, and the OCC, and does not include the multi-million amounts she also received in annual pay.
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