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Public understands Wells Fargos bad behavior, thats the problem
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: October 2nd, 2016
http://www.sfchronicle.com/opinion/editorials/article/Public...
Following widespread outrage and a blistering Senate Banking Committee hearing last week, Wells Fargo CEO John Stumpf has said hell forfeit his outstanding stock awards of about $41 million. Wells Fargos former retail-banking head, Carrie Tolstedt, has agreed to forfeit outstanding stock awards of about $19 million. The givebacks are being done in response to charges that the bank opened some 2 million fraudulent deposit and credit card accounts in its customers names. Wells Fargo had already agreed to pay $185 million to settle those charges with regulators, but, clearly, that wasnt enough. The public is worn out by Wall Streets bad behavior - and its also tired of watching low-level employees be scapegoated while top executives get off scot-free. Wells had fired more than 5,000 employees connected to the illegal sales practices, but done nothing to punish senior executives. No one is buying the story that a scandal this large was the work of rogue employees at the bottom of the totem pole. Part of the reason for the alleged unauthorized accounts was employees were pressured to meet unachievable sales goals. Wells has also pledged to end the controversial sales goal program for employees in the retail banking division. The financial meltdown of 2008 ... resulted out of extreme complexity - most politicians and citizens cant parse a credit default swap. Opening a bank account in someone elses name without their permission, however, is a wrong that everyone can understand.
Note: For more along these lines, see concise summaries of deeply revealing banking corruption news articles from reliable major media sources.
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