Crime Pays, If You’re a Bankster: Wells Fargo CEO Stumpf Retires with $134M


Wells Fargo CEO Stumpf retires with $134M

John Stumpf, the embattled CEO of Wells Fargo (WFC), unexpectedly retired from the company on Wednesday effective immediately.

Stumpf’s move comes just weeks after he was grilled by two congressional panels over the way the bank handled an alleged scam where upwards of 2 million accounts were created by employees without the knowledge of customers. The accounts were allegedly opened so thousands of employees could meet aggressive sales goals set by management. Stumpf was widely criticized for the way he handled the questioning, pushing the blame to lower-level employees and not holding upper-level executives, including himself, responsible.

While Stumpf doesn’t receive a special retirement payout, executive-pay tracker Equilar estimates he’ll walk with $134.1 million. The package remains that large even after Stumpf last month agreed to a $41 million clawback following a grilling he received from the Senate Banking Committee reprimanding him for not taking responsibility. He agreed to give up unvested stock, but still owns shares vested in previous years.

While Stumpf walks with millions, the fraud has been much costlier for the bank’s once-stellar reputation and for those who hold Wells Fargo stock. Investors have lost $23.1 billion in market value as the shares have fallen nearly 10% from when the scandal broke. Wells Fargo was formerly the most valuable U.S. bank but has since fallen behind JPMorgan Chase (JPM).

Full report here…


4 Responses to “Crime Pays, If You’re a Bankster: Wells Fargo CEO Stumpf Retires with $134M”
  1. Tom says:

    Now the new guy, Sloan, to replace the “above all laws” Stumpf, is in damage control to try to regain their customers trust.
    Listening to him I had to put on my hip-waders because the BS was so deep.
    People should close their accounts there and go somewhere else, like their local small bank that isn’t in the business that rips off their customers.

    They burn you once, they will do it again!
    They did it with the foreclosure scam, then did it with the scam by adding extra accounts to their customers without them knowing about it, so what is the next round of fraud that will be exposed that rips off their customers?

    They go after Wells Fargo for creating millions of fraudulent accounts on their customers, get caught, they say they are deeply sorry, then fire over 5,000 lower level employees and blame it all on them, and then Stumpf retires with over $130,000,000. The leader of the fraud!!!
    No real law enforcement, just a slap on the wrist, no jail time, and walks away with those stolen millions.

    The only reason why they were deeply sorry is because they got caught!
    Fire over 5,000 employees and blame it all on them was just their way to play stupid to cover their asses to protect their millions in stolen profits.
    They claw back $41,000,000, which is basically kickback money to whoever was supposedly making it all look like a severe punishment, but more of a kickback to grease the palms of everyone else to look the other way and allow him to walk away free from prosecution and jail.

    Why won’t they go after all the mortgage fraud that really destroyed a lot of families?
    Oh, that’s right! They can’t go after anyone that was involved in that massive fraud because there were too many high level people involved in that scam!
    Lawyers, banksters, judges, and politicians!

    If that was to really get investigated, they’d end up having to close down the court system that has turned into a place for generating huge profits for the thieves while financially raping the citizens with massive fraud.
    Justice in the courts is gone, and has been gone for quite a while!
    The courts are only there now to generate a lot of cash flow and protect the wealthy corrupt running the courts!
    Innocent, law-abiding citizens will lose!!! And they won’t even know what hit them until they get hit by it!

    White collar crime pays very well!
    As long as they play the game and build in enough profits to cover the kickbacks needed to make the others in high level positions look the other way, everyone wins!
    Except the victims of their crimes who end up having their lives destroyed by a bunch of GREEDY SCUMBAGS!!!

    So where are the “We the People” taking a stand together to end the massive corruption?
    Nothing will ever change until they go after the people at the top that have violated their OATHS OF OFFICE for their own personal gains, and start hitting those people with long jail sentences.
    As long as there is no fear of prosecution or jail time, it will continue as “business as usual”.

  2. Hammertime says:

    What made this arrogant bastard “sacrifice” himself?

  3. Richard Kessler says:

    Crime pays but only if you are a big enough crook.

  4. Christie Bishop says:

    He should be placed into Federal Prison!
    QUESTION: When’s enough, enough?
    We the people need to stand up and make a stand together!

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