Nomi Prins: Ex-Wells Fargo CEO John Stumpf Deserves Jail – Not a Plush Retirement


Ex-Wells Fargo CEO John Stumpf Deserves Jail – Not a Plush Retirement

If the Department of Justice lived up to its name, it would move forward with John Stumpf’s criminal investigation

For former Wells Fargo CEO John Stumpf, this will be his first weekend as a wealthy retiree. So it goes in a world where big banks can screw over customers and the public, and the CEO who presided over these practices can slink off into the sunset unencumbered by the kind of real retribution that plagues small-time drug users and petty thieves. They go free. We pay the price.

Two days before the bank’s quarterly earnings announcement, Stumpf announced his immediate resignation. That decision came about a month after the firm was slapped with a $185m settlement for a fee-stealing scam that resulted in the axing of 5,300 low-level employees. He did not resign after settlements for any of the prior wrongdoing that took place under his purview for which the firm paid about $10bn in fines.

Make no mistake. Stumpf was the captain and commander of this $1.9tn empire. Its culture, as in all Wall Street culture, was defined from the top down, not the other way around. For his penance, all Stumpf had to do was forfeit $41m in restricted stock awards (stock he didn’t even fully own yet).

Rest here…


3 Responses to “Nomi Prins: Ex-Wells Fargo CEO John Stumpf Deserves Jail – Not a Plush Retirement”
  1. mike Drouin says:

    What’s equally important to jailing the criminals , is allowing the LAW to protect the victims of the crime !!! When I was growing up , I went to school and pledged allegiance to the flag that ended in the words , ” and with Liberty and Justice for all ” . When a system of Government allows its people to be abused by criminals , and Federal Court justices act as their line of defense in a Travesty of justice , then we are being sold a LIE by our alleged elected officials and we live in a banana Republic !!! everyone in authority that takes an oath of office and acts in collusion to protect the criminals should be held accountable also !!! We have a FAILED system of Government with a criminal running for President !?!?

  2. Randall Stephens says:

    Several years ago William K. Black suggested that if President Obama, and AG Holder, weren’t gonna “man up” and prosecute they could at least have the decency to change the name of the “Department of Justice.”

    Little, if anything, has changed since then.

  3. Shelley says:

    This is exactly why our country is in the shape it is today. All should be held accountable to all our laws and not allowed to buy another version of the crime if they have money or give up others. Make these individuals pay for their crime. We are held accountable for our crimes in everyday America. Big money should not be able to buy their time out of jail nor should they get to take a big bonus or when they go. Put that bonus on the principle balance of all the mortgage holders they screwed and then sent a $500 check that didn’t cover a day of their struggles going thru fraudulent foreclosure. I say “an eye for an eye.” The big corporate CEO’s from past accounts the bonus of corruption is a big check and retirement so all are doing it. Make a couple do the time for the crime and seize all their assets to decide with the lives they screwed over and this behavior will start to stop! That’s my opinion, thanks for reading.

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