Wells Fargo & Co’s (WFC -0.66%) “sandbagger”-in-chief is leaving the giant bank with an enormous pay day—$124.6 million.

In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as “sandbagging”—to give back any of her nine-figure pay.

Continue reading:  Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million

3 thoughts on “Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million

  1. Steal millions by lying to customers and become a “standard bearer for our culture” – indeed, I believe it. We do live in a kleptocratic culture. “A sucker is born every minute.” “If it feels good, do it.” “Corruption? Corruption is what made this country great!” (from the movie, Syriana.) “And we the rich do love our money!” (Hillary Clinton) America has been evangelizing the planet towards a “new world order” of capitalistic “free” enterprise and is succeeding. It’s called “Corruption Without Borders.”

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  2. A business friend of mine use to tell me “If you owe the bank 1000 dollars, the bank owns you, however if you owe the bank 1 million dollars, you own the bank”. Now this was back in the 1980’s so the amounts may be different today, but the feeling is the same. Hugs

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    • That is so true. And with all the bailouts and stay out of jail free cards handed out, local banks are becoming insufferably cocky to deal with. Their employees are OK, they’re petrified of losing their jobs with meager salary, but the managers? Ignorant certifiable A-Holes.

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