Quantcast
Connect with us

Wells Fargo exec who oversaw fake customer accounts scam gets $125 million golden parachute

Published

on

Wouldn’t it be nice to be axed from your job because you helped your employer get smacked with a massive $185 million fine — and still walk away with a payday of $125 million?

Fortune reports that Carrie Tolstedt, the executive in charge of the Wells Fargo unit that opened more than 2 million phony customer accounts, leaves the bank with a $125 million golden parachute.

ADVERTISEMENT

Tolstedt left the bank back in July, and the bank’s official announcement of her departure made no mention of an impending settlement with the Consumer Financial Protection Bureau.

The CFPB last week fined Wells Fargo $185 million after its employees opened up more than 2 million deposit and credit card accounts without consumers’ permission. The employees did this because it helped them meet their sales targets and receive bigger bonuses, the CFPB found.

“It is quite clear that [the actions of Tolstedt’s unit] are unfair and abusive practices under federal law,” said CFPB chief Richard Cordray last week. “They are a violation of trust and an abuse of trust.”

For its part, Wells Fargo tells Fortune that Tolstedt’s departure had nothing to do with the impending settlement and was solely due to her desire to move on after spending the past 27 years with the bank.

All the same, given that Wells Fargo just fired thousands of workers in the wake of the scandal, it’s fair to question whether the timing of her exit was a coincidence.

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

If Democrats fight right-wing ‘fake news’ fire with fire, we all lose

Published

on

By

Democrats are increasingly worried about losing the 2020 presidential election to Donald Trump. The party is in seeming disarray from the botched Iowa caucuses and the failure of an "electable" frontrunner to emerge early in the primary season. Trump's fundraising and digital operations are humming, buoyed in part by his acquittal at the Senate trial which refused to remove him from office for soliciting foreign interference in the 2020 elections and obstructing the House's investigation of it.

This article first appeared in Salon.

Continue Reading

Breaking Banner

Soledad O’Brien shames 1980 ‘Miracle on Ice’ hockey team for photo-op with Trump while wearing MAGA hats

Published

on

In an early Sunday morning tweet, award-winning journalist Soledad O'Brien expressed her dismay with members of the 1980 Gold Medal-winning Olympic hockey team for celebrating their historic win over the then-Soviet Union -- dubbed the "Miracle on Ice" -- with Donald Trump while wearing "Make America Great Again" hats.

According to O'Brien, seeing them hand Trump a photo-op filled her with "disappointment."

Taking to Twitter, she wrote, " Ugh.... so disappointed by the @1980MiracleTeam . I loved watching that game as a kid with my dad. Loved watching the movie with my kids. To see them on a stage, in maga hats—kinda crushing I have to say."

Continue Reading
 

2020 Election

‘Nice deflection, Mr President’: Adam Schiff busts Trump for trying to blame him for his leaky administration

Published

on

Rep. Adam Schiff (D-CA) took a shot at President Donald Trump on Sunday morning after the president tried to blame him for the leak describing a classified meeting lawmakers had with an intelligence official who warned the bipartisan group that the Kremlin is trying to help the president get re-elected.

As the president prepared to leave the White House for India, he told reporters that Schiff was to blame for the leaked meeting story, with the president insisting he personally had not been briefed on the report explosive report.

Responding to a 'Meet the Press" clip of the president making his accusation, Schiff tweeted back: "Nice deflection, Mr. President. But your false claims fool no one. You welcomed Russian help in 2016, tried to coerce Ukraine’s help in 2019, and won’t protect our elections in 2020. Now you fired your intel chief for briefing Congress about it. You’ve betrayed America. Again."

Continue Reading
 
 
close-image