$124 Million pay day for Exectutive that led Wells Fargo Scam

Wells Fargo executive Carrie Tolstedt will receive a $124.6 million payday when she retires at the end of this year, despite overseeing the department accused of scamming millions of customers and incurring hundreds of millions in fines.

On Thursday, Federal regulators slapped Wells Fargo with $185 million in fines after discovering that employees were guilty of regularly inflating sales figures by opening new accounts and transferring money from customer accounts without their expressed permission.

The CFPB said on Thursday that employees of San Francisco-based Wells Fargo secretly opened the unauthorized accounts to hit sales targets and receive bonuses. The bank agreed to resolve the allegations without admitting or denying wrongdoing, and pay $185 million in fines. The lender said it fired 5,300 employees over the matter and set aside $5 million for customer remediation.


Wells Fargo drumbeat grows louder. House launches investigation - Sep. 16, 2016

$124 million payday for top Wells Fargo exec - Sep. 12, 2016

Wells Fargo Executive Linked To Scam Gets $124.6 Million Payday

LOL. 5,300 employees fired, the person leading the department gets a payday. Scummy bankers are scummy.

Everyone who did it should be charged with identity theft. Every customer it happened to should be notified.

This is just another example of how there are rules for the elites and rules for everyone else.

Instead od $124M she should get the rest of her life in prison.

backpacker said:

Everyone who did it should be charged with identity theft. Every customer it happened to should be notified.

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There's no doubt in my mind that lawyers are chumming the waters as we speak for a class action lawsuit.

blaxshep said:

Wells Fargo executive Carrie Tolstedt will receive a $124.6 million payday when she retires at the end of this year, despite overseeing the department accused of scamming millions of customers and incurring hundreds of millions in fines.

On Thursday, Federal regulators slapped Wells Fargo with $185 million in fines after discovering that employees were guilty of regularly inflating sales figures by opening new accounts and transferring money from customer accounts without their expressed permission.

The CFPB said on Thursday that employees of San Francisco-based Wells Fargo secretly opened the unauthorized accounts to hit sales targets and receive bonuses. The bank agreed to resolve the allegations without admitting or denying wrongdoing, and pay $185 million in fines. The lender said it fired 5,300 employees over the matter and set aside $5 million for customer remediation.


Wells Fargo drumbeat grows louder. House launches investigation - Sep. 16, 2016

$124 million payday for top Wells Fargo exec - Sep. 12, 2016

Wells Fargo Executive Linked To Scam Gets $124.6Â*Million Payday

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just a few points of clarification

her 124 million is not a one time payday....which is what the headline kinda wants people to think

it is the amount she has accrued over two decades of working as a top executive at a major bank in this country...

when you work for a large company there are perks....buying shares of the company is one of them, and being issued stock and options are another

Despite the shocking scandal at her division, 56-year-old Tolstedt is set to walk away with an even bigger fortune when she retires at the end of the year -- a $124 million payday through a mix of shares, options and restricted stock, according to calculations of company filings based on the current stock price.

The huge package was accrued over her two-plus decades at Wells Fargo and was not directly tied to her retirement.

do you think they should take her retirement account away? because that is what the 124 million is....her 401k....a lot bigger than ours, but basically the same type of thing she built over 27 years

Napoleon said:

There's no doubt in my mind that lawyers are chumming the waters as we speak for a class action lawsuit.

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They should but this was a criminal offense against each of the customers whose data was stolen to create a new account and whose money was transferred without their permission.

RabidAlpaca said:

LOL. 5,300 employees fired, the person leading the department gets a payday. Scummy bankers are scummy.

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Probably they couldn't prove her complicity and must honor the contract.