Wells Fargo CEO John Stumpf quits

Submitted by gjohnsit on Wed, 10/12/2016 - 6:23pm

The problem for Stumpf is that his thievery was too easy to understand.

Embattled Wells Fargo CEO John Stumpf will retire effective immediately, the company announced Wednesday, marking a stunning downfall for one of the banking industry's most powerful figures.

The Wells Fargo (WFC) boss is out in the wake of a national uproar that erupted after regulators accused the bank of creating many as two million fake bank and credit card accounts. The company admitted to firing 5,300 workers over several years.

A person familiar with the matter said that Stumpf made the decision to retire, which was welcomed by the board.

Stumpf's resignation comes after Senator Elizabeth Warren publicly condemned him for "gutless" leadership at a Sept. 20 Senate hearing. "You should resign. ... You should be criminally investigated," Warren told Stumpf during a fiery one-sided exchange.

Think of it this way: in 2010 Wells Fargo introduced Enhanced Identity Theft Protection to it's customers.
In 2016, the bank that sold those customers Identity Theft Protection stole the identities of those customers.

This institutionalized campaign of fraud at Wells Fargo may represent one of the largest incidents of organized identity theft ever recorded.

The problem is that no one is going to jail at Wells Fargo. This wouldn't happen in Iceland.

Iceland has found nine senior bankers guilty for crimes relating to the economic meltdown in 2008.
The Supreme Court in Reykjavik returned guilty verdicts for all nine defendants in the Kaupthing Bank market manipulation case, one of the biggest cases of its kind in Iceland's history.

Until bankers go to jail, nothing will change.

Tags: 
Wells Fargo
John Stumpf
banksters
Share
up
0 users have voted.

Comments

Submitted by NCExile on Wed, 10/12/2016 - 6:55pm

I hope he pulls a muscle climbing up on top of his pile of money to celebrate his "retirement." I've heard that this type of mountain climbing is actually more effective exercise for fabulously-rich criminals than having a personal trainer exercise for them. /Snark. Diablo

up
0 users have voted.
Submitted by Bollox Ref on Wed, 10/12/2016 - 7:02pm
Bollox Ref's picture

up
0 users have voted.
—

Gëzuar!!
from a reasonably stable genius.

Submitted by GreyWolf on Wed, 10/12/2016 - 8:30pm
GreyWolf's picture

... agreeing to forego $41 million in potential future earnings, the third-largest clawback in corporate history.

Despite forfeiting those funds, Stumpf does not leave empty-handed. According to Equilar, a research firm that monitors corporate governance at publicly traded companies, Stumpf’s voluntary retirement comes with a war chest totaling $137.1 million. According to Equilar’s calculations, Stumpf’s vested stock awards total more than 2.43 million shares, worth $110.35 million at Wednesday’s closing price of $45.32. The executive also has pension accounts totaling $19.97 million and deferred compensation of $4.38 million.

That cash is not completely safe, however. When Wells Fargo announced an internal investigation into the matter last month along with the initial forfeitures by Stumpf, the bank noted that it could take further actions against him and other executives based on the inquiry.

Wells Fargo said Wednesday the option for further clawbacks was still on the table.

“Those options are still available to the board, the investigation is still ongoing,” ...

up
0 users have voted.
Submitted by dkmich on Thu, 10/13/2016 - 6:39am

He forgets to be reverant to the cop, who proceeds to search him and his car without cause or permission. Finds his personal stash and arrests him. One more criminal record vs 143 million. Obama's daughter smokes a joint surrounded by the law, she gets a gap year. Hill and Barry killing brown kids, and she gets to be President. No justice, no peace.

up
0 users have voted.
—

"Religion is what keeps the poor from murdering the rich."--Napoleon

Submitted by MrWebster on Wed, 10/12/2016 - 7:42pm

"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it."
Frederic Bastiat

up
0 users have voted.
Submitted by TheJerry on Wed, 10/12/2016 - 8:46pm
TheJerry's picture

We live in a Kleptocracy, where the rulers and elite plunder the resources of the nation for their own personal gain.

I encourage everyone to stop talking about the oligarchy and oligarchs and talk instead about the kleptocracy and the kleptocrats.

When I first discovered this term in junior high, circa 1980, I thought it was a joke and that it wasn't a serious form of government.

I've been proven wrong.

up
0 users have voted.
—

____________________________________________________________________________
"I'm not interested in preserving the status quo; I want to overthrow it. "
-Niccolo Machiavelli

"Sorry Hillary"
-TheJerry

Submitted by Shockwave on Wed, 10/12/2016 - 7:47pm
Shockwave's picture

I have reason to believe that he was responsible for more fraud than has been uncovered so far.

up
0 users have voted.
—

The political revolution continues

Submitted by jwa13 on Wed, 10/12/2016 - 9:05pm
jwa13's picture

... I suggest that we change this meme, going forward, to

"Until bankSTERS go to jail, nothing will change."

There appear to be very few honest individuals remaining in the financial-fraud "industry", these days. Let's start calling it like it is --

up
0 users have voted.
—

When Cicero had finished speaking, the people said “How well he spoke”.
When Demosthenes had finished speaking, the people said “Let us march”.

Submitted by fugwb on Thu, 10/13/2016 - 12:49am

how is he going to survive on a measly 200M or so? And I noticed when warren was grandstanding with him the poor little guy had a hurt hand. I sure hope he has some obamacare. I'd hate to see him go bankrupt because of medical bills. Should we start a GoFundMe account for him? Anyone....hello.....anyone there?.....no one cares enough to help a multi-millionaire down on his luck? I'm appalled...
OK, how about this. When a horse breaks a leg they usually put it down. Poor Mr. Stumpf has a bad hand. Same as a horse with a bad leg. How about a GoFundME account to get him to a vet??...

up
0 users have voted.
Submitted by Hillbilly Dem on Thu, 10/13/2016 - 8:42am
Hillbilly Dem's picture

Some survived better than others, but it's always been my understanding that almost everyone had "skin in the game". Many of the "big boys" lost fortunes. It was felt "across the board". Of course. the super rich survived "better" than their day's 99%, but many were wiped out.

Today, the rich never lose. That's the way it's set up. They are rewarded financially for their misdeeds and they don't go the jail. Holder Memo. Collateral consequences. Too big to fail. Too big to jail. God bless 'Merica.

up
0 users have voted.
—

"Just call me Hillbilly Dem(exit)."
-H/T to Wavey Davey

Submitted by earthling1 on Thu, 10/13/2016 - 7:41pm
earthling1's picture

Go to work you lazy civil servants feeding at the Public trough.

up
0 users have voted.
—

Neither Russia nor China is our enemy.
Neither Iran nor Venezuela are threatening America.
Cuba is a dead horse, stop beating it.