Wells Fargo board to force fraud-implicated former execs to repay $75m in bonuses


#1

Originally published at: http://boingboing.net/2017/04/10/fraud-started-in-2002.html


#2


#3

They still get to live very, very well on what they have left. People like this should serve time.


#4

The problem here is that the claws are attached to the weasel that profited from the fraud in the first place.

I’m not saying the people getting clawed aren’t deeply, deeply shitty. But I am saying that the board members who didn’t get prosecuted, and who let the shittiness happen either through negligence or carefully maintained ignorance, are not worthier recipients of this money.

I mean, look at this quote from the CNN article:

Wells Fargo’s (WFC) board on Friday took back an additional $28 million from John Stumpf because the longtime CEO was “too slow to investigate or critically challenge” the bank’s sales tactics, the 110-page report said.

So they’re clawing back the CEO’s bonus for poor oversight. But the board’s only real job is to oversee the executives. Are they clawing back their own salaries and bonuses from this period?

I don’t mind that they’re doing this. But neither do they deserve a single ounce of forgiveness or good publicity as a result. This isn’t a rehabilitative step, it’s just thieves falling out with one another.


#5

It’s pretty much what needs to happen in several sectors where fraud like this happens all the time. A few scapegoats have been charged in the past, and i would imagine getting enough momentum to bring more to justice would be difficult. Still this shit won’t stop until real repercussions arise.


#6

Fraud? Fraud?? Our employees are innocent of any wrongdoing. We just confiscated their bonuses because… um… rent was due!


#7


#8

Exactly.

Until some C-suite execs and/or board members serve custodial prison sentences, the risk–reward ratio will remain to low for any meaningful deterrent.


#10

It seems Wells can force these people to repay part of what they stole but our federal prosecutors can’t seem to do the same.


#11

But how will these guys create jobs if they have less money?


#12

Automation!
They just need to have their system automagically create several new accounts at random for “customers of a certain standing”.


#13

What’s this “decentralized” BS? That only works if each office is doing a different kind of fraud. It seems they’re trying desperately to spin this as “bad apples.”


#14

So what?

The people still got ripped off and nobody’s saying a single fucking thing about restitution.


#15

I’d also like to know what’s being done to repair the careers and lives of the blacklisted employees. If we don’t hold Wells Fargo accountable for that piece how will we ever convince people to do the right thing and be whistleblowers in the future?


#16

All Crime Matters!


#17

Oh no! they’ll have to repay a small amount of the money they fraudulently received, the horror!¬

Of course if it were someone fraudulently recieving $2000, they’d only be required to pay back ~$690 of it right? Because things aren’t loaded in favour of the very wealthy right? Guys? :thinking:


#18

This topic was automatically closed after 5 days. New replies are no longer allowed.