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.
