Wells Fargo Exec Who Oversaw Massive Scam Shouldn't Get a $124.6M Payday!

Wells Fargo bank, for years, has benefited financially from the fraudulent creation of more than 1.5 million bank accounts and 565 thousand credit card accounts, without the consent of their customers, through the collection of fees associated with these accounts.

While 5300 employees were fired over this, Carrie Tolstedt, the Senior Executive Vice President of Community Banking, who oversaw the division that committed this fraud, is leaving the bank, left with over $126 MILLION dollars in bonuses, stocks, and options. She also has been the recipient of more than $7 Million in bonuses while this fraud was rampant in her division.

Wells Fargo has a "claw-back" provision in executive contracts that would allow for the recision of the $126 million in bonuses, and also past bonuses during the time in question.

Wells Fargo has said they are "investigating" the possibility of the claw-back, but they will probably need some assistance in coming to that conclusion.

If Wells-Fargo customers and non-customers think that firing 5300 people, most of whom were probably just following orders from above, is wrong, while giving golden parachutes to those in charge, maybe we can send a message to banking executives that we demand more accountability for their actions and will no longer stand for their irresponsible behaviors.