Wells Fargo won't claw back $125m retirement bonus from exec who oversaw 2m frauds

Wells Fargo won't claw back $125m retirement bonus from exec who oversaw 2m frauds
Because only the little people get penalized. "Carrie Tolstedt is the Wells Fargo executive who presided over a titanic, multi-year fraud through which at least 5,300 of the employees who reported to her opened up fake accounts in Wells' customers' names, racking up fees and fines, trashing the customers' credit ratings, and, incidentally, pulling in record revenues for Tolstedt's department, which Wells' management recognized by giving her a $125M parting gift when she left the company at the end of July, just weeks before the scandal broke. Wells Fargo has a policy through which bonuses can be clawed back if it's later determined that their beneficiaries participated in illegal or unethical conduct. Wells Fargo will not invoke that policy in Ms Tolstedt's case, possibly because she has $125M with which to hire lawyers to fight such an action."