Wells Fargo Exec Who Oversaw Fake Customer Accounts Scam Gets $125 Million Golden Parachute

Wells Fargo Exec Who Oversaw Fake Customer Accounts Scam Gets $125 Million Golden Parachute

: Raw Story:

Wouldn’t it be nice to be axed from your job because you helped your employer get smacked with a massive $185 million fine — and still walk away with a payday of $125 million?

Fortune reports that Carrie Tolstedt, the executive in charge of the Wells Fargo unit that opened more than 2 million phony customer accounts, leaves the bank with a $125 million golden parachute.

Tolstedt left the bank back in July, and the bank’s official announcement of her departure made no mention of an impending settlement with the Consumer Financial Protection Bureau.

The CFPB last week fined Wells Fargo $185 million after its employees opened up more than 2 million deposit and credit card accounts without consumers’ permission. The employees did this because it helped them meet their sales targets and receive bigger bonuses, the CFPB found.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: