Wells Fargo Announces $60 Million Clawbacks, But No 'Real Accountability'

Wells Fargo, according to Sen. Elizabeth Warren (D-Mass.), took “a small step in the right direction” when it announced Tuesday that it was clawing back $60 million in pay from CEO John Stumpf and Carrie Tolstedt, the former executive who ran the fraudulent program.

The Associated Press reports:

But, according to Warren, that’s “nowhere near real accountability,” because Stumpf “keeps his job and most of the money he made while massive fraud went on under his nose.”

Instead, she tweeted, “Stumpf should resign, return every nickel he made while this scam was ongoing, and face U.S. Securities and Exchange Commission and Department of Justice investigations.”

“Employees who tried to sound the alarm about the creation of fake accounts were fired. Their lives turned upside down,” she added.


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