Wells Fargo exec who headed phony accounts unit collected $125 million (attorney, premium)
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She had 105,000 employees in more than 6000 branches throughout the country.
About 5% of her employees engaged in the fraudulent practices.
There's no factual information relative to what she knew or not. She was not named in the regulatory action against the bank.
Assuming the bank does not " claw back" her bonus options, it will be necessary to defend not doing so to the board, shareholders and regulators.
It is her job to know what is going on.
Isn't why they get paid the big bucks?
You know the rewards they collect and the risks they take with their policies?
I guess we could say that no president is ever responsible either for the trickle down effect their policies have then either when there are 300+ million people in this country that will do things in response to the presidents policies.
These executives command these salaries because of their unrivaled ability, Bank America, HSBC and others prove they are over compensated, tails they win, heads they win.
It didn't go on for years without her knowing and she didn't "retire" right before the news broke by coincidence. And even if she did, Wells Fargo's books were fraudulent. Anyone who signed off on them are guilty according to Sarbanes/Oxley whether they personally knew it or not.
It's said "a fish rots from the head down". Even if she didn't actively promote this exact behavior, leaders create conditions where such behavior logically and predictably will happen.
New account quotas dumped on employees that are virtually unattainable without rolling downhill, with a tailwind, and a supercharged engine in your vehicle, and how else would you predict some employee behavior to go ?
It's said "a fish rots from the head down". Even if she didn't actively promote this exact behavior, leaders create conditions where such behavior logically and predictably will happen.
New account quotas dumped on employees that are virtually unattainable without rolling downhill, with a tailwind, and a supercharged engine in your vehicle, and how else would you predict some employee behavior to go ?
Of course she knew. These sorts of things are going to continue and likely get worse because there is no one to actually prosecute them.
With a salary like hers.........she would HAVE to know what was going on........or she should have been fired long ago.
She "stepped down" when it was uncovered. So, pretty much yeah....they fired her when it came out....just like you are suggesting.
It sounds like many posters here have mercifully been spared having to ever work for a large corporation for a living. As such, thinking that the boss of 100k people should totally know this was going on is frankly just your lack of experience in corporate America showing. Again, you've been fortunate.
In many of these cases they're actually ripping off their own employer and not the customers.
Of course she knew. These sorts of things are going to continue and likely get worse because there is no one to actually prosecute them.
You have any other parts of the constitution or bill of rights that you want to make optional due to your hunches and dislike of their economic status?
It didn't go on for years without her knowing and she didn't "retire" right before the news broke by coincidence. And even if she did, Wells Fargo's books were fraudulent. Anyone who signed off on them are guilty according to Sarbanes/Oxley whether they personally knew it or not.
1. She didn't sign SOX.
2. Your have been misinformed about SOX and your last sentence is incorrect.
You have any other parts of the constitution or bill of rights that you want to make optional due to your hunches and dislike of their economic status?
I never said to deny her, her rights. I said she needs charged so she can claim them. This was fraud on a massive level or 5300 people need to sue Wells Fargo for improper termination.
These executives command these salaries because of their unrivaled ability, Bank America, HSBC and others prove they are over compensated, tails they win, heads they win.
Go apply. I'm sure they will take it into consideration.
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