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Are you assuming that there is proof and wells fargo gave her a pass out of the bottom of their warm heart?
Or is it just likely she knew but we aren't completely sure....it could be lower ranking employees found a way to cheat the system which I've personally seen uncovered at companies I've worked at.
If you think all these things are always "top down" and never "bottom up" or "middle down" you've never worked in corporate America. Often people at the top are clueless about these types of things unless they came up through the ranks and lets face it....people that get to that level don't come up through that low of level position.
What's the burden of proof for a good ole fashioned lynch mob like you seem to be suggesting?
With a salary like hers.........she would HAVE to know what was going on........or she should have been fired long ago.
Are you assuming that there is proof and wells fargo gave her a pass out of the bottom of their warm heart?
Or is it just likely she knew but we aren't completely sure....it could be lower ranking employees found a way to cheat the system which I've personally seen uncovered at companies I've worked at.
If you think all these things are always "top down" and never "bottom up" or "middle down" you've never worked in corporate America. Often people at the top are clueless about these types of things unless they came up through the ranks and lets face it....people that get to that level don't come up through that low of level position.
What's the burden of proof for a good ole fashioned lynch mob like you seem to be suggesting?
According to the OP 's link, " It's not clear how closely , or at all, Tolstedt was responsible for or even aware of the widespread abusive tactics at the bank."
She was not named in the lawsuits against the bank. About 105,000 employees worked under her.
I suspect the head of Internal Audit and the bank's independent accountant have had " some sprainin" to do about the inadequate internal controls of the retail operation, that enabled branch managers to do it all without appropriate segregation of duties or perhaps there was collusion.
No doubt some key shareholders will demand some answers. As usual, when people make money they don't question how or why. When it blows, they are out for blood.
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.
SOX requires sign- off of the CEO and CFO.
Tolstedt was neither the CEO or CFO of Wells Fargo Company.
People who aren't aware of these kinds of things at that level are generally the ones who get fired. At that high a level, she doesn't have any excuses especially since it spun completely out of control by the time it was discovered. She set a culture that was reminiscent of Glengarry Glen Ross. She may not have known that this was happening but it's her job to hire the right staff who can discover the problem and prevent it from spiraling out of control.
She had 105,000 employees at 6000+/- branches throughout the country.
The Internal Audit Department is responsible for opinions relative to the adequacy of internal controls to prevent and detect fraud and testing those controls. Ideally, the Chief Audit Executive ( CAE) functionally reports to the Board of Directors and administratively to the CEO. In many companies the CAE reports to the CFO instead of the CEO.
Tolstedt was not a part of the C -Suite.
None of us know what went down or how many branches were involved.
The cost to take legal action against 5300 people and ongoing media attention may not be desirable.
Those fired will pay for this for the rest of their careers.
Anyone whose employment with a WF branch suddenly ended in 2016 becomes untouchable.
That doesn't make sense. It would be the victims who decide whether they want to press charges. I don't have a wells Fargo account but I would want the person who did this to me to be charged and in jail.
Because this is all internal. No one stole anyones money, except the kick backs for success they got from stockholders
Except that some of the opened credit cards would affect customer's credit and people were charged fees for additional accounts like the homeless woman who had 6 accounts opened in her name with monthly charges of $39.
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