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Deploy platinum parachute!

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Wells Fargo CEO/Chairman John Stumpf ventures out into the cruel, cold world with just a crust of bread in one pocket. And an estimated $134 million in the bank.

Perhaps because the board of directors, or his attorney said so.

During his nearly four-hour testimony before the House Financial Services Committee last month, Stumpf was called upon several times to resign by representatives. Stumpf said at the hearing he wasn’t planning to resign, and that remaining at the bank and seeing through the reforms was part of taking responsibility. He also indicated such decisions are up to the board.

Good luck to the middle-management schmuck who is chosen to take the fall for this one.

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  • Domino

    Being at the top means you can never be held accountable for anything, and even if public pressure forces you out, you can go cry in your Johnny Walker Blue Label in your Aspen ski lodge.

  • Jake the antisoshul soshulist

    I think there were a few hundred schmucks who took the fall.
    I am sure Stumpf does regret
    getting caught.

  • Lurking Canadian

    Everytime I see a story like this, I think, “civil forfeiture!” “RICO!” Take everything he’s got, then make him show which dollars weren’t tainted by the frauds he oversaw at WF, if he can.

    It’s a much better use for those laws than taking away some woman’s beat-up car because her boyfriend was suspected of selling weed.

    • so-in-so

      Unless the law was structured to only apply to people with, say, $1 million in compensation, you realize this would be used mostly against the lower level employees who can’t afford to fight it… same as it’s used often against innocent people with just enough money to make it worth while now.

  • BiloSagdiyev

    Thank you for the Keef! I’ve only discovered that song in the past 5 years or so and I love the way it rolls along.

    • gorillagogo

      It is a great song. I also like the cover that Steve Earle and the Supersuckers recorded

  • DrDick

    We need to start holding managers, all the way up to CEO, criminally accountable for the misdeeds of their companies. Companies do not break the law, people do and workers do not routinely do so without their superior’s direct approval or deliberately turning a blind eye. Mafia bosses have been convicted for less.

    • BiloSagdiyev

      I’m all for this, as long as we can bleat “Personal responsibilty!” as glibly as the right does in this country whenever they want someone to starve or be caned.

  • postmodulator

    This scene is going to play out a lot at Wells Fargo corporate:

    C-Level Executive: The board wanted to see me?

    Board Member: We’re excited to offer you a new challenge —

    C-Level Executive: Fuck yourselves.

    fin

    Might get all the way down to VPs.

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