If the Department of Justice lived up to its name,it would move forward with John Stumpf’s criminal investigationFor former Wells Fargo CEO John Stumpf, this will be his first weekend as a wealthy retiree. So it goes in a world where big banks can screw over customers and the public, and the CEO who presided over these practices can slink off into the sunset unencumbered by the kind of genuine retribution that plagues small-time drug users and petty thieves. They move free. We pay the price.
Two days before the bank’s quarterly earnings announcement,Stumpf announced his instant resignation. That decision came approximately a month after the firm was slapped with a $185m settlement for a fee-stealing scam that resulted in the axing of 5300 low-level employees. He did not resign after settlements for any of the prior wrongdoing that took place under his purview for which the firm paid approximately $10bn in fines. Related: Wells Fargo announces profit drop after CEO exits in fake accounts scandal Continue reading...
Source: theguardian.com