The Trials and Tribulations of Wells Fargo
September 29, 2016•7 min
John Stumpf, CEO of Wells Fargo, faced another round of criticism, outrage and anger during a Congressional hearing Thursday. It was his second trip to Capitol Hill after the bank agreed to pay $185 million to settle accusations it had engaged in illegal banking activities — specifically, opening more than 2 million accounts on behalf of customers without their knowledge.
The bank continues to deny any wrongdoing, but Stumpf is now forfeit $41 million in stock awards and any bonuses this year. Carrie Tolstedt, the executive who ran the branch in question and retired this summer with $124.6 million in stock and options, will have to give up $19 million in stock awards.
This week on Money Talking, Rana Foroohar, author of "Makers and Takers: The Rise of Finance & the Fall of American Business" and Sheelah Kolhatkar, staff writer at The New Yorker, take a second look at the increasing anger towards the bank and its consequences.