The Wells Fargo Scandal: Execs Walk Away With Massive Payday

With the recent Wells Fargo scam, it was discovered that millions of customers had been cheated and stolen from. They were fined by the government and they've agreed to settle with their customers for $185 million. Over 5,000 employees were also blamed heavily for the problem and consequently fired.

But for those bank workers who actually had put this plan into motion, like the Co. Chief Executive Officer John Stumpf, helping to establish the quotas that influenced workers to engage in this fraudulent activity, it looks like they will be walking away with millions. Other overseers of the activity, like Wells Fargo banking chief Carrie Tolstedt, will not be required to return any pay and she has been allowed to retire and being able to keep millions in shares.

These two individuals were seemingly directing their employees to break the law and yet they don't seem to have received very justified punishment in the eyes of many. Its no wonder that people have increasingly lost their faith not only in well-known financial institutions like this one, but in the justice system overall itself. We see in the U.S. that millions of people have received years behind bars for victimless crimes, but meanwhile white collar criminals like this seem to get away with just a slap on the wrist.

The founder and Co-founder of Steemit, Ned Scott ( @ned) , recently spoke about the Wells Fargo scandal, when he gave his presentation at the first Steem Saturday in Johannesburg not long ago and he had described it as a case of “really malicious fraud” and being “wildly corrupt.” And he's right. Scott also mentioned that the scandal only further contributes to the evidence supporting the argument that we cannot trust these sorts of large financial institutions to always be able to protect our wealth or behave honestly. And that is why new decentralizing banking options via technologies like cryptocurrency, are such a beneficial market solution to help to meet this problem for many.

The lower level Wells Fargo employees are facing multiple charges and possible jail time that corresponds to those charges. But for the people in power who actually implemented this plan, they won't see any charges or jail time, and they'll get to keep tens of millions of dollars.

pics:
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sources:
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/
goo.gl/S4GQXM
http://fortune.com/2016/09/12/wells-fargo-cfpb-carrie-tolstedt/
http://www.forbes.com/sites/erikakelton/2016/09/28/wells-fargo-ceo-john-stumpfs-gutless-leadership-keeps-bank-mired-in-mud/#2c7504066088
http://www.forbes.com/sites/maggiemcgrath/2016/11/11/warren-buffett-on-wells-fargo-fiasco-its-a-great-bank-that-made-a-terrible-mistake/#680bb4511a6a
http://money.cnn.com/2016/09/22/investing/wells-fargo-ceo-john-stumpf-200-million/