Tuesday April 11, 2017
accused Carrie Tolstedt downplayed problems at the branches and bucking at scrutiny over fraudulent sales practices.
The report recommended that the bank claw back $47.3 million that she had received in stock options, on top of $19 million it had previously taken away.
To the end, Stumpf was full of compliments for her. In the press release on Tolstedt's retirement last year, at age 56, he called her a "principled" banker and a "dear friend." Wells paid her $9.5 million in 2015, citing her "strong cross-selling ratio" and her work "reinforcing a strong risk culture," according to regulatory documents.
In his grilling before Congress last year before he stepped down in disgrace, Stumpf said he was "deeply sorry" the bank didn't act sooner to stem the misconduct. As for firing Tolstedt, though, he said he never even considered it.
Here is a failure through and through, where was the Board or the Internal Auditors when this was going on? Did no one notice all the firings for failure to make quotas? And now she takes the blame for doing what they wanted her to do!
Professor Elam 
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