Wells Fargo bank exec, who supervised creation of 2 mllion fake accounts, scores $125M payday

[Drew Phipps]

Wells Fargo exec linked to scandal collected $125M in exit pay
Sep 12th 2016 4:12PM

http://www.aol.com/article/finance/2016/.../21470548/

The leader of the team at Wells Fargo that created 2 million unauthorized customer accounts retired earlier this year with a massive payday of $124.6 million. And it doesn't appear the bank will claw back any of that money. Carrie Tolstedt, the executive in charge of the unit in which 5,300 employees created the accounts to hit sales targets, will be able to walk away without paying back any of the money.

Upon her exit, Well Fargo's CEO John Stumpf praised Tolstedt, calling her a "standard-bearer of our culture" and "a champion for our customers." Before her retirement, she had been with the company for 27 years and was the fourth highest-paid executive. Wells Fargo has agreed to pay $185 million to settle claims it had defrauded its customers, the largest penalty ever imposed by the Consumer Financial Protection Bureau.