Friday, October 14, 2016

Wells Fargo's CEO Stumpf Steps Down, Platinum Parachute Intact Despite Some Givebacks

--after the scandal about ethics-plagued "sales techniques"
utilized by employees burst over the media world wide.
Mr. Stumpf, haled before the U.S. Congress, shamed and
exposed, could not remain CEO of the nation's largest
mortgage banker, especially after his sales staff fell on their
swords, 5,300 of them summarily fired. Either way, these
hapless workers were doomed, obeying OR disobeying
orders to carry out the massive illegal scheme.

The disgraced CEO walks away with ~130 million big
ones, reported by He can presumably
avoid the nation's righteous indignation/opprobrium by
coloring his hair and flying to another nation, retiring
from American business altogether. Will he?

Platinum parachute at the ready, anything is possible;
problematic indeed, however, is the restoration of his
good name. Only  "objectivist" followers of Laissez Faire
(the Ayn Rand version) can  approve of this man's
method, therefore, him.

1 comment:

  1. I feel the employees that did these illegal, evil deeds with the blessing and ORDERS of THE BIG SHOTS will probably get the worse of the punishment. THE CEO,S etc will not get PRISON, ETC like they deserve.

    I also feel many companies BANKS are at the head of the class I feel do their customers wrong BY THE MINUTE! all size banks. I could personally relate some stories to you and others on this.

    Just this week ( Not meaning to get off topic) The fcc Dropped the hammer a little on A MAJOR American cable provider. Big banks, big business GIVES the business to the BIG PEOPLE that really do not know it but call them selves the little people are shafted by the second by banks and big business.WITH THE BLESSINGS and assistance of many it seems.Corporations, banks big biz are buying property, hospitals, etc.BIG BIZ is getting bigger, badder, MEANER.