Who says the game is rigged? Would this happen in a rigged game?
Matt Krantz reports in USA Today:
Wells Fargo (WFC)‘s CEO John Stumpf can walk from the bank with even more money than he could at the end of 2015, despite the $41 million clawback from his unvested stock he agreed to this week.
The embattled bank’s CEO is still positioned to collect pension accounts and stock valued at $134.1 million if he were to retire, according to calculations based on new data available this week by compensation consulting firm Equilar. That’s even greater than the $123.6 million USA TODAY reported he was eligible to collect at the end of last year.
Stumpf’s potential payout has grown because . . .
Can there be any doubt whatsoever that Wells-Fargo and Stumpf have just purchased their way out of a gigantic felony fraud scheme, which it so obviously was. Outright defrauding customers. Illegally. Repeatedly. Built into company goals and benchmarks with quotas and bonuses. And they get to keep all the money except for the kickback to the government for providing protection: a common corruption in certain small towns: cops protecting bootleggers or prostitutes or bookies provided the cops get a cut of the action. That pretty much sums up the Wells-Fargo situation.