I know they didn’t word it that way, since he’s officially ‘retiring.’ But you and I both know, Warren Buffett wasn’t pleased with Mr. Stumpf’s asshole performance on capitol hill, which saw him skewered by a crazy fiend in Elizabeth Warren. Hindsight is 20/20 and I know Mr. Stumpf would’ve loved to keep his asshole of a job, but public speaking classes might’ve come in handy. You’d think the CEO of one of the world’s largest banks would be able to handle the questions of little gremlins in Washington. But now that he is ‘retiring’, with no wrong doing of the fraud that he led for years, he is set to receive upwards of $100m in compensation, and other niceties, from the olde chuck wagon bank.
Tim Sloan, the COO, will succeed him and become new CEO.
“I am grateful for the opportunity to have led Wells Fargo,” Stumpf said. “I am also very optimistic about its future, because of our talented and caring team members and the goodwill the stagecoach continues to enjoy with tens of millions of customers. While I have been deeply committed and focused on managing the Company through this period, I have decided it is best for the Company that I step aside. I know no better individual to lead this company forward than Tim Sloan.”
Via Fortune
But that’s not all. Wells Fargo’s latest proxy statement says that Stumpf is eligible for salary continuation, which presumably means that he would continue to get paid his $2.8 million salary or a portion of it, for a number of years after he leaves the company, including it appears even if he were fired. In addition, even after Stumpf leaves Wells Fargo, he won’t have to drive himself, or answer his own calls. According to the company’s latest proxy, Wells Fargo will continue to pay for a part-time driver for Stumpf for two years after he leaves the company, as well as an adiminstrative assistant. Wells Fargo says the benefit is worth an additional $200,000 a year. The proxy statement does not say that he would lose assistant and driver even if he was fired for cause.
God forbid this King amongst men would have to drive himself or answer the phone. It’s especially endearing to shareholders of WFC to know that this disgraced moron of a man will receive his full salary, based from recent statements, for a ‘number of years’ after he leaves the company.
Do these people realize how obnoxious and arrogant this all is to the average American?
Definitely not.
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So does this mean that Tim Sloan, who will line up now for his $100 million pay day, knew nothing about the shenanigans going on?
He probably knows much more, which is why he has likely already weaseled out of it in his own head. What in the fuck was John Stumpf’s typical day like, collecting all of this cheddar?
wellsfargo stockholders are demanding clawbacks. this time the bankers are not going to get away so easy. the public will demand blood.
WANT TO BET?
ha ha, no, bet.
but fuck they get away scott free for the third time? really america has no fucking balls. is that what your saying.
fuck, it dawned on me how much is at stake in this election. trump is attempting to bring down the deep state. He is not playing ball with the neo-cons. He is going for it all, he really does want to try to save america, the only way it can be saved. the destruction of the deep state. a vote for trump is vote to destroy the deep state. wonder what pence is going to do.
Not if Covington & Burling (ie MJ White; Holder) have their way which, they most certainly will. It’s All in The Family.
looks like dollar wants to break 98
O-B-S-C-E-N-E
High Yield looking crashy
According to a quick look, you would never guess who was compensated more in 2015. JPM, Goldman Ballsachs (likely filled to the gills with stock options priced in actual hell denomination, which can’t be valued) and MS. Stumpf’s compensation was supposedly based on performance more than the others, as well.
Wells Fargo uses the poor and underclasses to grease their stagecoach wheels. Now John can ride off into the sunset in style.
Hey Elizabeth warren, the bankers are getting away.