The Trials and Tribulations of Wells Fargo
Money Talking
English - September 30, 2016 04:00 - 7 minutes - 3.49 MB - ★★★★ - 87 ratingsBusiness News News Society & Culture new york business money talking wnyc public radio npr charlie Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
John Stumpf, CEO of Wells Fargo, faced another round of criticism, outrage and anger during a Congressional hearing Thursday. It was his second trip to Capitol Hill after the bank agreed to pay $185 million to settle accusations it had engaged in illegal banking activities — specifically, opening more than 2 million accounts on behalf of customers without their knowledge.
The bank continues to deny any wrongdoing, but Stumpf is now forfeit $41 million in stock awards and any bonuses this year. Carrie Tolstedt, the executive who ran the branch in question and retired this summer with $124.6 million in stock and options, will have to give up $19 million in stock awards.
This week on Money Talking, Rana Foroohar, author of "Makers and Takers: The Rise of Finance & the Fall of American Business" and Sheelah Kolhatkar, staff writer at The New Yorker, take a second look at the increasing anger towards the bank and its consequences.
The bank's CEO faced a second round of criticism on Capitol Hill, trying to explain why thousands of his former employees were accused of illegal banking practices.