Wells Fargo CEO ‘Earns’ Major Raise as Bank Racks up Billions in Fines
It’s downright ridiculous that Wells Fargo gave CEO Timothy Sloan a raise in the wake of its account scam scandal. | Source: Chip Somodevilla / Getty Images / AFP
The day after his Tuesday appearance on Capitol Hill to answer questions from the House Financial Services Committee, banking empire Wells Fargo disclosed it would be giving the company’s CEO, Tim Sloan, a 5 percent raise for 2018.
To repeat, this is the day after Sloan testified before Congress to convince the government that the San Francisco-based, global finance, mega-corporation has turned a corner.
That’s after a string of major scandals starting in 2016 and rocking investor confidence in the company while racking up billions of dollars in fines for Wells Fargo.
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Wells Fargo Incurs Rare Federal Reserve Enforcement Actions
Those fines aren’t the only federal sanctions faced by Wells Fargo for improper record keeping, fraudulently overcharging hundreds of thousands of customers, and creating a million and a half “fake” checking and savings accounts and over half a million “fake” credit cards and really issuing these to their customers without their authorization.
Wells Fargo is also currently operating under an asset cap that has been imposed on the bank by the Federal Reserve, an extraordinary intervention by the Fed over these cynically shady business practices and improprieties.