Wells Fargo former execs to repay $75m in bonuses but bypass Criminal Charges

Former CEO John Stumpf (a major crook in the subprime scandal) was previously fined $41m out of the $200m he made overseeing a complex fraud scheme that stole the identities of  over 2,000,000 Wells Fargo customers — and will now have to repay another $28m, but will not face criminal charges.

Whistleblowers who reported Wells Fargo’s crimes under Stumpf’s were fired and had their names added to an industry-wide blacklist that kept them from working for any of Wells Fargo’s competitors.

Carrie Tolstedt, the former head of Wells Fargo’s community banks, will lose just under half of the $125M bonus she received after “retiring” when her role in the criminal enterprise was revealed. Wells Fargo received a $27M tax credit for this payment.  Crime pays for the big banks.

The board says it has now found evidence that the bank’s top execs were committing fraud as far back as 2002 (previously, the fraud was believed to have begun in 2011).  For over a decade, the big banks have been rigging currencies, counterfeiting securities and participating in other illegal acts and no one has gone to jail- not even for a day.

Wells Fargo senior executives are returning $180 million total in pay. The board reported that it is among the largest corporate clawbacks ever and yet it is a fraction of the money made.  This is nothing but a public relations punishment that serves no other purpose but to placate the public.  Wells Fargo operates a centralized management structure and unethical sales strategies are enmeshed in the culture at Wells Fargo. Until people start going to jail this behavior will not stop because it is profitable.

Wells Fargo admits that sales misconduct occurred since at least 2002 and yet no state or federal law enforcement has taken action to prosecute this criminal conduct.

Wells Fargo claws back $75 million from former CEO and top exec [CNN]

2 Responses

  1. Brian T. Moynihan needs to be next. He is an attorney and a true crook as head of nasty old Bank of America. I think Bank of America is (or at leat should be) investigated and charged like old John Stump who headed up crooked Wells Fargo. The old adage of “too big to fail” should be wiped out with the government finally taking action against these Goliaths who have nearly wiped out our wonderful country due to racketeering, fraud, and very deceptive practices – all based upon greed and power. It is totally ridiculous that these big execs like Dimon, Moynihan, and Stump make this kind of money for being crafty crooks. Semper Fi

  2. I wrote the following to a well-meaning, but, misinformed, would-be follower of the Original Revolutionary Template: “Concord and Lexington”, “Minute-Man”, “Muskets”, for example.

    The predisposition of most that have been abused; some, unto death, others, divorced, broken, driven from their homes in the presence of Fraud, is to rebel in the presence of such unacceptable manipulation.

    I can’t say I disagree.

    I also have come to regard the evidence at hand.

    The courts and “?Law Enforcement?” are operating as a Commercial Enterprise, while doling fines in lieu of criminal prosecutions.

    Their duplicity stems from “Law Enforcement isn’t sophisticated enough to understand the oldest trick, in the book: COUNTERFEITING”.


    Instead, We The People, have and are being had and it is about a “Hostile Corporate Take-over”.

    Among David Belanger, Lynn Szymoniak, Greg Groeper, Neil Garfield, David Dayen and my own experience, among others, I have come to consider…

    We The People are all feeding The Cuckoo.

    This article on Wells Fargo, merely re-emphasizes my analysis. My explanation to my would-be, Revolutionary Warrior friend, follows:

    I don’t “imply” anything. The UCC (British Maritime Law) = (Law governing international commercial paper) has usurped the Original Constitution and the courts. That is not my “implication”. That is FACT. You keep inferring an argument where there is none.

    “Free Speech”, in a proper, legitimate forum, in the absence of two sides, jaundiced in their possession of what was once our Constitution, will, in all likelihood give you the result you seek.

    You and I will be long dead before those two sides (corrupted r s and d s) are swept aside and true representation takes their place.

    Those that employ “loose talk” of 2nd amendment rights will likely be longer dead than any others, among the rest of US, UNLESS you bring sufficient numbers- good luck.

    In my view, the taint and corruption must be cut away, at the root. The mechanism of that cutting away exists within their present contractual, “Corporate Indenture” (their commercial paper).

    As per the “Organic Act of 1871”, they are a “Sue or be Sued” entity and they are in VIOLATION of “Securities and Insurance Fraud”. (They are in violation of the terms to their own commercial paper).

    They are Counterfeiters. It is their game, proven, tried and true, time-and-again >>>> COUNTERFEITERS.

    They have Counterfeit 1200 Trillions in what are PERCEIVED to be “US Dollars (bills, bonds, notes)”.

    Their mechanism of international Fraud is the heir to “Bretton Woods”, the “Federal Reserve Act (the Cuckoo)”, the suppression of “Glass-Steagall” and the suppression of US homeowner rights in “Bankruptcy”, as regards protecting innocence from predatory, parasitic behaviors.

    Homes are being foreclosed in the presence of any number of unconscionable Frauds… while this is also contrary to the Revolutionary Fathers and their Original Intent.

    The weapon of mass, international destruction? In a word: “Derivatives”.

    The delivery of the imposter into the nest?

    EMPTY pools of “Mortgage-Backed_Securities”, MBS, with no “Mortgages” in them = “Securities Fraud” (Bucket shops employed to launder terror and drug money).

    EMPTY claims to proper possession of the Nest ; insurance products, taken by imposters to lawful title (CDS, CDOs, synthetic CDOs).

    These are their hatchlings and Trillions of COUNTERFEIT DOLLARS, their off-spring.

    The strength of the parasites lies in their ability to manipulate the electorate and their tactics are divide and conquer.

    They have also been successful in manipulating the courts through relegating US rights as susceptible to being misunderstood, as not applicable to the Current Plight of these United States >>>>


    The fact they are here in the first place and the fact corrupt r s and d s put them there and the fact corrupt r s and d s will sustain them, is already proven.

    Their hostile takeover, is the point:and suggesting a Constitutional Remedy exists; article V, in the presence of Free Speech, will take some doing, while the clock is ticking…

    Their intent is to move into the Pacific Rim after ruining US “Sovereignty”, both: Us “Property Rights” and what is PERCEIVED as US “Currency”.

    You have asked me for “laws broken”. I have insisted: Article One, Section Eight, because it directly confronts them in The forum they have chosen = “COMMERCIAL PAPER”.

    Your dogged persistence is admirable, while paranoid, as regards myself, particularly as we are on the same side, insofar as aware we are being manipulated.

    Your chosen ground, I fear, will consume you, even as I also fear it will prove fruitless, in defiance of a contractual fraud.

    They are imposters.

    I have long-considered an example as found in nature: The Cuckoo.

    This is not a criticism of you. Instead, in nature, the Cuckoo places their offspring in the nest and the Original is Killed, unbeknownst to the Eagle and parent that has prepared the nest.

    Next, the People that Framed the nest, feed that imposter; a monster, it turns out, yet the Framers never expected it because they are following their true intent…

    The genetic blueprint, ingrained, as passed from the parent to the child…

    Yet … not suspecting they have been had.

    This is where We The People find ourselves, desirous of waving guns and arguing the obvious, well-meaning intent of the Original Document.

    But, that doesn’t frighten the Cuckoo, they have already flown and there is, by that time, nothing left Of “Sovereignty”, whether “Property Rights” or “Currency”.


    ~Michael Keane copyright, 4/11/17, all rights reserved

    “Slappingtons.com”, coming soon

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