Why is CEO of Wells Fargo John Stumpf still there after the revelation of massiv

1. 82

   jackclee lmposted 7 years ago

   Why is CEO of Wells Fargo John Stumpf still there after the revelation of massive fraud?
   
   A disturbing news of 5300 Wells Fargo employees being fired for creating fake customer accounts. A large fine was imposed on the company but no criminal indictments as yet. Why is the CEO of this company still there? And getting over $6 million salary?

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2. 87

   tamarawilhiteposted 7 years ago

   The same way drug lords and mob bosses often evade prosecution, by having their middle management/subordinates arrested while saying "that's the person who did the wrong deed, I was busy with higher level things".

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   1. 82

      jackclee lmposted 7 years agoin reply to this

      Yes, so true. What gets me is the fine goes to the government. What about the poor victims of this criminal activity? Shouldn't they get the refunds?

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   2. 59

      Dont Taze Me Broposted 7 years agoin reply to this

      Tamara, you left out, the same way all the bank and brokerage CEOs who actually caused the crash of 2007 evade prosecution, the federal government hacks like Lerner and Koskinen. They all evade prosecution because they are the "ELITE!"

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   3. 50

      bradmasterOCcalposted 7 years agoin reply to this

      DTMB
      The one good thing is that Warren Buffet took a sizable hit to his fortune and so did his foundation. The DOE shuts down schools when they don't meet req. Why doesn't the DOJ, and the IRS shutdown Wells Fargo?

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   4. 89

      peoplepower73posted 7 years agoin reply to this

      Welcome to unfettered capitalism.  This is what happens when you don't have any regulations to prevent corruption and greed.  Those that don't like regulations, say that capitalism is self-regulating.  Tell that to those who got ripped off.

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   5. 82

      jackclee lmposted 7 years agoin reply to this

      Mike, there is plenty of regulations on the banks. The problem is, the regulations does not prevent people from doing criminal acts. Especially when these white collar crimes are not prosecuted. Let's just apply the laws to these CEO's and see...

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