Economist calls for the cutrent entire board of directors and top 100 executives to be fired.
https://www.americanbanker.com/opinion/time-to-clean-house-at-wells-fargo
4 replies (most recent on top)
Picture this scenario, as the plane goes down, the top execs will happily jump out with their “golden parachute “. Then, the government will force another bank (with strong and deep assets) to buy them. Maybe even break them up as they sell. Then, the government will sue the heck out of the bank(s) that purchases them for fraudulent loans. Remember when BOfA bought Countrywide? The only difference will be that Wells Fargo will have better quality of loans than Countrywide.
The FDIC has less insurance money available to cover the loss of the amount held by depositors. Sale of a large bank is preferable to seeing an Indymac situation again.
AMEN!!! Said it before and I'll say it agsin -- Wells Fargo needs an enema from the top down.
Otherwise, WF is doomed.
WF can't even get deposits anymore, much less cross-sell. Customers are leaving in droves!
The Wells Fargo top executives are not going to be put into a federal prison.
I bet John Stumpf, Carrie Tolstedt, and all fired and going to get fired executives like Tim Sloan are gorging on platters of chilled seafood, foie gras, caviar, beef and venison steaks, and prime rib for the holidays. They know this is their last proper meal before they are raided and placed into federal prison. Due to their age they might die inside.