Indignant Wall Street C.E.O. Just Begging Elizabeth Warren to Key His Car
Source: Vanity Fair
Earlier this week, Wells Fargo announced that C.E.O. Tim Sloan had been awarded a 36 percent raise, rounding his 2017 compensation out to a not-too-shabby $17.4 million. That likely came as a shock to anyone who’s heard anything about Wells Fargo within the past two years, as the San Francisco bank has worked extremely hard to be the first place that comes to mind when people think about getting ripped off. Included on the long list of bad behavior is, of course, the firm’s sham accounts scandal, plus: an incident wherein hundreds of thousands of customers were charged for car insurance they didn’t want or need; the overcharging of customers in the bank’s foreign-exchange business; a $108 million settlement over allegations it charged military vets hidden fees to refinance their mortgages; and potential improprieties in its wealth-management unit that are now being investigated by the Department of Justice. And while Sloan didn’t take over as C.E.O. until his predecessor, John Stumpf, resigned in October 2016, things haven’t been entirely smooth sailing on his watch, with the Federal Reserve cutting the bank off at the knees last month until such time as it cleans up its act.
So, really, Sloan probably should have expected that Senator Elizabeth Warren, who regularly devotes a large portion of her day to verbally disemboweling his colleagues in the finance industry, would have a problem with the pay hike, tweeting on Thursday that Sloan “should have been fired [and] instead . . . just got a big, fat raise.” What was shocking was that Sloan decided it was in his best interest to hit back.
“It’s not surprising I disagree with almost everything Elizabeth Warren says,” Sloan told reporters on Thursday after speaking to the Detroit Economic Club. “Most of her comments are both ill-informed and inappropriate.”
Warren replied
...."Tim Sloan made 291 times what the median Wells Fargo employee made last year as one massive consumer scam after another came to light. Now he gets a $4.6 million raise and wants praise from the American people for declining a bonus? He should be fired for overseeing fraud at Wells Fargo, not rewarded."
Read more: https://www.google.com/amp/s/www.vanityfair.com/news/2018/03/indignant-wall-street-ceo-just-begging-elizabeth-warren-to-key-his-car/amp
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