THE PUNISHMENT FOR RIPPING YOU OFF? $124 million payday for Wells Fargo exec who led fake accounts unit

Carrie Tolstedt has made a fortune presiding over Wells Fargo’s efforts to aggressively sell multiple accounts to each of its millions of customers.

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3 Responses to THE PUNISHMENT FOR RIPPING YOU OFF? $124 million payday for Wells Fargo exec who led fake accounts unit

  1. Mike September 13, 2016 at 4:43 pm #

    I have 3 business accounts at Wells Fargo. I go into the local branch at least 3 times per week to deposit checks. Every time, they would try to push bank products on me. I actually started to dislike going into the branch. How many times do I have to say “no”? But, I needed to deposit business checks. So, I finally hit the breaking point. Told the teller, “If I need anything else, I will let you know. Please stop asking me. You know me. Everyone in the branch knows me because I come in here at least 3 times per week.” They finally stopped asking me. The scandal puts me in a tough spot. It will be a big pain to change banks right now. Also, I own 700 shares of Wells Fargo common stock with a very low $4 per share cost basis since I’ve owned it since 1991. My dividend yield on the original investment is 38%. Hard to let that go. If I sell, I get hit with a capital gains tax. Just a giant ethical mess.

    • Liam September 29, 2016 at 12:35 pm #

      it is because people like you are afraid of inconvenience that things like this will continue to happen.

      When did sacrifice become so unpopular.

  2. TBS survivor September 13, 2016 at 10:37 pm #

    Fake accounts waooo I can’t imagine elderly people receiving letters of debt balance for checking accounts etc.. What a disgrace, take out your money, close the account and move to cooperatives.
    Tom and team thanks for the public services.

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