Wells Fargo rescinds $41 million in pay from CEO

REUTERS/Gary Cameron
Wells Fargo CEO John Stumpf testifying before a Senate Banking Committee hearing on Sept. 20.

Well, it’s a beginning. The Wall Street Journal’s Emily Glazer says, “Wells Fargo & Co. Chairman and Chief Executive John Stumpf will forfeit $41 million for the bank’s burgeoning sales scandal, marking one of the biggest rebukes to the head of a major U.S. financial institution. The bank’s board moved to rescind pay for Mr. Stumpf and former community banking head Carrie Tolstedt ahead of a hearing of the House Financial Services Committee Thursday. Wells Fargo’s board said Ms. Tolstedt, who oversaw retail banking during bad behavior there, will forfeit unvested equity awards valued at $19 million..”

Also this, from Marcy Gordon of the AP, “The U.S. Labor Department is investigating possible abuses of employees by Wells Fargo in connection with the bank’s alleged efforts to open millions of unauthorized accounts to meet sales goals. A group of Democratic senators last week asked the department to investigate whether Wells Fargo tellers, branch managers and customer service reps were harassed and threatened with termination in the aggressive sales push.”

So, still Clinton by six. In the latest Strib tracking poll, Jeff Hargarten says, “Democratic presidential nominee Hillary Clinton has held a comfortable lead in Minnesota over her Republican rival,  Donald Trump, since the party conventions earlier this summer. Neither candidate won the party caucus in the state on March 1. Whenever a new poll of Minnesota voters is released, we will add it to our tracker.”

Meanwhile, in another reality, Neil McCabe of Breitbart says, “The Minnesota state director for Donald Trump’s presidential campaign tells Breitbart News the latest Breitbart/Gravis poll showing Trump and Hillary Clinton tied at 43 percent reflects what he sees on the ground and the Democrats know it, too. ‘They don’t smell a defeat coming yet, but they have definitely shifted from run-up-the-score mode to we-are-in-a-real-fight mode,’ said Andy Post, the Minnesota state director for the Trump campaign.”

More legal action in the Isaac Kolstad case. Says Jennifer Brooks of the Strib, “A former Minnesota State University, Mankato football player is suing the two men who attacked and gravely injured him in a street brawl in 2014, as well as two Mankato bars that served his assailants. … The civil suit, filed in Blue Earth County last week on behalf of [Isaac] Kolstad and his family, seeks damages from [Trevor] ­Shelley and [Philip] Nelson, as well as from the South Street Saloon and the Blue Bricks Bar in downtown Mankato for serving Nelson, who was 20 years old — too young to legally drink alcohol — at the time of the assault.”

They’re still filing for dough? Mary Lynn Smith of the Strib says, “Six people filed legal challenges this week in hopes that they will be added to the list of heirs to Prince’s estate. The challenges will likely make the complex work of determining Prince’s heirs even more complicated and lengthy.”

Having bagged three over the years, this doesn’t surprise me. John Myers for the Forum News Service says, “Minnesota drivers are slightly more likely to hit a deer on state roadways this year compared to last year, and Wisconsin drivers face about the same odds of a deer collision. That’s the report from State Farm Insurance, which complies an annual list of the states where drivers are most likely to hit a deer, moose or elk. Minnesota again placed seventh out of the 50 states, with Wisconsin sixth, South Dakota fifth and North Dakota 11th.”

Beware the hype machine, San Diego. At Chargers.com, the official site of the NFL San Diego Chargers we read this, “U.S. Bank Stadium is just a few months into its existence. However, it’s already become abundantly clear that it has been a rousing success as the city and state are reaping the economic and civic benefits of a world-class downtown stadium. That was the message Minnesota Sports Facilities Authority Chair Michele Kelm-Helgen flew to San Diego to crystalize Tuesday morning as a special guest of the Downtown San Diego Partnership. … There are numerous similarities between downtown Minneapolis and downtown San Diego. As the Downtown San Diego Partnership explained, as our city ‘continues to prosper, it’s important to learn from the experiences of a community that recently invested in a new stadium and to understand the economic impact U.S. Bank Stadium has had, and will have, on the city of Minneapolis.’” Poor San Diego. I don’t think they’ll ever really be major league.

Brandon Stahl of the Strib reports, “A Washington County judge on Tuesday threw out a restraining order against journalist and blogger Michael Brodkorb, saying that the woman who accused him of harassment brought the petition in the wrong county. … After a hearing, the same judge who granted the order threw it out, saying that Brodkorb did not live in Washington County, nor did any alleged harassment occur there.” 

At The Current, Jay Gabler riffs on about “Oldchella” the mega-act rock show out in California shrugged off by so many punk kids. “Star-studded festival lineups are routine these days, but the lineup for next month’s Desert Trip festival in Indio, Calif., is in a league of its own. The festival is only hosting six acts, and they’re doozies: Paul McCartney, the Rolling Stones, Bob Dylan, the Who, Roger Waters (the golden-era leader of Pink Floyd), and Neil Young. … Advancing age presents both challenges and opportunities for artists in any genre — but particularly in rock, which has always been obsessed with youth and vitality. … Baby boomers are living much longer and pursuing hobbies and activities much later than their parents did, and it’s selling the Oldchella ticket-buyers short to suggest they simply want to be transported back to the ‘60s. Maybe they want to be transported in a different sense, transported in the way that great music can take us to heights of emotion and new frontiers of reflection.” Right. But will we get fooled again?

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Comments (2)

  1. Submitted by Hiram Foster on 09/28/2016 - 08:21 am.


    It should be noted that Wells Fargo is taking away unvested stock options not cash. Stumpf will not, at least in this report, have to write anyone a check.

  2. Submitted by Henk Tobias on 09/28/2016 - 09:48 am.

    Clear to Whom?

    “However, it’s already become abundantly clear that it has been a rousing success as the city and state are reaping the economic and civic benefits of a world-class downtown stadium.”

    What a line of hooey. The only economic impact I see is higher prices, taxes and a huge ugly gray tick that’s attached itself to the eastern edge of the city. I’d really like to see an independent study on the real impact of that monstrosity.

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