Wells Fargo payouts should be halted in wake of ruling: U.S. lawmakers

The U.S. government should go after payouts to former Wells Fargo & Co (>> Wells Fargo & Co) executives involved in a scandal over unauthorized accounts now that a federal regulator has said it has the power to do so, lawmakers said on Monday.

The San Francisco-based bank reached a $190 million settlement with federal regulators after admitting employees opened as many as 2 million accounts without customer consent.

That September deal allowed Wells Fargo to make “golden parachute” payments to departing executives. But on Friday, the Office of the Comptroller of the Currency, which oversees many federal banks, voided those terms.

On Monday, two leading Democratic lawmakers urged the OCC to move ahead and revoke compensation to relevant executives.

“Bank executives shouldn’t get golden parachutes while employees making $12 an hour get shown the door,” U.S. Senator Sherrod Brown of Ohio told Reuters in a statement.

Read on.

Advertisements

One response to “Wells Fargo payouts should be halted in wake of ruling: U.S. lawmakers

  1. Reblogged this on Deadly Clear and commented:
    Almost too little too late.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s