In the face of wokeness and pursuit of diversity, equity, and inclusion the male CEOs Kovacevich and Stumpf who were also invloved should go to prison with Carrie Tolstedt.
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Is she verse?
Carrie refused to settle when Stumpy, Hardison, raefelson, mcloughlin, zimmerman, etc did. she continued to fight, and this is what it got her.
She ruined the lives of thousands of people - maybe tens of thousands over the years.
Russ Anderson (compliance), Julian (audit) and McKlinko (audit) are still fighting. we'll see what happens to them.
Seeming to have escaped... Freeman and Conboy THey were part of the initial firings after the board report, but haven't turned up in any of the OCC filings... yet.
And don't tell me that MM didn't know anything about any of this. She did. I wish she would go away as well.
Read the DOJ press release. She’s guilty as charged. Helped prepare a memo in which she concealed details about the scope and scale of the internal problems, knew there was an issue and sold over $11 mil in personal stock to avoid a loss while actively lying to shareholders and investors and OCC regulators. She was the head of community banking, she signed off on the sales goals and incentives plans, she was made fully aware of the impact that it had on employee behavior, and then she flat out lied about it. That’s the difference. She held out and didn’t cooperate because it was her policies her decisions and happened under her business unit…you know the one SHE led and was in charge of! But most damning is “ To minimize the scope of the sales practices misconduct within the Community Bank, Tolstedt corruptly obstructed the OCC’s examination by failing to disclose statistics on the number of employees who were terminated or resigned pending investigation for sales practices misconduct. She also failed to disclose that the Community Bank proactively investigated only a very small percentage of employees who engaged in activity flagged as potential sales practices misconduct.” Were her bosses aware ? maybe ? should they have been absolutely. Did they cooperate or actively lie and mislead ? Don’t know haven’t seen evidence. Did she lie and is there evidence? you bet so yes absolutely criminally liable and needs to serve time regardless of her gender. Her decisions impacted customers as well as honest employees who did no wrongdoing. Resumes tainted and careers impacted due to HER actions. She’s not the only one but is absolutely guilty. 16 months is a joke up sends a message nonetheless.
No, this may be the first time a 239lb pile of orange shilt goes to jail.
Carrie's handlers and enablers were Kovacevich and Stumpf period. For anyone to say that the only fault of those 2 men was that they didn't stop her and didn’t know about it is disingenuous and an outright lie. They used her to drive cross selling quotas which they mandated from the top down, to pump up the number of customer accounts and increase WFC stock price.
She received the jail time for “obstructing a bank examination”.
Having said that, I find it difficult to believe that all others responsible cooperated.
Agree that there are 100’s of managers, directors, executives, regional managers, lawyers, HR people etc who should receive harsh sentences. #1 and #2 being Stumpf and Kovacevich.
Lots more people should be in prison.
DEI has nothing to do with being a corrupt person.
But there is something in the theory that she's going away because she's a woman.
It's probably not the reason you think, it's because she wasn't in a frat.
The frat boys in the exec suites and politics and law tend to believe White Collar crime isn't a big deal, even though corporate crime costs America billions more than street crime.
I'm glad someone is getting sent away, I'm bummed that it'll be ClubFed, and that she'll be stinking rich when she gets out.
But I think there are dozens, maybe hundreds of people who should be joining her, and for a lot longer, and in a real prison.
She knew the men were involved and didn't want to take the fall alone. But in the end the feds let the men go free and focused the case on her. She should have taken them down with her in flames.
Wealthy white males don’t go to prison. Tolstedt may have thought she was in the club, but when the defecation met the oscillating rotator blades under the bus she went.
Sucks to be her.
This is the height of misogyny and hypocrisy as her male bosses got off totally free while she took the fall alone.
I think they came down on her because she refused to take a plea deal early on & let it play out. She was probably hoping time would dull the case & that didn't happen. Stumpf took the deal, paid a big fine & stayed out of jail. I still think Sloan was never held accountable.
She was guilty & got what she deserved.
This is one of the instances where DEI must be enforced.
To say Carrie is the sole ring leader implies she reported to no one and that wasn't true. All the CEOs benefitted from the rise in stock price based on products adopted by customers. Kovacevich was king of cross selling and Stump the prince. But only Carrie gets prison so she should have flipped. Kovacevich got away with everything.
Weak men create hard times.