Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million

Wells Fargo & Co?s WFC -0.60% ?sandbagger?-in-chief is leaving the giant bank with an enormous pay day?$124.6 million.

In fact, despite beefed-up ?clawback? provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts?a seemingly routine practice that employees internally referred to as ?sandbagging??to give back any of her nine-figure pay.

Wells Fargo scam latest in a string of infractions

$185 million hit in civil penalties for secretly opening millions of accounts without customers' permission is just the latest regulatory black eye for the bank.

Wells Fargo, the biggest U.S. bank by stock market value, Thursday agreed to pay $100 million in restitution to victims to the Consumer Financial Protection Bureau fund, as well as a $35 million penalty to the Office of the Comptroller of the Currency and $50 million to the city and county of Los Angeles. The bank agreed to pay the fine in connection to actions allegedly committed by more about 5,300 to open accounts unbeknownst to customers and racking up fees as a result.
But we don't need to break up the banks, and on a related note, we don't need to bring back the Glass-Steagall Act. The banks will police themselves.