Taxpayers Subsidized Wells Fargo Executive Pay Amid Bank’s Fraud

As lawmakers grilled Wells Fargo’s CEO at a Capital Hill hearing, a Washington-based think tank crunched company data. Their findings? If you paid federal taxes, you essentially subsidized the multimillion dollar payouts given to Wells Fargo executives who oversaw a massive consumer fraud.

On Tuesday, the Senate Banking Committee detailed how Wells Fargo opened millions of accounts and credit cards without customers’ permission— a move that last week drew a $185 million fine from the Consumer Financial Protection Bureau and local regulators. Meanwhile, Carrie Tolstedt, an executive who oversaw Wells Fargo’s Community Banking group — where much of the fraud occurred — pocketed millions in “performance pay,” including stock and equity, between 2012-2015.

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Read the full article on International Business Times’ website.