Facing a firestorm of criticism amid a massive fraud scandal, embattled Wells Fargo chairman and CEO John Stumpf has retired from the company and its board, effectively immediately. (7 reader comments)
The magnitude of dishonesty behind the allegation that Wells Fargo employees opened two million bogus accounts without customers’ consent makes it hard to buy CEO Stumpf’s claim that the bank “created no incentive to do bad things.”
Wells Fargo Bank yesterday was hit with a massive enforcement action by regulators over “widespread unlawful sales practices,” including allegations that thousands of the bank’s employees had created fake customer accounts in a bid to boost sales.
Olympic swimmer Ryan Lochte almost drowned in news stories last week as Brazilian, Olympic officials and compliant media faulted him and fellow swimmers after guns had been pointed at them and they forked over $50.