I’m sorry… I don’t really have much for you today.
We’ve just come off a period of de-motivating gray, cold, rainy weather, and I drove into town yesterday to get provisions and to do a couple of loads of laundry. When I got back home, I just wanted to sleep. Anyway, all I had waiting for me is putting the finishing touches on a particularly difficult post that involves some fact-checking, and frankly I just didn’t have the energy to address it.
The best news today is that John Stumpf, the CEO of Wells Fargo, is having $41 million in stock and salary taken back by his board because that bank opened about two million unwanted deposit and credit card accounts without customers’ authorization—apparently to meet sales quotas. Last week, Stumpf faced a grilling in Congress, with US Senator Elizabeth Warren (D-Mass.) accusing him of “gutless leadership” and saying he should resign… but he won’t for now. His compensation forfeiture will be the industry’s biggest, at least since the 2008 financial crisis. Former community banking chief Carrie Tolstedt, who has left the firm but was responsible when workers opened the unwanted accounts, will lose $19 million in unvested stock.
But the media are all over that story, and there’s little I can add except the reminder that there are many more bankers who should be held responsible for creating so much misery in recent years. Yet you and I both know that is unlikely to happen.
Well, the sun is out today and it’s heating up. I’m going to do my best to get back to work and have something substantive for you tomorrow.
Groove of the Day
78° and Clear to Partly Cloudy