Think you have a tough job? Grumpy Editor says consider the folks in the public relations department of Wells Fargo.
Bloomberg figures about 2.1 million fake deposit and credit card accounts were opened by bank employees without authorization.
Aside from irate bank customers, there's a groundswell of pressure for CEO John Stumpf to step down.
But even if he does depart, Stumpf is likely to walk away with a fortune.
A CNNMoney analysis puts the figure at about $200 million, made up of cash, company stock and options, adding, "Even if Stumpf is fired 'for cause,' such as violating company policy, he would have to forfeit only a portion of that sum."
As CNN points out, "Stumpf, 63, has been CEO since 2007 and was at the helm the entire time that the phony accounts scandal was taking place at the bank. Two weeks ago Wells Fargo was penalized $185 million in penalties and admitted to firing 5,300 employees for engaging in these shocking tactics."
Wells Fargo last year rewarded Stumpf for his success in "reinforcing a culture of risk management and accountability across the company."
The San Francisco branch of the Federal Reserve says Stumpf resigned from a Fed advisory board. No reason was given, but the resignation is effective immediately.
IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE...
Surprise! The New York Times on Sunday --- one day before tonight's TV debate --- selects its presidential choice. In an editorial, it cites "Hillary Clinton has a record of service and a raft of pragmatic ideas, and the other, Donald Trump, discloses nothing concrete about himself or his plans while promising the moon and offering the stars on layaway”…North Korea continues to threaten, last week blasting America for "aggression" in Asia, and threatening the U.S. with "tremendous consequences beyond imagination”…Fox News’ Megyn Kelly is among those behind the scenes of a political comedy called “Embeds.” Six half-hour episodes --- focusing on five reporters on the political trail --- have been ordered…Look, up in the sky! China’s first space laboratory, now 200 miles above Earth, will come to a fiery end at an (so far) unpredicted location late next year, say experts…A Marine Corps pilot ejects safely when his AV-8B Harrier Jump Jet crashed into the waters off Okinawa. It’s the latest in a series of U.S. military aircraft crashes as equipment is getting old. The Marine jet entered production in the early 1980s and continued to be made until 2003…But there’s hope with upcoming aircraft. On drawing boards is a radar-evading B-21 long-range bomber (it will be called the Raider). However, it is not scheduled to enter service until around 2025…Hillary and Bill Clinton are adding to their compound in Chappaqua, N.Y., buying the 3,631-square-foot neighboring house for a reported $1.16 million…Fox News says Sean Hannity won't be appearing in any more campaign videos for Republican presidential nominee Donald Trump.
Changing times:
Influenced by same sex marriages, Modern Luxury Brides magazine is changing its name to Modern Luxury Weddings.
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