Reich writes: "If a gangster tells his hit men 'I don't want you to knock off anyone, but if you don't fulfill your kill target you're dead meat,' the gangster has blood on his hands. Banksters like Stumpf - who raked in $19 million last year, partly because of all the products and services his employees sold - are no less responsible for the inevitable consequences of the incentive systems they establish."
Robert Reich. (photo: AP)
Banksters Like Wells Fargo's CEO John Stumpf Belong in Jail
30 September 16
ells Fargo CEO John Stumpf told a House committee today that the bank “never directed nor wanted our employees, whom we refer to as team members, to provide products and services to customers they did not want or need."
Baloney. Wells Fargo told employees they had to sell a certain number of these products and services -- or be fired. What did Stumpf and his other top executives expect to happen?
If a gangster tells his hit men “I don’t want you to knock off anyone, but if you don’t fulfill your kill target you’re dead meat,” the gangster has blood on his hands. Banksters like Stumpf -- who raked in $19 million last year, partly because of all the products and services his employees sold -- are no less responsible for the inevitable consequences of the incentive systems they establish. Banksters like Stumpf belong in jail.
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