In the aftermath of Wells Fargo’s legal nightmare stemming from bank employees opening accounts and credit cards in their customers’ names without permission, even more unsettling and infuriating details are emerging.
Taking advantage of a tax law loophole, Wells Fargo gave a “bonus” of over $100 million to Carrie Tolstedt, an executive who oversaw Wells Fargo’s Community Banking group where much of the fraud happened. Then Wells Fargo turned around and deducted $78 million of that from its taxes, “effectively giving itself a $27 million tax boost,” reports International Business Times.
Over four years, these bonus packages earned them close to $160 million in taxpayer subsidies. Very smooth.