If Stumpf is genuinely sorry, he will dip into the vast wealth he has accumulated from Wells Fargo customers and stockholders over the years to help settle the fines being levied on the bank for its malfeasance. For the record, Wells Fargo’s most recent public
filings show that Stumpf held 5.5 million shares, options and units, with an estimated gross street value of about $250 million. According to InsiderScore, which tracks public filings, Stumpf and his fellow honchos at Wells Fargo have cashed out $165 million worth of stock in the past four years.
If Stumpf is genuinely sorry, he will also order the company’s lawyers to move hell and high water to go after former executive Carrie Tolstedt, who oversaw the division most responsible for the scandal, for as much money as possible. She retired in July and, according to reports, is walking away with about $100 million in bonuses, options and stock.