“I never told them to commit fraud. I just set goals, and every time those goals were met I increased them until they had no choice but to commit fraud or be fired for not reaching their goals. I’m not responsible for their illegal behavior, and I shouldn’t have to bear the consequences. I am, however, still responsible for their profitable behavior and should absolutely bear the consequences for that.”
Regulators said Tolstedt and the bank’s former CEO, John Stumpf, bragged to investors about the scale of the community bank’s open accounts, despite the fact that millions of accounts were fabricated by employees trying to meet unrealistic sales goals set by management.
“I never told them to commit fraud. I just set goals, and every time those goals were met I increased them until they had no choice but to commit fraud or be fired for not reaching their goals. I’m not responsible for their illegal behavior, and I shouldn’t have to bear the consequences. I am, however, still responsible for their profitable behavior and should absolutely bear the consequences for that.”
The Wells Fargo model.
the wells fargo paddy wagon is coming down the street