Thursday, September 22, 2016

Disgraced Wells Fargo exec whose division opened 2 million fake accounts is an NU Foundation trustee

It's bad enough that the University of Nebraska Lincoln College of Business Administration bestowed a Lifetime Achievement Award on Carrie Tolstedt two years ago, even as the extent of rampant fraud in her Wells Fargo Community Banking fiefdom was being discovered (and kept quiet) by the bunko bank. She departs Wells Fargo with a golden parachute of up to $125,000,000 plus year end 2016 bonus, pending the invocation of any "clawback" approved by the Wells Fargo Board.
     According to the NU Foundation's website, she is also a trustee of the university's foundation.
     She should immediately be removed.
     Granted, trustees "are not involved in making business or operation decisions for the foundation," but the massive betrayal of millions of customers by a ruthless executive who pocketed millions in bonuses approving Draconian cross-sell quotas to thousands of low-level employees who resorted to what Wells Fargo itself called "sandbagging" in order to keep their jobs cannot possibly "serve an important role as [an ambassador] of the university and its foundation."
     Any NU foundation board member who doesn't understand this should step down and get a different hobby.

The University of Nebraska and/or its foundation need to do several things:

1. Remove Carrie Tolstedt as an NU Foundation trustee
2. Assure the public that no phony Wells Fargo accounts were opened in the name of any University or University Foundation entity
3. The University of Nebraska must immediately rescind Tolstedt's Lifetime Achievement Award. Her "achievements" make the ethics of any University who continues to honor her highly suspect
4. Close any Wells Fargo accounts and divest itself of any investments in Wells Fargo or under the control of Wells Fargo financial advisors
5. Transfer those accounts to Nebraska-based financial institutions wherever possible


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