Welcome back! It's been one week since our last reigning idiot was awarded the gold prize and now it's time to crown a new idiot.
It's not easy picking the idiot of the week during a presidential election. Especially right after the debate happened, I mean, the potential winners are endless. So, even though I would love to be handing out “Idiot of the week” titles to a high majority of people, I can only pick one.
So the winner of the “Idiot of the week” this week is John G. Stumpf, the CEO of Wells Fargo. Everyone knows about the scandal that is going on with them at the moment so it's probably no surprise. This bank opened as many as 1.5 million bank accounts and 565,000 credit cards without customers authorization. They are now being forced to pay $185 million in penalties and legal fees.
As soon as the money hit the fan, many employees pointed the finger at the head of the company, Mr. John G. Stumpf. They claimed that he was pressuring them to meet unrealistic sales goals. That doesn't mean fake the sales. Yet, that's what they did. Instead of pushing harder to get sales to the company, the employees started opening accounts and credit cards illegally to inflate the sales of the company.
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I don't know why, but I picture Stumpf stomping up and down an office of workers in cubicles, like the Grinch watching over a room of Who's.
Stumpf has not been fired, yet, but the board is taking back $40 million of his accumulated salary and stock because of it. Stumpf's annual salary was $2.8 million. Naturally, he claims that he never knew this was going on, but when 5,700 of your employees are up to no good and creating over a million illegal accounts then you either knew or are really bad at your job.
That is why John G. Stumpf is the idiot of the week.
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