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Idiot Of The Week: Wells Fargo



Idiot Of The Week: John G. Stumpf, see more at:
Idiot Of The Week: John G. Stumpf (Image: MGN)

Welcome back! It's been one week since our last reigning idiot was awarded the gold prize and now it's time to pass the baton.

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.

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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.

It's unclear who started the concept of opening accounts illegally. Whether it was a concept that Stumpf had himself or a desperate employee trying to make ends meet, is unclear.

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.

Not only was the scheme discovered but, of course, Stumpf was fired and they are actually taking back $40 million of his own accumulated salary because of it. Stumpf's annual salary was $2.8 million. That means they are taking roughly fourteen years worth of his salary.

This idiot actually thought that he could get away with all of this and now he is missing out of fourteen years worth of his salary.

That is why, John G. Stumpf is the idiot of the week.

Check Out Last Weeks Idiot Of The Week Winner.

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