Elizabeth Warren has been fearlessly going after the banking industry and it appears that her seemingly solo effort has finally led to some acton.
The Huffington Post reported that:
For the first time since the financial crisis, a big bank is publicly forcing its CEO to give up a small part of his millions in salary and stock ― making him take at least some symbolic, personal responsibility for misconduct.
Wells Fargo CEO and chairman John Stumpf will forfeit $41 million in unvested stock, give up his $2.8 million annual salary (for a time) and get no bonus this year, the bank announced Tuesday in the wake of a massive scandal. Stumpf is hardly at risk of homelessness, though: he still has his job ― much to the consternation of critics ― and another $247 million in Wells Fargo stock he’s accumulated.
The bank also fired 5,300 low-paid workers over the past five years in connection with the scandal, none of whom, presumably, had as comfortable a safety net.
For the unusual fact that a bank CEO is facing any kind of penalty, you can thank Sen. Elizabeth Warren (D-Mass.) who has tirelessly gone after the banking industry since the financial crisis devastated the country in 2008.
You can read more here.
While this is not directly news that helps or hinders the black community we know how much the financial crisis affected and the banks attitude towards blacks in America.
This never should have happened and really we ALL need to be putting our money in black owned banks!
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