As Wells Fargo CEO Tim Sloan Reaches for Golden Parachute, Warren Says 'If He Broke the Law, He Should Go to Jail Like Anyone Else'

September 14, 2020 0 By JohnValbyNation

Wells Fargo CEO Timothy Sloan is resigning following several scandals at the bank, he announced Thursday—but Sen. Elizabeth Warren called for the executive to be investigated instead of walking away with a “golden parachute” retirement package.

Sloan announced his resignation Thursday after a three-year tenure at the helm of the bank at a time when it was mired in accusations of fraudulent behavior, corrupt practices, and attacks on its customers.

Warren, a 2020 presidential candidate and longtime consumer advocate, has been one of the most vocal detractors of Sloan and Wells Fargo in recent years, telling Sloan a year ago that he “should be fired, not rewarded” when he received a 35 percent pay raise the year after the bank had been forced to pay a $185 million fine for opening fraudulent accounts in customers’ names and selling unnecessary car insurance and other products to consumers.

“About damn time,” wrote Warren on her Twitter account after learning of Sloan’s ouster.

The Massachusetts Democrat made clear that Sloan’s departure—which comes with a $24 million retirement package and stock grants—is not sufficient to hold the former CEO to account for overseeing a company where profits were prioritized at the expense of millions of customers who were charged fees for unknowingly having fraudulent accounts in their names.

“Getting fired shouldn’t be the end of the story for Tim Sloan,” she wrote. “He shouldn’t get a golden parachute. He should be investigated by the SEC and the DOJ for his role in all the Wells Fargo scams. And if he’s guilty of any crimes, he should be put in jail like anyone else.”