Your tax dollars subsidized $125m executive bonus for Wells Fargo exec who led massive fraud

Normally, companies that give "performance pay" to their execs can only write off the first $1M: but when Wells Fargo gave $125M to Carrie Tolstedt (shown above receiving American Banker's 2010 award for being "the most powerful woman in banking") as she "retired" after overseeing a 5-year period in which Wells Fargo's top brass were aware that their employees were opening 2 million fake accounts in their customers' names, Wells structured the payment as a "bonus," meaning that the company took a $78 million off its taxes, pocketing $27m in savings. (more…)