Wells Fargo exec who headed phony accounts unit collected $125 million

Well Fargo’s “sandbagger”-in-chief is leaving the giant bank with an enormous pay day--$124.6 million. In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit whose employees were responsible for opening more than 2 million largely unauthorized customer accounts--a seemingly routine practice that employees internally referred to as “sandbagging”--to give back any of her nine-figure pay.

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