In what has become an ongoing, simultaneously farcical and disturbing example of self-policing, Wells Fargo has once again found a sadistic way to publicly punish top executives in the wake of its fake accounts scandal.
After apparently realizing that it cannot clawback his salary or bonuses without making him retroactively complicit, the Wells Fargo board has decided to make relatively-new CEO Tim Sloan slice open a vein in a show of fealty to The Stagecoach:
Wells Fargo & Co. Chief Executive Officer Tim Sloan and Chairman Stephen Sanger bought more than $5 million of the company’s stock a week after the board published a report into its bogus account scandal to help rebuild investor confidence.
Sloan purchased just over $2 million of shares on Monday, while Sanger acquired a bit more than $3 million, according to regulatory filings. Both documents list the same price for the securities, $51.65. Wells Fargo advanced 1.8 percent to $52.26 at 1:36 p.m. in New York.
Now, we can't argue with the entertainment factor of treating Sloan and Sanger like chefs who lazily served bad food or dogs who threw up on the new carpet, but shoving your CEO's face into $2 million worth of your stock whilst muttering "You eat that shit, you eat it NOW" is dark even by modern Wells Fargo standards.
Kudos to the Wells Fargo board for making Tim Sloan into the Reek of Wall Street.