How Warren Bill Would Change Liability For Corporate Execs
By Stephen Cheng and Noah Smith (April 15, 2019, 4:21 PM EDT) -- Since the 2008 financial crisis, financial institutions have paid various government enforcement agencies a staggering sum of over $240 billion in fines and settlements for their role in the crisis. Even more staggering, however, is the number of Wall Street executives that have gone to prison for their role in the financial crash: just one. Eight years later, after regulatory authorities discovered that 3.5 million Americans (over 1% of the population) were affected by Wells Fargo's creation of approximately 2 million fraudulent accounts, then-CEO John Stumpf retired early with a $130 million retirement package, without facing criminal charges....
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