“Wells Board To Cut Off Bonuses,” The Wall Street Journal, February 9, 2017 B2. In the continuing saga of the Wells Fargo account-cramming saga, the Board may withhold or reduce bonuses to some senior execs. This follows the sacking/early retirement of the former CEO.
So, the shareholders pay $185 million in fines and settlements and the CEO “retires.” The Board reduces or cancels senior executive bonuses. Boo hoo.
What pain to the Board for their failure to catch this? Does their compensation get reduced? Should it?