Within the last 12 months ahead of the subprime bubble rush, Wells Fargo issued $74.2 billion worth of subprime loans, adding to the foreclosure crisis that is current. Regardless of its part in aiding to crash the economy, Wells Fargo had been rewarded by having a $43 billion bank bailout through the government that is federal. To thank the taxpayers that funded this, the business commenced slashing 6,000 jobs throughout the after 4 years while foreclosing on $17.5 billion worth of homeloans so it has.
The taxpayers who bailed out of the banking institutions got out of stock by Wells Fargo.
The end result happens to be an elevated burden that is economic employees: more foreclosures, depressed wages, less jobs, and a deteriorating standard of living. While using the harm done into the economy together with US people, there have been no effects when it comes to professionals at WellsFargo like CEO John Stumpf, whom, obtained a salary that is whopping of17.9 million, based on the Washington Post. This quantity included a raise of $300,000, a lot more than most individuals make in five years. Even worse, he received taxation cut of greater than $1 million.