How Overpaid CEOs Damage the Remainder of Us

By Kieran Cuadras

CEO pay has been skyrocketing for years now, fueled partially by tax cuts for firms and extremely rich people. That’s not simply unfair to odd employees or taxpayers — it’s harmful for our total financial system.

I’ve seen firsthand how these CEO pay practices incentivize the very worst sorts of company misbehavior.

Bear in mind the 2016 “phony accounts” scandal at Wells Fargo? Executives relentlessly pressured workers to fulfill excessive gross sales quotas, main them to create hundreds of thousands of fraudulent accounts with out shoppers’ consent.

As these faux accounts grew, the CEO of Wells Fargo on the time, John Stumpf, raked in greater and larger bonuses. After the scandal blew up, regulators hit Stumpf with fines totalling $20 million — solely a small dent within the estimated $130 million he walked away with in compensation when he resigned.

This is only one of numerous tales of CEOs taking reckless actions to pump up their very own paychecks whereas placing their workers and most people in danger. We’ve seen the similar sample behind the opioid disaster, the 2008 monetary crash, the poisonous prepare derailment in East Palestine, Ohio, and extra. However it’s the story I do know greatest.

I began my profession at Wells Fargo over 22 years in the past — first as a teller, then as a department supervisor, and later as an investigator within the division that handles misconduct allegations.

I would really like to have the ability to say that issues modified after the accounts scandal. Sadly, Wells Fargo’s present CEO, Charles Scharf, continues to chop corners in ways in which put prospects in danger.

Final 12 months, we came upon a couple of plan to chop prices by outsourcing jobs from our investigations division to India, the place, in an ironic twist, we reviewed human rights complaints from Wells Fargo workers compelled to remain at work even after falling unwell. We had been involved not solely about shedding our jobs however about how this would possibly put our shoppers’ non-public info in danger — a specific concern for our many active-duty navy shoppers.

Wells Fargo has additionally gutted their danger and grievance departments. They use shortcuts to create the phantasm of fewer complaints, however in actuality they’re closing many circumstances prematurely quite than correctly investigating. And, consider it or not, shoppers are nonetheless submitting complaints about unauthorized accounts.

Like Stumpf, Charles Scharf seems to additionally see his job as a approach to additional maximize short-term earnings to learn prime executives and rich shareholders. Whereas slashing hundreds of U.S. jobs, Scharf acquired a compensation bundle in 2024 value a staggering $31.2 million.

Below Scharf’s management, Wells Fargo additionally spent over $73 billion on inventory buybacks between 2019 and 2023. This can be a monetary maneuver that artificially inflates executives’ stock-based pay whereas siphoning sources from employee pay or enhancing providers.

My division determined to kind a union final 12 months so we might have extra energy to enhance Wells Fargo’s practices. However the financial institution continues to be unlawfully refusing to acknowledge or discount with our union.

It’s time for our political leaders to step up and do one thing a couple of CEO pay system that rewards executives with obscenely giant paychecks for practices that hurt employees and the broader financial system.

The present tax debate gives a superb alternative. Republicans are calling for much more company tax breaks, which, primarily based on previous expertise, will make the wealthy richer however do nothing for odd working individuals.

As a substitute, Congress ought to cross payments which were launched to tax firms with large gaps between their CEO and employee pay and to extend an current tax on inventory buybacks. These payments would encourage corporations to deal with long-term prosperity and stability quite than merely making rich executives and shareholders even richer.

Within the meantime, Wells Fargo workers will proceed to struggle to unionize to allow them to do their half to make the financial institution higher for the remainder of us — the employees, prospects, and the communities it serves.

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Beforehand Printed on otherwords.org with Artistic Commons License

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