Former Wells Fargo CEO John Stumpf.
I doubt that when Well Fargo CEO John Stumpf left his office earlier this week it was one of those scenes of a guy emptying his desk into a banker’s box and walking past a line of cubicles.
Wells Fargo says he got no severance package when he left.
But it is reported that he has accumulated $137.1 million in company stock, deferred compensation and a pension.
Stumpf headed a company that cheated people out of millions. He fired those who blew the whistle on the corrupt practices of his company. They received no company stock when they left. Thousands of low-level employees were fired for doing what they were ordered to do.
It was a huge crime. Nobody will do time.
As I wrote the other day, John Stumpf is small potatoes compared to Leon Black of Apollo Global Management.
Black steals from public pension funds.
Illinois’ Teacher Retirement System has been heavy into Apollo funds. I asked TRS board member and elected annuitant representative Bob Lyons how heavy were we into Apollo.
We have a past history investing with Apollo Global Management finishing with $62 million in Apollo V (01).
$141 million in Apollo VI (06), and $125 million in VII in (08) and finished (10).
In August 2013 we invested $300 million in Fund VIII. It is now $369 million.
“Since my first review I want back and looked at more recent minutes. I found in February 2014 we gave them $500 million divided between $250 million in Global Fixed Income and $250 million in Credit Investment with high return.”
Bob added, “Fred, these investments are separate from their private equity funds. Last, in our May minutes I found that we did a co-investment with Apollo in Fund VIII for $30 million.”
I expect I will be writing more about this.
Because I don’t understand why we would continue to do business with a guy we know cheats and steals from folks like us.