>> Wells Fargo laying the blame Monday, for the scandal that cost the bank it's sterling reputation on Carrie Toldstedt. Once hailed by her boss as quote the best banker in America. According to the findings of an internal investigation released Monday, Tolstedt was responsible for overly aggressive sales tactics, resulting in the opening of more than two million bogus accounts.
And for going to great lengths to keep the scandal hidden, even from the board. She will lose $47 million in stock options, while her boss, the former CEO, will forfeit 28 million. Reuters financial services editor, Carmel Crimmins.>> Carrie Tolstedt was the former head of the retail bank, which is at the center of this scandal.
They say that she has been very defensive and insular in the way that she ran this operation. She seemed to be obsessed about ensuring that there was no negative comment around her unit. And she was very wedded to the cross-selling goals and the sales culture in the bank.
Now, to be fair to Miss Tolstedt, she hasn't given her side of the story, she didn't participate in the review.>> But the findings of the probe, not letting others at Wells Fargo off the hook either. Claiming then CEO John Stumpf trusted her so much he let her go unsupervised.
And was so blinded by the two's shared beliefs in Wells Fargo's ability to get current customers to open up more accounts, a practice know as cross-selling. That he didn't pay attention to any of the red flags, the scandal taking it's toll on one of the only banks to come out of the financial crisis without a blemish.
New bank and credit card accounts has stately drop since the miss deeds were revealed.