San Francisco's own Wells Fargo Bank was one of the first and largest financial institutions to receive a TARP bailout, one to the tune of $25 billion. Wells Fargo is the largest U.S. home lending institution. At the beginning of 2008 before the bailout the stock prices for Wells Fargo were at $35.18 today the stock price is at $28.54.
In the fall of 2008 Wells Fargo purchased Wachovia for $15.1 billion further consolidating power and monopolizing the banking industry. After the bailout the company has swayed back and forth between profits and losses in its various industries.
In 2009, John Stumph was rewarded a $5 million bonus while still owing the government the $25 billion for the TARP payment. This is very disappointing and somewhat alarming that such a large industry can be so cavalier with money that belongs to the American people.
All the CEO's are giving themselves bonuses, but they are showing outside to us that they are greatly affected by the fall, and giving themselves bonuses from the TARP bailout money. It really doesn't seem fair.
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