Pension
The New York City pension fund is Wells Fargo’s (WFC) latest victim in the wake of the phony accounts scandal. The fund, which provides benefits to the city’s teachers and fire and police departments, has $160B in assets in investment funds. New York City comptroller Scott Stringer reached out to Wells Fargo three weeks ago, demanding the return of $41 million to the fund’s shareholders. “Years ago the New York City pension fund actually put in place claw backs so that we can actually go after the CEO, chair of the board if they’re not doing the right thing. So we sent a letter demanding $41 million in pay to come back to the share owners, and I’m glad to say they’re doing that. We’ve also looked at one of the vice presidents [Carrie Tolstedt] we want $19 million back—they’re doing that,” Stringer said during an interview on the FOX Business Network’s Countdown to the Closing Bell.

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