Meet Legislation Crafted to Stifle Shareholders

When Wells Fargo recovered $60 million in compensation from two top executives last September, it was a rare example of managers being held responsible for a titanic oversight failure. To meet sales quotas, the bank had opened thousands of sham accounts for customers, so it was only right that John G. Stumpf, then Wells Fargo's chief executive, and Carrie L. Tolstedt, the former head of its community banking unit, would have to return some of their pay.