The Wells Fargo executive that headed up a phony accounts unit should not receive a severance payout. He led a unit that committed fraud, which should qualify as a termination for cause. This usually precludes an executive from receiving a severance package. It is not only poor business, it is poor public relations.
No, the Wells Fargo executive should be fired like the rest of them, if not thrown in jail. The executive is the one leading the charge; therefore, the workers beneath him may have been illegally setting up accounts on his behalf. He should be held more responsible for these failures.
It's obvious that the big banks are the ones really running things these days, and the extent that they downright scam people is amazing. This guy should be in jail looking at a long sentence, but instead he gets a vast fortune and he'll end up with another cushy bank gig. Too bad the government is bought by the banks, we need somebody to go after them.
The government should intervene and carefully examine all of the Wells Fargo executives accounts. If he was able to take part in such a scheme at a large bank, it is entirely possible and feasible that he would be doing similar illegal things with his own personal accounts. It could also be possible that money in his possession should actually be going back to the people who were defrauded.