ML-Implode News - How Wells Fargo Bought Millions in Services From an Independent Director's Firm

Hernandez's Inter-Con Security Systems Inc. would find an additional source of wealth, regulatory filings show -- by winning a contract in 2005 to provide security to the San Francisco-based bank's branches in Southern California, all while he was getting paid to oversee management on shareholders' behalf. Based on an analysis of Wells Fargo's filings, Inter-Con has received at least $24.4 million in payments from the bank over the past decade, and that doesn't include Hernandez's board-member compensation, which totaled $421,002 last year.
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Aside from the payments to Inter-Con, Hernandez has received compensation as a Wells Fargo directorÂ totaling roughly $4 million in cash, stock and options from 2003 through 2016, based on an analysis of annual disclosures. Until last year, when Wells Fargo's account scandals exploded, the part-time job consisted mainly of attending nine board meetings a year.
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"You have to wonder," Jennifer Taub, a former associate general counsel at Fidelity Investments who now teaches finance and corporate governance as a professor at Vermont Law School, said of the Wells Fargo board during a telephone interview. "Are they proud of the job that they've done?"

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How Wells Fargo Bought Millions in Services From an Independent Director's Firm