“YOU SHOULD RESIGN” Elizabeth Warren DESTROYS Wells Fargo CEO For Unauthorized Accounts

“YOU SHOULD RESIGN” Elizabeth Warren DESTROYS Wells Fargo CEO For Unauthorized Accounts

Elizabeth Warren DESTROYS Wells Fargo CEO On unauthorized Accounts 9/20/16. Elizabeth Warren, D.-Mass., called on Wells Fargo CEO John Stumpf to step down on Tuesday in an intense examination of the CEO’s role in an unauthorized accounts scandal before the Senate Banking Committee. “You should resign,” Warren, a longtime champion of consumers, told the CEO during the hearing Warren also said Stumpf should give back millions of dollars of bonuses he received and be criminally investigated. She lashed out at the leader of the third-largest U.S. bank for firing low-level employees while allowing richly paid executives stay on the job. “It’s gutless leadership,” she said. In his opening remarks, Stumpf told a Senate panel Tuesday that he accepts “full responsibility” for unethical sales practices in the bank’s retail division, as he faced questions about allegations the bank’s employees secretly opened accounts over a five-year period to meet sales goals. In the latest example of a banker being taken to task on Capitol Hill, members of the Senate Banking Committee are pressing the CEO on when he learned about the wrongdoing, what the bank has done to stop the activity and whether he and and other executives will return some of their compensation.



6 Responses to ““YOU SHOULD RESIGN” Elizabeth Warren DESTROYS Wells Fargo CEO For Unauthorized Accounts”
  1. Ldynps says:

    It’s so much deeper tha opening accounts to drive up earnings! These guys belong in jail and is needed right now!

  2. mike Drouin says:

    What happened at Wells Fargo and our Government’s response , is Business as usual and the dog and pony show that follows . If you were a major financial institution , and you could run an illegal scheme that netted you Trillions in profits , but you only had to pay a 3% penalty for restitution without anyone being prosecuted , would you do it ??? That was the Mortgage crises of 08 where the Banks created sub-prime entities which created tens of millions of FAKE MORTGAGES and involved our homes in another contract behind our backs and without our permission !!! In that scenario , free homes ended up in the hands of Banks like Wells Fargo for REDISTRIBUTION paid for by the Investors of another contract who were defrauded just like the Borrower !!!! Now we have a scam with fake credit card accounts . The Banks Make billions in profits and pay a 3% penalty with no prosecution . Where is the incentive to stop doing it ????????? And where is the penalty money going ???? To the US Government !!!! The Financial sector steals from the private sector and pays a fee to the US Government who puts on a dog and pony show for the American people . The twenty-five billion dollar settlement was spread around to the States so the State’s DOJ’S would stand down when the influx of complaints came in from the THEFT of our homes !! And believe me , it was pure unadulterated THEFT !!!!!

    • mike Drouin says:

      One more thing ….. When those who are in office or running for office say that the system is corrupt , what your allowed to see is just the tip of the Ice burg !! Multiple categories of Law were violated to pull off the theft of our Homes during the 08 crises ! Contract Law , Federal LAW(S) and State Law , just to name three . There are more categories !!! Why is our Government letting them get away with it ???? People are still losing their Homes today…. WHY !!!!

  3. Hammertime says:

    Where are the Republicans on this? Silence like the past 8 years!

  4. bgreen50 says:

    Thank you Elizabeth Warren for having the courage to continue bringing brank fraud to light. I lost my HOME of 40 years during this incredible GREED BY THOSE LIKE MR STUMPF.
    Please continue to help the MILLIONS of homeowners like myself who do not know where we will end up. I lost all my finances and treasured possessions.
    I am a senior who worked all my life to end up with no home.
    Thank you,
    Bonnie Green

  5. rich says:

    Wells paid $185mm fine and agreed to refund $5 million to account holders. Ask yourself this question. Did Wells only make $2.50 per account on 2,000,000 phony accounts – thus the $5 million refund to clients??? That does seem likely – small potatoes for these global fraudulent banking enterprises. Warren points out the Stumpf made over $200 million so the numbers just don’t add up do they? There is a lot more fraud here than meets the eye. Where are these numbers coming from? Wells!

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