Wells Fargo encouraged their employees to fake 8 accounts per client to falsely show company growth and increase the stocks price. The CEO, Stumpf, who came up with the “eight is great rule,” made over $200,000,000 in his personal portfolio. After the scam became an embarrassment for the company, he fired over 5,000 low wage employees, no one on the board or upper management was disciplined. Stumpf was questioned in a Senate hearing yesterday where Elizabeth Warren was not afraid to show the evidence that will be presented to Justice and the SEC, with a recommendation to prosecute for fraud.…………………………………
Wells Fargo encouraged their employees to fake 8 accounts per client to falsely show company growth and increase the stocks price. The CEO, Stumpf, who came up with the “eight is great rule,” made over $200,000,000 in his personal portfolio. After the scam became an embarrassment for the company, he fired over 5,000 low wage employees, no one on the board or upper management was disciplined. Stumpf was questioned in a Senate hearing yesterday where Elizabeth Warren was not afraid to show the evidence that will be presented to Justice and the SEC, with a recommendation to prosecute for fraud.…………………………………
http://www.npr.org/sections/thetwo-way/2016/09/20/494738797/you-should-resign-watch-sen-elizabeth-warren-grill-wells-fargo-ceo-john-stumpf