Wells Fargo is at a Congressional hearing. He holds up a paper that reads "Accomplice In Bank Fraud." Wells Fargo: We opened an account in your name without asking you.
“Okay, so you haven’t resigned, you haven’t returned a single nickel of your personal earnings, you haven’t fired a single senior executive,” Warren said to Stumpf, during an interaction that might properly be characterized as a verbal evisceration. “Instead, evidently, your definition of ‘accountable’ is to push the blame to your low-level employees who don’t have the money for a fancy P.R. firm to defend themselves.”
Warren kept going, articulating a very pointed attack on the head of the company. She estimated that Stumpf’s stock holdings had increased by two hundred million dollars in value during the time that “this scam,” as Warren put it, occurred, in which fifty-three hundred employees opened unauthorized customer bank accounts in order to meet sales targets. “You should resign,“ she finally said. “You should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission.”
Expect more of the same if the GOP retains any sort of leverage in the halls of the federal government. Yes, I know even they are excoriating the guy. It doesn’t take the wisdom of Solomon to spot a crook after the fact. But the Repugs derail any and all attempts to rein in the financial sector ahead of time as a matter of policy and principle (see “job-killing regulations” and their platform documents). Without a breakup of the financial behemoths, the reestablishment of the separation of banking, insurance, and brokerage firms, and the reimposition of a meaningful regulatory regime, the collapse of one or more of these giants will collapse the world economy, just as it did in 1929.
Caldron{… a limerick …}Nation-&-World have troubles:The caldron boils and bubblesand steams the stubblesof what’s left in the rubbles.Daily the heat re-doubles.=======
All this is no more that a slap on the wist. Why? Because no one will be put in jail and their wealth confiscated to be redistributed back to those financially hurt.
This doesn’t happen in other countries where the Plutocrats don’t run the show,. They go to prison. The banks are temporarily controlled by the govt to clean it out. Happened in Sweden and Iceland.
Dtroutma over 7 years ago
Reagan tied the guys hands a long time ago, and Republicans, especially in the House, have been at it since, and especially in the last eight years.
Happy Two Shoes over 7 years ago
“Okay, so you haven’t resigned, you haven’t returned a single nickel of your personal earnings, you haven’t fired a single senior executive,” Warren said to Stumpf, during an interaction that might properly be characterized as a verbal evisceration. “Instead, evidently, your definition of ‘accountable’ is to push the blame to your low-level employees who don’t have the money for a fancy P.R. firm to defend themselves.”
Warren kept going, articulating a very pointed attack on the head of the company. She estimated that Stumpf’s stock holdings had increased by two hundred million dollars in value during the time that “this scam,” as Warren put it, occurred, in which fifty-three hundred employees opened unauthorized customer bank accounts in order to meet sales targets. “You should resign,“ she finally said. “You should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission.”
http://www.newyorker.com/business/currency/elizabeth-warren-and-the-wells-fargo-scam
Liverlips McCracken Premium Member over 7 years ago
Expect more of the same if the GOP retains any sort of leverage in the halls of the federal government. Yes, I know even they are excoriating the guy. It doesn’t take the wisdom of Solomon to spot a crook after the fact. But the Repugs derail any and all attempts to rein in the financial sector ahead of time as a matter of policy and principle (see “job-killing regulations” and their platform documents). Without a breakup of the financial behemoths, the reestablishment of the separation of banking, insurance, and brokerage firms, and the reimposition of a meaningful regulatory regime, the collapse of one or more of these giants will collapse the world economy, just as it did in 1929.
Old_Curmudgeon over 7 years ago
Bad-‘un{… a limerick …}The day won’t be a glad-‘unbut instead quite wholly a sad-‘unif Donald Jgets his way.Our president wholly a bad-‘un.======
Old_Curmudgeon over 7 years ago
Caldron{… a limerick …}Nation-&-World have troubles:The caldron boils and bubblesand steams the stubblesof what’s left in the rubbles.Daily the heat re-doubles.=======
emptc12 over 7 years ago
You should continue writing these poems and eventually consolidate them into an epic. May I suggest you call it “The Trumpiad”?
William Bednar Premium Member over 7 years ago
All this is no more that a slap on the wist. Why? Because no one will be put in jail and their wealth confiscated to be redistributed back to those financially hurt.
Godfreydaniel over 7 years ago
Throw him under the Wells Fargo Wagon!
Night-Gaunt49[Bozo is Boffo] over 7 years ago
This doesn’t happen in other countries where the Plutocrats don’t run the show,. They go to prison. The banks are temporarily controlled by the govt to clean it out. Happened in Sweden and Iceland.
Charlie Tuba over 7 years ago
Warren needs to spank this guy!