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.”
April 12, 2017