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video: Sen. Warren to Wells Fargo CEO Stumpf “You Should Resign”

Wednesday, September 21, 2016

 

United State Senator Elizabeth Warren questioned Wells Fargo Chairman and CEO John Stumpf about the recent fraud which resulted in a $185 million settlement with the Consumer Financial Protection Bureau and the firing of over 5,000 employees. 

“This is about accountability. You should resign, you should give back the money you took while this scam was going on, and you should be criminally investigated," said Warren. 

See the Video Below 

She went on to highlight Wells Fargo's longtime emphasis on cross-selling, noting that while other banks average fewer than three accounts per customer, Wells Fargo set its target at eight  accounts. 

“If one of your tellers took a handful of $20s from the cash drawer, they’d probably be looking at criminal charges for theft.  They could end up in prison.  But you squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket,” Senator Warren said

Warren explained that while the scam was ongoing, Stumpf referenced Wells Fargo's success at cross-seling during earning calls as one of the main reasons to buy stock. 

“You haven’t resigned. You haven’t returned a single nickel of your personal earnings. You haven’t fired a single senior executive. Instead, your definition of ‘accountable’ is to push the blame to your low-level employees who don’t have money for a fancy PR firm to defend themselves. It’s gutless leadership,” the senator said.

See The Video Below 

 

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