Wells Fargo Chief Executive John Stumpf testified today before the Senate Banking Committee, which grilled him on the bank's admission that employees created some 2 million fake accounts to meet sales goals. The scandal was first uncovered by The Times in 2013 and led to a $185-million settlement with regulators this month.
The Consumer Financial Protection Bureau caught Wells Fargo in a massive, years-long scam. The CEO hasn’t resigned. He hasn’t fired one senior executive. Instead, Wells Fargo’s definition of “accountable” is to push blame on low-level employees who don’t have the money or PR firms to defend themselves. That’s gutless leadership.
A bank cashier who steals $20 would be facing theft charges, but Wall Street executives almost never hold themselves accountable. Not in 2008 when they crashed the economy, and not now. Wells Fargo CEO John Stumpf should resign, give back the money he took while the scam was going on, and be criminally investigated.
Sen. Elizabeth Warren's questioning of Wells Fargo CEO John Stumpf - “You should resign,” she told the CEO over the fake accounts scandal. ”You should give back the money you took while this scam was going on, and you should be criminally investigated.”
Watch Sen. Elizabeth Warren's questioning of Wells Fargo CEO John Stumpf at today’s Senate Banking Committee hearing.
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