Posted on 10/03/2016 5:51:51 AM PDT by upchuck
... The white-haired, 63-year-old CEO repeatedly told a congressional panel that he had to check with staff, lacked information or was not an "expert" on a range of topics including executive compensation, credit scores and contracts that must be signed to open an account.
Earlier this month, the lender agreed to pay $190 million in penalties and customer payouts to settle the case involving the creation of credit, savings and other accounts without customers' knowledge. About $5 million will directly go to customers, many of whom might have paid a small fee on the unwanted accounts.
His responses gave plenty of ammunition to critics who point to the scandal as the latest example that some banks are still too big to manage and executives should serve jail time.
Sen. Elizabeth Warren, a Democrat from Massachusetts who frequently lambasts the financial industry, said the only appropriate response to the scandal would be for Stumpf to resign, give back his pay and be criminally investigated...
Pressure has been building beyond Capitol Hill for Stumpf and Wells Fargo's board of directors to come up with better answers.
Activist investors including the Needmor Fund and Public Citizen's Bart Naylor have filed motions to split the roles of chairman and CEO on Wells Fargo's proxy and examine whether the bank should be broken up.
The Department of Justice and Federal Bureau of Investigation also have launched probes into the bank's actions following Wells' settlement with the Consumer Financial Protection Bureau and Los Angeles city attorney.
(Excerpt) Read more at newsmax.com ...
Can't believe I'm agreeing with Eliz Warren on this :)
And where do these millions of dollars go? Always to some libtard group. In other words, these activities are largely gummint extortion to fund libtard causes. And we conservatives can’t figure out why we are losing our country. Corruption piled on top of corruption.
My husband said that.
Lost my job due to my company being acquired by another company. Took another job at significantly lower income ($20K less). As I had been 3 weeks late on a payment and now made less; Wells decided that I didn’t qualify for any reduced or refinancing options; so I was forced to short-sell my home as lost $180k and most of my retirement with my home.
And this man is whining because some mean Senators asked hard questions? Boo-freaking hoo.
Throw him out of his home and seize his retirement. It was good enough for me. And I did NOTHING wrong. I broke no laws, and I tried to do the honorable thing. I did everything in my power to make good on my debt.
Wells saw an opportunity to seize a property and make some money. Let him enjoy the same rewards he heaped upon me, and tens of thousands like me.
Unless Hillary goes to jail then these guys should get to walk too.
As a stockholder of various stocks, I have long contended that executive compensation is too high. This has been brought about by the cozy relationship between mutual fund managers and business executives as well as Compensation Committees unwilling to be realistic or consider the risk taken by stockholders. The fact that the executive behind this scheme could retire with tens of millions in compensation is a major affront to stockholders. If terminations at a high level don’t follow, stockholders should demand same at the annual meeting.
Same here.
At this point, why would anyone entrust Wells Fargo with anything? Just from the public record they appear to be a most corrupt organization. I would never do business with them.
Oh NO! Not another sternly worded letter or a lambasting on CSPAN. The CEO will melt from the public shame of it all.
And when our great and glorious politicians write some crap law that destroys industries and the lives of the workers; when are they going to serve any prison sentence?
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