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After Grassroots Activists Expose Scam, Elizabeth Warren Tells ‘Gutless” CEO John Stumpf to Resign


#1

After Grassroots Activists Expose Scam, Elizabeth Warren Tells ‘Gutless” CEO John Stumpf to Resign

Peter Dreier

Wells Fargo CEO John Stumpf was on the hot seat Tuesday when he faced Senator Elizabeth Warren of Massachusetts and other angry lawmakers at a Senate Banking Committee hearing designed to investigate the bank’s widespread rip-off of its customers.

Warren told Stumpf, who earns $19 million a year: “You should resign...You should be criminally investigated.”


#2

Warren has no real power to force anyone to resign, return money, or change these financial vampires. This is a great PR Dog and Pony show for her to show us the 99Percenters that she's in our corner. Yeah right. She's an obsessive HRC worshipper which tells me ( and all of you) where she stands and who she really is.

It's clear the woman testifying on the Epipen scandal is an idiot and came unprepared but she didn't have to as no one can touch her and nothing is going to change. She has her money, the company is behind her and they are not going to fire her. Her father helped her pull off this scam and so did her mother. I don't see anyone going after either of them.

These hearings and investigations go nowhere and accomplish nothing other than showing how feeble and weak our politicians (elected to protest us and do our bidding--that was the idea that went to sh** pretty quickly) really are. It's the same when the PDs talk about change is coming, etc. Yeah, that is really working out well for the blacks. I've seen this show many times over the decades and all these reruns are worse.


#3

A rule of thumb in selecting a bank that I have held to in the last 15 years first in NJ and then in Washington, when I became an independent LLC after working for a salary most of my life.

Never, ever do business with what I call the "raptor banks" which are enumerated at Wikipedia in what I call "the list" and that are the top 12 by capital holdings.

1 J.P.Morgan Chase & Co
2 Bank of America
3 Wells Fargo
4 Citigroup
5 Goldman Sachs Group
6 Morgan Stanley
7 U.S. Bancorp
8 Bank of New York Mellon
9 PNC Financial Service
10 Capital One
11 HSBC North America Holdings
12 TD Group US Holdings

There are perfectly legitimate institutions that are even recommendable further on down the list such as USAA and Schwab, but avoid the first 12 like the plague. I go to local or regional banks to do business with. Ask around before you buy in, whether it's for credit cards, mortgages, or savings accounts. I would recommend this to anyone out there.

As for Warren, I have never figured out what her modus operandi is.


#5

http://time.com/money/4505678/wells-fargo-ceo-severance/

Yes, track CEO\Chairman of the Board joint compensation plan.

Bigger question for the big losers, namely U.S.: A) Employees B) Shareholders C) U.S. E-CON D) Consumers

When I spent 11 years as an employee in the Executive Office for Wells Fargo Card Services under previous CEO\Chairman of the Board Dick Kovacevich the shareholders (many of whom are also employees) had opportunities to vote whether the CEO could also serve as Chairman of the Board. Something grassroots activists in Palestine used to ask of Chairman\CEO Arafat.

As I learned more about Corporate Governance, and I learned more about the critical mass of Corporate Malfeasance back then over the 11 years that I served in my position as an WF Card Services and Consumer Lending Regulatory Complaint (OCC) case manager\Consumer Advocate (the latter job title was bestowed by former CEO Kovacevich with no additional pay above my clerical pay grade, despite signing the executive correspondence filed with the complainants and OCC during those 11 years) my vote to separate the jobs of running the vertically integrated enterprise that had recently been taken over by smaller midwestern bank NORWEST BANCORP and Directing-Overseeing the Board of Directors was consistently in the minority.

Why aren't corporate-captured News Media exploring the OUTCOMES of the decision by shareholders to allow the CEO to also serve as Chairman of the Board? Is that not a question germane to what scholar Timothy Noah called THE GREAT DIVERGENCE or what we workers more simply call the Third World Spread between the 99.9% and the 1/10th of 1% of the rest of U.S.?

We can measure Institutional Corruption (Nobel E-CON-O-Mist and NYT selective calumnist Paul Krugman's obliviousness notwithstanding) and we can find causation between THE GREAT DIVERGENCE, critical mass of INSTITUTIONAL CORRUPTION\CORPORATE MALFEASANCE and the falling global DEMAND in Consumer Economies concurrent with the deepening and lengthening GREATEST DEPRESSION that surpassed Recession status about seven years ago.

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Mitch Ritter
Lay-Low Studios, Ore-Wa
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