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Senators Want to Know: Who's Actually Being Held Accountable at Wells Fargo?


#1

Senators Want to Know: Who's Actually Being Held Accountable at Wells Fargo?

Deirdre Fulton, staff writer

When Wells Fargo CEO John Stumpf stepped down last week, Sen. Elizabeth Warren said it wasn't "real accountability" given the scope of the financial institution's fake-account scandal.


#2

Come on Elizabeth, you can do better then this.
It's time to haul Stephen Sanger and Tim Sloan in front of a few House and Senate committees.
It's also time to demand that the Justice Department open up a full blown investigation into Mr. Stumpf's financial dealings not only with Wells Fargo but else where.


#3

Wells Fargo and other big banks have been pulling these scams ever since Clinton era banking decriminalization (media calls it deregulation). The Clintons continue to enjoy an 8 figure annual corporate speaking fee income, mostly from these banks. It is very hypocritical for Warren to grandstand the Wells Fargo fake account scandal concurrent with her zealous campaigning for Clinton while Clinton doesn't even consider decriminalization or too-big-to-fail-banks controlling 50% of US bank assets, with no end in sight to their march to monopoly,

"Has Stumpf profited from Wells Fargo's fraud ?"

Is Pope Francis Catholic ?

When it comes to dumbing things down...this election cycle has reached new lows.


#4

Exactly. At this point all congressional "asking" is just so much political grandstanding. It's (way past) time to demand DoJ investigations and prosecutions.


#6

This does not feel like new information ,,,Seems to me our system is quite short on preventative maintenance ,, too many foxes guarding the henhouse !


#7

I heard in the news this morning that there were some Wells Fargo bankers who tried to report the fraud to higher-ups and were fired and blacklisted for doing so.


#8

Here, I'll fix the title for you: "A Few Senators are Pretending to Want to Know: Who's Actually Being Held Accountable at Wells Fargo."


#9

When the scandal broke Wells Fargo quickly pointed out that they had fired around 5,000 employees for engaging in this fraud. Within the past two weeks we find out that those 5,000 were fired AND blacklisted for either failing to create enough fake accounts and/or confronting Wells Fargo management by challenging the ethics of the fake accounts.

The only current POTUS candidate who considers restoring New Deal financial industry regulations and breaking up Wells Fargo and the other too-big-to-fail banks is Jill Stein. A vote for any other candidate assures that Wall Street will continue its fraud and its march to monopolization of commercial banking.


#10

No one went to prison after Wells Fargo was found guilty of money laundering for drug cartels. Do we really believe anyone will be punished for this?


#11

5,000 former Wells Fargo employees HAVE BEEN "PUNISHED FOR THIS" by losing their jobs and being blacklisted for refusing to play this fraud game that Wells Fargo and other Wall Street banks have been playing for nearly two decades.

Nobody from Wells Fargo will go to prison just as nobody went to prison for causing the 2008 crash that negatively impacted billions of people in nearly every nation on earth.

By contrast, during the 1980s more than 1,000 bankers were jailed for their roles in the Savings and Loan Scandal that affected fewer than 50,000 Americans, a boutique crime compared to the global 2008 crash..

The difference was two decades of killing New Deal financial industry regulations, most of which happened while Bill Clinton was POTUS, actions that have paid back the Clintons an eight figure annual "speaking fee" income since 2001.


#14

Right now is probably the best, and only, opportunity to take down the first Too Big To Fail bank without the using our dysfunctional government. If we could generate even a modest boycott, nationwide, WellsFargo would be toast. With this latest debacle, it will not take much to push them over the edge into bankruptcy. Divide and destroy WF and then move on to the next TBTF bank. Vote with your wallet. There is nothing the government or the banks can do to stop us.
We just have destroy them one by one. We have to come together, all of us. Young , old, Republican, Democrat, business owners and workers. Every one has a stake in this, irregardless of our own ideologies.
We cannot miss this opportunity. Our children and grandchildren are depending on us to do the right thing.


#15

Too-big-to-fail banks (TBTFB) know that when the heat is on they can just threaten to crash the economy and extort money from taxpayers.Thanks to Dodd/Frank the TBFTB banks that controlled 25% of US bank assets when they crashed the economy in 2008 now control nearly 50% with no end in sight of their march to monopoly, all at the expense of community banks.

Rather than her serial grandstanding, the message Warren needs to convey is: dump Dodd/Frank and restore New Deal financial industry regulations or US taxpayers need to be prepared for more extortion.


#16

Of course they ALL Profited.

Along with all the US Congressmen who keep trying to Defend these slimeballs.


#20

Sanger also sits on two other boards, Pfizer, the drug company, and retailer Target. He was the CEO of General Mills for 12 years 'retiring' in 2007 as the CEO and as Chairman of the Board in 2008, he still receives an annual compensation of $18.6 million. As best as I can tell, he pulls in about $640,000 annually for being on the three boards.

I would like other board members to be asked questions too.

Elaine Chao, former Labor Secretary under George W. Bush, were you aware or cared about the working conditions of employees pressured into meeting impossible sales goals? As a former Labor Secretary, worker rights would be an expertise of yours. Were you aware of the employees that had reported the problems with pressured cross selling on the Wells Fargo Ethics Hot-line and were ignored or fired?

Elizabeth Duke, a former Federal Reserve Board member, were you concerned with the several fines that Wells Fargo paid to both the Department of Justice and the Consumer Financial Protection Bureau that reflected improper banking practices? As a banking regulation expert, what was your reaction to these frauds while on your Board watch?


#21

Revoke Their Corporate Charter!
Put the leaders in jail.


#22

They didn't even serve their full sentences back then. It was a big media spectacle for the masses and then the perpetrators like Charles Keating got let out and pardoned by the AssHat Ronald Reagan.


#23

The same scenario with the savings and loan crash! Thanks.


#24

It looks like the law has been violated, and that investigation, prosecution, trial, conviction (if the jury agrees) and punishment are in order.

What do you do when the people you hire to "faithfully execute the law" - - don't?


#25

Tucson_Don and others, please try to keep your statements to the correct facts.
Charles Keating was convicted on state charges Dec. 1991 sentenced to 10 year (the max), and on Federal charges Jan 1993 and got a 12.5 year on federal convictions.

He served 4.5 years before those convictions were overturned on appeal. The state convictions were overturned for improper jury instructions. Afterwards Keating agreed to plead guilty to reduced charges and was sentenced to time served. California declined to retry him on state charges because the maximum he could then get was 6 months.

Keating never received a pardon, and Ronald Reagan was out of office before Keating was even charged.


#26

The problem we have here is societal and authority timidity and lack-of-bravery-and-resilence.
As another current example, the Dept. of Justice has assessed $14 billion in fines against Deutsche Bank. There are fears that Deutsche Bank (current market capitalization = $18 billion) will fail under the weight of those fines. If it fails, then
First, who will make loans to Main Street to keep the economy going?
Second, who will pay HRC and other politicians 6 figures per speech to keep our political system 'going'?

I see one root of this as the existence and use of credit. One of the obvious solutions was hinted at by

If we as a society used more self-financing and paying up front, and less "put it on a credit card", or "take out a loan", we would be better off, and banks would be a smaller part of our economy.