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Wells Fargo CEO Steps Down, But for Warren It's "Not Real Accountability"


#1

Wells Fargo CEO Steps Down, But for Warren It's "Not Real Accountability"

Deirdre Fulton, staff writer

The announced retirement of Wells Fargo CEO John Stumpf on Wednesday wasn't enough for U.S. Sen. Elizabeth Warren (D-Mass.), who said the top executive must face more consequences for his role in the recent fake-account scandal.


#2

Axe their charter!!!


#3

Massive Fraud is a Massive Crime -- When a CEO oversees that without taking immediate action they should be charged and face penalties i.e. incarcerated. Instead, they get rewarded, retirement, likely to live their lives in a mansion located in the most beautiful and peaceful location on Earth.

Whereas, if poor souls can't pay their medical bill due to cancer treatment, they go to jail:

This is just one of many, many examples of what to expect if either Dems or Repubs continue to reign. Both parties poisoned by crony corporate rot from within, that will never change, the few that are decent enough such as Warren, is fighting against a party that does not share her respect for the law.

Solution: Stop voting for the two-party duopoly.

I support Jill Stein. Never give up respect for moral values and integrity. Never give up respect for the environment and life.


#4

Wells Fargo CEO Stumpf retires with $134M

Finance is Not the Economy | Michael Hudson
http://michael-hudson.com/2016/08/finance-is-not-the-economy/


#5

If I get laid off I can at least collect unemployment for six months, more than doubling my meager retirement income, at least in the short term. They won't lay me off, so I will eventually take the plunge into meager income with half of it going to pay for Obamacare premiums. Who WOULDN'T resign if they had a $134 million pot of gold waiting for them ?

As we watch Wells Fargo rearrange the deck chairs on the Titanic, we are reminded that the only "real accountability" will occur when Wells Fargo and the too-big-to-fail banks are broken up.

Thanks to the $16 trillion in bailouts Congress put US taxpayers on the hook for, and Dodd/Frank legislation, the five too-big-to-fail banks that controlled 25% of US bank assets when they crashed the economy in 2008 now control nearly 50% with no end in sight to further increasing their market share at the expense of community banks.

Sanders and Stein are the only 2016 POTUS players who have even identified brealing up banks as an issue.


#6

The writing's on the wall, folks... Hillary will win the election. If she doesn't, despite all the electoral shenanigans like what happened in the Democratic primary, despite Trump's media-driven implosion, there will be some Black Swan event that will nullify the results of the upcoming election.

But, I hope Elizabeth Warren will be the future, just like I thought Bernie might be the future. Problem is, the big banks and the MIC, who all support Hillary, will never allow it. They will stage a coup rather than give up control of the country. There will be blood.


#7

The total tab as qouted by Jill Stein is $29 trillon.


#8

Tim Sloan; meet the new boss same as the old boss.
Tim Sloan will have a 20 minute honeymoon before being dragged before Congress and then resigning.
Stumpf is on his way to the Big House.
Break up the Big Banks and nationalize the fossil fuel industry.


#9

I sure hope you are right about Sloan and Stumpf! I won't hold my breath, though.


#10

Why hasn't this post been "liked" by everyone who visited the comments page yet?!
This should be only the first of the demands of We The People! Or are we already all just wage slaves and more like: we the sheople?!


#11

Been saying that for a while. Too many years have passed with no blood of tyrants or patriots being spilled. There is interest due. To find out if you are on the right side, and as a proposal for finding others of similar persuasion, check out Adbusters.org ! Their black world dot seems a likely candidate.
.


#12

Anyone who proposes that "blood be spilled" is a dummy.


#13

Wells Fargo is one of the symptoms of the much larger problem of destroying the New Deal financial industry regulations that mostly happened during the Clinton Regime. Other too-big-to-fail banks have been committing the same fraud that Wells Fargo has, so the Murkin gubmit will have little leverage if they attempt to sue or get any other form of "blood" from these banks.

Hopefully more voters will shake their denial syndrome and realize that the only party that will restore New Deal regulations is the Green Party.


#14

Warren's right. The bank has likely already selected another sh*itheel to replace the Stump(f), much like Pence is waiting in case Don bails or is somehow forced out as "candidate."


#15

TD probably refers to the Jeffersonian advice.


#16

When a CEO justifies his/her huge paycheck they cite all the responsibilities they have and all the positive financial results they made happen. When some massive fraud is uncovered they say they had no clue what was happening at their company. Which is it?

When the US govt refused to even investigate HSBC to determine individual criminal wrongdoing they said such such an investigation would reduce confidence in the financial system. HSBC, the 'corporation', was convicted of massive criminal wrong doing in laundering drug and terror related monies. They had to pay a fine and that was it.

Don't hold your breath on punishment for any banksters in the US.


#17

Jefferson said that "a little rebellion now and then is a good thing."
It's pretty clear that Jefferson wasn't calling for a full blown bloody revolution.


#18

I plan to vote for Jill Stein too. I voted for Dennis Kucinich, Bernie Sanders, and whoever stands for what used to be New Deal democratic ideals. The current Democratic Party chose a different way, at least since the 1990s, probably way before.

What the future brings is anyone's guess. My guess is that the big banks, the corporations, and the MIC will not relinquish control easily. If the Green Party can be a part of that future it will get my vote every time rather than support the two corporatist parties.


#19

SOS, different day. Sloan is a Stumpf pawn...the only solution is like another commenter said: "Axe their charter!!!"

Wells Fargo has been on the shady side of dealings since Glass Steagall was abolished (1999) opening up banks to do anything and everything (illegal or just this side of legal) to increase profits and reduce expenses, which is what happens when regulations are lifted and regulatory oversight becomes virtually non-existent. (Glass Steagall prevented the “undue diversion of funds into speculative operations” by banning banks holding deposits from underwriting securities)

"Joseph E. Stiglitz, winner of a Nobel Prize in economics and a professor at Columbia University, wrote in a 2009 opinion piece: “Commercial banks are not supposed to be high-risk ventures; they are supposed to manage other people’s money very conservatively. It is with this understanding that the government agrees to pick up the tab should they fail. Investment banks, on the other hand, have traditionally managed rich people’s money — people who can take bigger risks in order to get bigger returns.”

Today, there is a regulatory void that banks like JPMC, Wells Fargo, BoA, etc are filling with usury, bad business practices, and fraud while paying their execs million$$$$ to perpetrate same.


#20

The real reason Mr. Stumpf retired is because he got a call from Hillary telling him to "Knock it off".