Wednesday, September 21, 2016

Elizabeth Warren Eviscerates Wells Fargo CEO

The world may need more Canada, but it also needs more Elizabeth Warren. A tireless defender of the unrepresented, i.e., the majority of Americans, the Democratic Senator, as you will see in the following videos, is relentless in her systematic pursuit and evisceration of the self-serving rhetoric of Wells Faro CEO John Stumpf as he avers complete innocence in the scandal that has rocked his institution.

First, some brief background which saw the bank firing some 5300 frontline employees
roughly 1 percent of its workforce — for signing up customers for checking accounts and credit cards without their knowledge. Authorities said about 2 million sham accounts were opened going back to 2011, complete with forged signatures, phony email addresses, and fake PIN numbers — all created by employees who were hounded by supervisors to meet daily account quotas. The bank then charged customers at least $1.5 million in fees for the bogus accounts.
The greater scandal is that Ceo Stumpf knew about this practice going back to at least 2013 and did nothing. Indeed, his performance bonuses only grew, and Carrie Tolstedt, who oversaw the banking division responsible for the fake accounts, just left in July with a $125 million retirement package.

The following videos are brief; the first one shows Senator Warren masterfully outlining the parameters of, as she calls it, "this scam;" the second shows her eviscerating the no-longer-smug CEO.


  1. I have deep contempt for squirmers like Stumpf. He goes so far out of his way to duck the question, over and over, to no end. What did the fool expect, that Warren would get bored and move on?

    1. Such is the corporate class' arrogance and sense of entitlement that Stumpf probably felt he was unassailable. I am deeply gratified that Warren completely disabused him of that notion, Mound.