Sen. Warren Blasts Shady Wells Fargo CEO

Cheyenna Snyder, Staff Reporter

John Stumpf the CEO of Wells Fargo says he’s “deeply sorry” on Tuesday, September 20th during a hearing before The Senate Banking Committee–but some in the Senate were openly questioning how sorry is the CEO,  really?  

Just recently Wells Fargo has been caught in a scam where approximately 5,300 of their employees opened up unauthorised customers accounts in order to meet sales targets. As result this scam has increased the holdings of the company by at least  $2,000,000.

Adding to this not one senior executive was fired over the finding out of the scam. Massachusetts Senator Elizabeth Warren makes an excellent point as she states during the hearing “okay, so you haven’t resigned, you haven’t turned a single nickel of your personal earnings, you haven’t fired a single executive, instead evidently your definition of accountability is to push the blame to your low level employees, who don’t have the money for a  fancy P.R firm to defend themselves.”  

As Warren carries on she states “you should resign, and be criminally investigated by both Department of justice and the Securities and exchanges commission.”

The customers defrauded by Wells Fargo probably couldn’t  agree more.

According to CNN Money, Brian Kennedy,  a former customer says he was surprised when he found an unwanted Wells Fargo checking account on his own. “It really pissed me off,” he said. “They expect people to not be paying attention and hope you don’t notice. I’ve got a high credit score and I want to keep it that way.”

As soon as he confronted his closest Wells Fargo bank they closed the account with the exception of paying one dollar. If that’s not a slap in the face–to be charged a fee for the privilege of closing an account you didn’t ask for, we’re not sure what is.

Another angry customer Jeanna Young found out she was signed up for a credit card she never knew about and removed herself and her fiance’s IRA out of the bank as well. She states “there’s no doubt in my mind it was deliberate.”  

As this case is far from over, the victims and plenty of other people are hoping the right people of the company will be punished.  

“A cashier can steal a handful of twenties is accountable, but Wall Street executives…almost never hold themselves accountable”  Warren says sharply “the only way Wall Street will change is if executives face jail when they preside over massive frauds.”

UPDATE: It appears that the Wells Fargo Board of Directors will be “clawing back” almost $41 million dollars in stock options from Mr. Stumpf.  Observers are encouraged by this sign.