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'You Should Resign': Watch Sen. Elizabeth Warren Grill Wells Fargo CEO John Stumpf
http://www.npr.org/sections/thetwo-way/2016/09/20/494738797/you-should-resign-watch-sen-elizabeth-warren-grill-wells-fargo-ceo-john-stumpf?Facing off with the CEO whose massive bank appropriated customers' information to create millions of bogus accounts, Sen. Elizabeth Warren, D-Mass., had sharp questions Tuesday for Wells Fargo CEO John Stumpf. She said Stumpf made millions of dollars in the "scam," telling him, "You should resign ... and you should be criminally investigated."
As we've reported before, Wells Fargo is paying $185 million in penalties for acts that date to at least to 2011. The firm says it fired some 5,300 employees who were found to have created false accounts as it sought to increase "cross-selling" — building the number of accounts each customer holds....
Warren began her questioning by citing Wells Fargo's Vision and Values Statement, particularly its suggestion, "If you want to find out how strong a company's ethics are, don't listen to what its people say, watch what they do."
"So, let's do that," Warren said. She then accused Stumpf of failing to hold himself or any other senior executives accountable for the company's actions. "It's gutless leadership," she said, noting that Stumpf is not resigning, returning any of his earnings or firing any senior executives.
As we've reported before, Wells Fargo is paying $185 million in penalties for acts that date to at least to 2011. The firm says it fired some 5,300 employees who were found to have created false accounts as it sought to increase "cross-selling" — building the number of accounts each customer holds....
Warren began her questioning by citing Wells Fargo's Vision and Values Statement, particularly its suggestion, "If you want to find out how strong a company's ethics are, don't listen to what its people say, watch what they do."
"So, let's do that," Warren said. She then accused Stumpf of failing to hold himself or any other senior executives accountable for the company's actions. "It's gutless leadership," she said, noting that Stumpf is not resigning, returning any of his earnings or firing any senior executives.
Stumpf. Rhymes with Drumpf.
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