The Wells Fargo Scam
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Sen. Elizabeth Warren (D-Mass.) demanded that Stumpf explain why he had not offered to give up any of his compensation — he made $19 million last year — or resigned in the wake of the scandal. She noted that Stumpf repeatedly touted Well Fargo’s ability to sell more and more products to customers in quarterly calls with analysts, and then watched as investors pushed up the bank’s stock price, generating gains that increased his own holding by about $200 million over several years.How many people at Wells Fargo are going to jail? Zero. But if you smoke marijuana in this country, you get a criminal record.— Bernie Sanders (@SenSanders) September 20, 2016.@SenWarren is right: "The only way that Wall Street will change is if executives face jail time when they preside over massive frauds.”WP Senator Bob Corker, a Tennessee Republican, said it would be “malpractice” if the bank did not claw back executive compensation.NYT Chief ExecutiveJohn Stumpf, appearing before the Senate Banking Committee, apologized numerous times for allegedly illegal sales practices, but was met with rancor from legislators on both sides of the political aisle over his bank’s conduct.WSJ
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