Elizabeth Warren Rips into Wells Fargo CEO


Source: Susan Walsh/AP

During a Senate Banking Committee meeting, it was clear US Senator Elizabeth Warren was not taking the issue at Wells Fargo lightly, instead unloading on CEO John Stumpf and placing him in the hot seat.

Stumpf attempted an apology, claiming he should have done more, referring to the incident where the Consumer Financial Protection Bureau and financial regulators uncovered thousands of Wells Fargo employees had opened unauthorized accounts for bank customers without their knowledge in order to meet sales goals. Warren wasn’t buying into it, instead calling for his resignation, compensating those affected, and that he be tried in court for criminal wrongdoing.

Warren characterized Strumpf as a “gutless leader,” She declared, “The only way that Wall Street will change is if executives face jail time when they preside over massive frauds.”

Source: CNN