Wells Fargo committed massive fraud and blamed it on its lowest level
employees. Senator Elizabeth Warren isn’t having it. Cenk Uygur, host of
The Young Turks, breaks it down.
"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...
The exchanges between Warren and Stumpf
were among the sharpest, but other senators also pressed the executive
about what have become hot topics as public outrage has grown over the
case. Here's some of what panel Chairman Sen. Richard Shelby, R-Ala.,
and others wanted to know:
Whether Stumpf regards the case as one
of fraudWhether the bank will "claw back" any of the millions it has
paid to former executive Carrie Tolstedt, who is retiring with nearly
$125 million
How the bank will help customers whose credit ratings have been hurt by the fake accounts…”*
Read more here: http://www.npr.org/sections/thetwo-way/2016/09/20/494738797/you-should-resign-watch-sen-elizabeth-warren-grill-wells-fargo-ceo-john-stumpf
Hosts: Cenk Uygur
Cast: Cenk Uygur
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