#dayin10

Quote of the Day

Elizabeth Warren had harsh words for the Wells Fargo CEO


Massachusetts Sen. Elizabeth Warren delivered an epic barrage at the Sept. 20 Senate Banking Committee hearing with the Wells Fargo CEO John Stumpf. Warren didn't mince words and called him a "gutless" leader who had squeezed his employees to the point where they had to take extreme measures – including creating 2 million fake accounts - to meet their goals.

"This is about accountability. You should resign, you should give back the money you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission."

She then slammed him for his increasing personal holdings while the scam was going on and for not firing any of the senior executives linked to it.

The bank's stock prices dipped while Warren asked for a criminal investigation.

"The only way that Wall Street will change is if executives face jail time when they preside over massive frauds. Until then it will be business as usual, and at giant banks like Wells Fargo, that seems to mean cheating as many customers, investors and employees as they possibly can."

She's known on Capitol Hill for being quite vocal about her anti-Wall Street sentiments.

Get Kicker in your inbox!
Elizabeth Warren had harsh words for the Wells Fargo CEO

Anugya Chitransh

Anugya is originally from New Delhi, India. She studied journalism at the CUNY Graduate School of Journalism in New York, graduating with a master's in international reporting. She plans to travel one day to all the places she reads about. She likes reading fiction, pop music, and going to the beach, but absolutely hates anyone mangling or shortening her name (which is quite common). She binge watches Korean dramas and anime series. She's a freelance writer and has produced content that has appeared in NBC, The Times of India, Time Out Delhi, and other publications.

Share your comments

Comments

comments