Mark Your Damn Calendar Right Now
Tuesday, September 20th, 10:00 am ET, Senator Elizabeth Warren gets to question Wells Fargo CEO John Stumpf about the fake accounts. It will be on CSPAN when the House Banking Committee meets, although Thelma says that this will be such big game that ESPN ought to cover it.
By the way, Senator Warren isn’t the only one a tad upset.
After meeting Tuesday with Wells Fargo President Tim Sloan, Rep. Elijah Cummings, the ranking member of the House Oversight Committee, requested a batch of documents on the bank’s sales practices and the salaries and positions of those fired for improper sales tactics.
Cummings also asked Wells Fargo to justify the huge $124 million in stocks and options that community banking head Carrie Tolstedt is set to walk away with when she retires at the end of the year. Tolstedt led the division that created millions of fake accounts, and Cummings asked if her pay will be “clawed back.”
She needs to be in jail, dammit.
Thanks to Bryan for the heads up.
GO WARREN!
(Susan, just a picky nit. Your last sentence I read as Warren should be in jail! Maybe “she” could be Tostedt? Just sayin’.)
1Those varmints will plead the Fifth on advice of their sleazy counsel, but Senator Warren will make them feel the heat.
2Why are the Repubs who control the House letting a Democratic Senator examine a witness in front of a House committee? That’s different.
3Following the link to the CNN story, it looks like it’s the senate banking committee for Tuesday. And I think the other guy heads a house oversight committee.
4Tolstedt needs to be in jail, damnit … not sashaying away with a golden umbrella!! Wells Fargo … blech, puke!!
5Henry,
Because bad guys who are Republicans can do NO wrong. Why question them when EMAILS of HILLARY is still a feature?
6It killed me when the CEO blamed all of the malfeasance on low level employees. Every damned one of the upper echelon managers had to know that their policy was what drove the illicit operation. I hope Warren roasts him on that spit past the point of well-done…burn him.
7I’m not sure I completely understand your post. My question was why the Republican House would allow a Democratic Senator to question a witness at a House committee meeting, specifically, according to the story, the House Banking Committee. I have serious doubts about that particular scenario playing out in this universe.
8Go Elizabeth Warren! Go Elijah Cummings! Most of the big bosses of Well Fargo and all the others who tanked World economy should be in prison. No, make that ALL! And in a SHU. On bread and water. Just for y’all who are unfamiliar with British Naval punishments, bread and water is an especially heinous punishment as it causes horrible constipation. Hmmm…
9“Dammit!” indeed! String them up by their ‘nads and let ’em twist in the wind. Bwahahaha! Socksuckers.
10Henry, she is head of the Consumer Protection Agency. It looks like the Republicans have no choice but to allow her to rake them over the coals at Wells Fargo, greedy bastids that they are. She will make them squirm, those fake accounts will hardly be worth it.
11How in the hell can i get my mortgage out of the hands of Wells Fargo? I don’t have any banking accounts with them, just the mortgage on my house and I don’t trust them with that!
12@Maggie says: just go to a mortgage broker and refinance the loan. Today’s interest rates would probably make that a great idea!!
13“she is head of the Consumer Protection Agency.”
xavierbreath (love your name), I think that’s incorrect. She’s the creator of the CPA, but not the head. Can’t do that and be a US Senator.
14When I found out that Bank of America bought my mortgage, I was upset enough to pay it off! While I was on the phone waiting for whatever, the man at the other end of the phone asked if I wanted to take out a BofA credit card…to his credit we both had a good laugh! It was a telling moment.
15This is exactly the sort of systematic corporate irresponsibility that crashed the economy in 2007. No matter how corrupt you think the mortgage sales/securitization/servicing process was, it was worse.
Of the big 5, Wells Fargo was probably the *least* corrupt. Citi was much much worse. It makes me wonder what the other players are doing…
And of course, ol’ granny-starvin’ Ryan himself comes out blasting the CFPB as useless government waste on the day this settlement was announced. Great timing there, dude.
16@Henry: as a member of the committee, Elizabeth Warren is given time to participate in questioning witnesses called before the committee. The Repubs don’t have that much control to prevent the Dems having time in hearings.
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