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Sen. Warren Accuses Wells Fargo Chief of “Gutless Leadership”

Posted by Steve Markowitz on September 22, 2016

Earlier this month Wells Fargo admitted that its employees created thousands of bogus credit card accounts to meet sales goals.  This led to bonuses for many employees including high level ones.  Wells Fargo fired over 5,000 employees for their involvement in the scandal.

The Wells Fargo scandal is inexcusable and heads should roll at the bank’s highest levels.  At the same time it is amusing to read Elizabeth Warren’s scolding of Wells Fargo’s CEO John Stumpf’s “gutless leadership” for his pushing responsibility for the scandal onto lower-level employees.  As an associate said of Warren’s double standard:

“I’m not defending this guy by any means, but I wonder if Elizabeth Warren told Hillary she is a gutless leader when she blamed her email issues and subsequent attempts at cover-up on her low-level employees.  Something tells me I already know the answer…. “

Wells Fargo Chief Accused of ‘Gutless Leadership’
The chief of Wells Fargo, John G. Stumpf, appeared before the Senate Banking Committee. He apologized. He expressed regret. He vowed to make amends.
But the senators were not having any of it. And the more he tried to explain, the more skeptical they became.
Senator Elizabeth Warren even suggested he resign, saying that his pushing responsibility onto low-level employees showed a “gutless leadership.” On the issue of clawing back pay, Mr. Stumpf said it was a process that he could not get involved in.
And this is not the end of it — Wells Fargo is under fire from multiple directions:
• Mr. Stumpf has been invited to testify before the House Financial Services Committee, which is also investigating Wells Fargo.
• Prosecutors are examining the scandal.
• The Securities and Exchange Commission has been invited to join the fray by Senator Jeff Merkley, Democrat of Oregon.
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