GOP would kill agency that busted Wells Fargo
Welcome to less regulation and more Wall Street shenanigans if Republicans win, as they would do away with the agency that went after Wells Fargo.
Wells Fargo is paying $185 million in fines and fired more than 5,000 rank-and-file employees, but so far nothing has been done to personally punish the high-level executives who reap the rewards when the company performs well.
Senators today weren’t having it, with banker scourge Elizabeth Warren telling Wells Fargo CEO John Stumpf that he ought to resign and face personal investigation. She described his failure to take responsibility as “gutless leadership” and said we may need “tough new laws” to hold executives personally accountable for their misdeeds…
But it featured a surprising level of bipartisan agreement, with committee chair Richard Shelby, a hard-right Alabama Republican, accusing Stumpf in his opening statement of personally fostering “a corporate culture that drove company ‘team members’ to fraudulently open millions of accounts using their customers’ funds and personal information without their permission.”
And yet Shelby, along with his fellow Banking Committee Republicans, is committed to eliminating the entire agency that discovered the wrongdoing in the first place.