Whenever Stumpf showed up prior to the House Financial Services Committee, he got a reception that is similar.

Whenever Stumpf showed up prior to the House Financial Services Committee, he got a reception that is similar.

“Fraud is fraudulence and theft is theft. Just just exactly What took place at Wells Fargo during the period of a long time may not be described every other means,” said Republican Representative Jeb Hensarling, the committee seat. Democratic Representative Carolyn Maloney said that Wells Fargo had changed into a “school for scoundrels.” Democrat Gregory Meeks stated Stumpf had been owning a “criminal enterprise.” “Why shouldn’t you be in prison?” asked Democrat Michael E. Capuano. “When prosecutors obtain you, you will have a lot of enjoyment.”

Stumpf ended up being gone as CEO within weeks, and their replacement, Tim Sloan, pledged to completely clean the mess up.

But as Sloan knew well, the fake customer records scandal ended up being simply the tip of this iceberg with regards to Wells Fargo’s long reputation for misconduct. Continue reading “Whenever Stumpf showed up prior to the House Financial Services Committee, he got a reception that is similar.”