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Tuesday, August 01, 2017

"This Is A Full-Blown Scandal: It’s Unbelievable, Outrageous" - Comptroller Demands Heads Roll At Wells

Wells Fargo is in boiling hot water. Again.

One day after the NYT reported the latest major scandal involving Warren Buffett's favorite bank, in which the bank was busted less than a year after its miss-selling fraud cost the former CEO his job, revealing that the bank charged some 800,000 customers for auto insurance they did not need (with some still paying for it), the demands for resignation have arrived.

In a statement from NYC Comtroller Scott Stringer, he demands that Wells Fargo must immediately "jump-start" necessary board change by replacing Chairman Stephen Sanger with a new independent chairperson following the latest "mismanagement" revelations.

In surprisingly harsh words, Stringer does not hold anything back against the worst performing bank stock today (WFC -2.8%):

"This is a full-blown scandal — again. It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo. This isn’t just a corporate debacle. It’s caused real human harm. It’s reflective of a system that Americans feel is rigged against the little guy, and sadly symbolic of a culture that puts short-term profits ahead of creating

sustainable value for shareowners. Everyday families have suffered and tens of millions of hard-earned dollars were stripped from unsuspecting Americans, many of whom are struggling just to get by. In the end, shareowners ultimately suffer the long-term consequences.

He also demands that the Wells board must immediately disclose the circumstances to investors; "we need to know what the board knew and when it knew it and how executives are being held accountable"

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4 comments:

Anonymous said...

Accountability. Time to drain the swamp.

Anonymous said...

Is anybody else sick of the way they just keep ripping off the American people? Doesn't Warren Buffett have enough $ already?

Anonymous said...

Greed.
Not a good way to do business.

Anonymous said...

If you or I were caught committing this crime we'd be in prison. Wells Fargo only has to fire some people. People who will be working at another bank the very next day.