Senator rips into Bank CEO

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This is a must watch.

Plucky Senator Elizabeth Warren clinically takes apart John Stumpf, CEO and chairman of Wells Fargo bank.

Wells Fargo were recently fined $185m for fraudulently opening 2 million consumer bank and credit card accounts without customers' knowledge, sometimes even using identity theft in order to do it.

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Re: Senator rips into Bank CEO

John Stumpf forgoes $41m in bonuses http://www.bbc.co.uk/news/business-37491982

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Re: Senator rips into Bank CEO

He's up before the House Financial Services Committee, live now. Getting a right pasting.

https://www.facebook.com/cnbc/videos...type=3&theater

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Re: Senator rips into Bank CEO

A Wells Fargo refresher


Posted at 16:39

Just a reminder of why the Wells Fargo scandal is so important.

Employees at the US bank, under pressure to hit sales quotas, set up two million false current accounts or credit cards using existing customers' details.

These customers incurred fees on these accounts, as well as interest and charges. When Wells Fargo's customers didn't pay these fees and charges - which they didn't even know about - their credit scores were negatively affected.

It could have stopped people from getting, for example, a mortgage.

For this, Wells Fargo paid a fine of $185m (£142.2m). Wells Fargo reported full year net profit of $23bn (£17.7m) in 2015.

http://www.bbc.co.uk/news/live/business-37454708