September 29, 2016
Wells Fargo CEO John Stumpf Back In The Hot Seat
John Stumpf just keeps getting burned. That may be fair, given that Wells Fargo is under investigation for profiting off the creation of two million fake accounts. Stumpf testified Thursday on Capitol Hill, but received fiery criticism from both sides of the aisle. “You clearly have failed,” said North Carolina Republican Patrick McHenry. Amidst rising pressure, including a $2.6 billion class-action lawsuit on behalf of Wells Fargo employees that were fired for not reaching sales quotas, Wells Fargo stripped Stumpf of $41 million worth of stock awards. While that wasn’t one of the crazy punishments our readers had in mind, it seems like a fair start. PNUTTY VIDEO: Elizabeth Warren roasted Stumpf during a hearing last week.
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