Another bit of Good News - although, really, it's less Good News than something that felt good to see.During a Senate hearing on October 2, Sen. Elizabeth Warren ripped into Tim Sloan, CEO of Wells Fargo. A year ago, it was revealed that between 2011 and 2015 the bank had opened more than 2 million customer accounts without their knowledge and ripped those customers off by charging them fees on those unapproved accounts. Apparently Warren doesn't think the bank has done enough to make up for the damage.
Warren pointed to quarterly earnings calls, which she said showed Sloan - who was at the time of the scandal Chief Financial Officer at the company - aggressively promoted Wells Fargo's ability to open new accounts for customers and she held that no one, not even then-CEO John Stumpf, "bragged more" about the bank's commitment to opening new accounts for existing customers.
"Wells Fargo cheated millions of people for years," Warren said. "The Federal Reserve should remove all of the current board members who've served during the fake accounts scandal scam. And Mr. Sloan you say you've been making changes at Wells Fargo for 30 years but you enabled this fake accounts scam, you got rich off it, and you tried to cover it up. At best you were incompetent, at worst you were complicit, either way you should be fired."
Sloan's only response was mealy-mouthed cliche ad copy about how "Our job is to satisfy our customers financial needs."
Like I said, it's not really Good News as I define the term because it doesn't change anything - but still it was fun to see.
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