Elizabeth Warren Calls for Wells Fargo CEO to Resign

Senator Elizabeth Warren said during a committee hearing on Tuesday, September 20, Wells Fargo’s president and CEO, John Stumpf, should resign. Wells Fargo bankers are accused of opening secret and unauthorized credit card and deposit accounts for customers in order to meet sales goals over at least five years.

Warren hammered Stumpf during the hearing, asking him if the bank had returned any money to customers or if anyone had been fired over the scandal. Stumpf said no one had been fired, nor had money been returned. Ultimately, Warren said, Stumpf should resign and a federal investigation into Wells Fargo’s practice should result.

“You should give back the money that you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission,” she said. “This just isn’t right. A cashier who steals a handful of twenties is held accountable. But Wall Street executives … almost never hold themselves accountable.” Credit: YouTube/Senator Elizabeth Warren