Wells Fargo CEO blasted from all sides as House panel steps up pressure

Wells Fargo CEO John Stumpf felt the heat from House lawmakers Thursday, with multiple members of a key panel calling on him to resign and for criminal charges to be brought.

A House Financial Services Committee hearing opened with scathing statements from Chairman Jeb Hensarling and ranking member Maxine Waters. They both told Stumpf this was “just the beginning” of their investigation into the opening of as many as 2 million unauthorized customer accounts.

Rep. Mike Capuano (D-Mass.) joked that Stumpf had “brought true bipartisanship to Congress,” with Republicans and Democrats declaring themselves dismayed and outraged and pointing to potential legal violations.

“You think today is tough?” an animated Capuano told Stumpf. “When the prosecutors get a hold of you, you’re going to have a lot of fun.”

“You and your entire leadership team are clearly and unequivocally guilty of at least conspiracy to commit fraud,” he added.

A similarly emphatic Greg Meeks (D-N.Y.) said Wells Fargo has been penalized every year since Stumpf became chairman in 2010. “You’re going to tell me there’s not a culture of something wrong at Wells Fargo?” he asked. “The whole board needs to go if they’re going to allow [you] to be in charge.”

 

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source: http://www.politico.com/story/2016/09/john-stumpf-wells-fargo-house-testimony-228912

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