Wells Fargo has been coercing low level employees to create accounts without customer’s knowledge.

Wells has fired over 5000 low level employees over the criminogenic environment created by upper management.

They mandated cross-selling 8 accounts per customer when the industry norm is less than 3 accounts per customer

The manager of the division, Carrie Tolstedt, was allowed to retire with a $125 million wet kiss from the bank.

Well, the CEO of Wells Fargo, John Stumpf, was called before the Senate Banking Committee, and Elizabeth Warren gutted him like an overfed mackerel:

The Senate Banking Committee conducted a hearing Tuesday about the massive scandal currently engulfing Wells Fargo. The word “fraud” was used repeatedly by senators on both sides of the aisle when describing the bank’s creation of millions of unauthorized bank and credit card accounts for existing customers.

………

Massachusetts Sen. Elizabeth Warren—a longtime advocate for more stringent regulation of Wall Street—tore into Stumpf, describing the unauthorized accounts as a “massive, years long scam.” She asked Stumpf what he has done to take responsibility for his bank’s actions. “You have said repeatedly, ‘I am accountable,'” she said. “But what have you done to actually hold yourself accountable? Have you resigned?”

Stumpf avoided answering the question directly, prompting Warren to repeat her question, her voice rising, at least three times.

Warren proceeded to pummel Stumpf with more questions. “Have you returned one nickel of the money you earned while this scam was going on?” she asked. Stumpf evaded the question several times. (Stumpf said earlier in the hearing that he earned $19.3 million last year.) Finally, an exasperated Warren said, “I’ll take that as a ‘no.'”

She then asked if he’d fired any members of his senior management. Stumpf initially began by describing the firing of regional branch managers, but Warren stopped him, emphasizing that her question was not about low-level leadership but about the people at the top. Again, Stumpf’s answer was no.

She then went on to note that Stumpf had earned an additional $200 million in stock options from the stock appreciation largely driven by their absurdly high cross-selling numbers.

She really took the bark off that asshole, and it is a true thing of beauty.

Watch ……… the ……… Video.