Nomi Prins: Bank CEO Let Thousands Take the Fall

by Craig Wilson
Daily Reckoning

Nomi Prins spoke with Amy Goodman and Juan González from Democracy Now! following the Senate Banking Committee hearing where Senator Elizabeth Warren hammered bank CEO John Stumpf of Wells Fargo. The bank CEO was facing scandal where his bank had thousands of employees who took private customer information and created 2 million fake accounts in order to meet sales targets.

“What John Stumpf did is he let 5,300 people take the fall for his criminal behavior. That’s what he did. This particular case that was in front of the Senate Banking Committee early this week is a tiny portion of the array of criminal activity that Wells Fargo has basically done under the direction of John Stumpf. John Stumpf has been the CEO since 2007. He has been chairman of the board of Wells Fargo since 2010. He has been there through the beginning of the financial crisis ’til now, and he has presided not just on this case, where 5,300 people were involved in technically possibly creating phony accounts for credit cards and for depositors in order to charge fees, in order to make those cross-sell objectives, that are set on high, but for years he was knowledgeable of it. And during those years, Wells Fargo racked up about $10 billion. This fine, on this particular set of activities, was only $185 million.”

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