2016-09-23 17:48:52

Sen. Warren Calls for Wells Fargo CEO to Resign & Face Investigation Amid Growing Scandal

Nomi Prins reacts to this week’s Senate Banking Committee hearing where Senator Elizabeth Warren grilled Wells Fargo CEO John Stumpf over a growing scandal at the major Wall Street bank involving thousands of employees who took private customer information to create 2 million fake accounts in order to meet sales targets. The scandal dates back to at least 2011, and CEO John Stumpf admits he’s known about the practice since 2013. Wells Fargo has been fined $185 million. "John Stumpf let 5,300 people take the fall for his criminal behavior," says Nomi Prins. Prins is a former managing director at Bear Stearns and Goldman Sachs and previously an analyst at Lehman Brothers and Chase Manhattan Bank. Prins’s latest book is called "All the Presidents’ Bankers: The Hidden Alliances That Drive American Power."

Elizabeth Warren Stock Exchange Wells Fargo

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