Wagner Grills Wells Fargo CEO on Fraud
WASHINGTON - Today, during a full House Financial Services Committee hearing, Congresswoman Ann Wagner (R-MO-02) questioned John Stumpf, the Chairman and CEO of Wells Fargo, on the appalling actions taken by employees at the company who opened more than 2 million fraudulent customer accounts.
“Placing one's money and wealth in the custody of an organization like Wells Fargo is one of the biggest displays of public trust. And you sir, and your company, have betrayed that trust and taken advantage of consumers in order to meet sales performance goals and fraudulently improve earnings and share prices,” the Congresswoman said during the hearing. “This is wrong. This is immoral. This may even be criminal.”
During Congresswoman Wagner’s questioning, Mr. Stumpf admitted that more than 1,100 of these fraudulent accounts were created in Missouri. Watch the Congresswoman’s full line of questioning here: