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ELIZABETH WARREN: Wells Fargo's CEO losing $41 million in stock is a 'small step,' but not enough
Sen. Elizabeth Warren doesn't think Wells Fargo went far enough by taking away $41 million in stock-based compensation from CEO John Stumpf.
In a tweetstorm on Wednesday, the Democratic senator from Massachusetts said the clawback authorized by the Wells board of directors was a "small step in the right direction," but not a complete solution.
"Wells Fargo CEO Stumpf will be just fine: he keeps his job & most of the money he made while massive fraud went on under his nose," Warren wrote in a tweet.
She also reiterated her claim made last week during Stumpf's testimony to the Senate banking committee that he should return all the money he has made since 2011, when the bank's employees began opening accounts without customers' knowledge. She repeated her belief that Stumpf should resign and be criminally investigated by the Department of Justice and the Securities and Exchange Commission.
Stumpf and Wells have been under fire for nearly a month, after announcing the bank would pay $185 million in fines to regulators plus restitution for opening 2 million of these unauthorized accounts. Senators said a high-stress environment at the bank led to the scandal.
Warren said that this high-pressure culture led to the firing of junior-level employees, but that Stumpf is only facing losing part of his pay.
Stumpf is scheduled to go before the House Financial Services Committee on Thursday at 10 a.m. ET.
Here's the full tweetstorm from Warren:
This is a small step in the right direction, but nowhere near real accountability. https://t.co/7Aj4fxXp9x
— Elizabeth Warren (@SenWarren) September 28, 2016
.@WellsFargo employees who failed to meet management's outrageous sales goals were fired.
— Elizabeth Warren (@SenWarren) September 28, 2016
.@WellsFargo employees who tried to sound the alarm about the creation of fake accounts were fired. Their lives turned upside down.
— Elizabeth Warren (@SenWarren) September 28, 2016
.@WellsFargo CEO Stumpf will be just fine: he keeps his job & most of the money he made while massive fraud went on under his nose.
— Elizabeth Warren (@SenWarren) September 28, 2016
As I said last week: Mr. Stumpf should resign, return every nickel he made while this scam was ongoing, & face SEC & DOJ investigations.
— Elizabeth Warren (@SenWarren) September 28, 2016
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